633A.4606 Interest as general partner. 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 limitedpartnership is not personally liable on a contract entered into by the partnership after thetrust’s acquisition of the interest if the fiduciary capacity was disclosed in the contract or ina 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 forobligations arising from ownership or control of the interest unless the trustee is personallyat 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 spouseor one or more of the trustee’s descendants, siblings, or parents, or the spouse of any of thetrustee’s descendants, siblings, or parents. 4. If the trustee of a revocable trust holds an interest as a general partner, the settlor shall be personally liable parents, or the spouse of any of thetrustee’s descendants, siblings, or parents. 4. If the trustee of a revocable trust holds an interest as a general partner, the settlor shall be personally liable for contracts and other obligations of the partnership as if the settlor werea general partner. 2012 Acts, ch 1123, §29, 32 Sat Dec 23 12:13:41 2023 Iowa Code 2024, Section 633A.4606 (15, 0)
Iowa Legal Code