Iowa § 633A.4606 Interest as general partner

Iowa Statutes

§ 633A.4606 — Interest as general partner

Iowa § 633A.4606

Title XVJUDICIAL BRANCH AND JUDICIAL PROCEDURES

Ch. 633AIOWA TRUST CODE

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Bluebook

Iowa Code § 633A.4606 (2026).

Text

1.Except as otherwise provided in subsection 3 or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership after the trust’s acquisition of the interest if the fiduciary capacity was disclosed in the contract or in a statement previously filed pursuant to section 486A.303 or 488.201.

2.Except as otherwise provided in subsection 3, a trustee who holds an interest as a general partner is not personally liable for torts committed by the partnership or for obligations arising from ownership or control of the interest unless the trustee is personally at fault.

3.The immunity provided by this section does not apply if an interest in the p

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1. Except as otherwise provided in subsection 3 or unless personal liability is imposed
in the contract, a trustee who holds an interest as a general partner in a general or limited
partnership is not personally liable on a contract entered into by the partnership after the
trust’s acquisition of the interest if the fiduciary capacity was disclosed in the contract or in
a statement previously filed pursuant to section 486A.303 or 488.201.
2. Except as otherwise provided in subsection 3, a trustee who holds an interest as
a general partner is not personally liable for torts committed by the partnership or for
obligations arising from ownership or control of the interest unless the trustee is personally
at fault.
3. The immunity provided by this section does not apply if an interest in the partnership
is held by the trustee in a capacity other than that of trustee or is held by the trustee’s spouse
or one or more of the trustee’s descendants, siblings, or parents, or the spouse of any of the
trustee’s descendants, siblings, or parents.
4. If the trustee of a revocable trust holds an interest as a general partner, the settlor shall
bepersonallyliableforcontractsandotherobligationsofthepartnershipasifthesettlorwere
a general partner.