Vermont § 1011 - Interest as general partner
Full text of Vermont Vermont Statutes Online § 1011 — Interest as general partner, with citation guidance and answers to common questions.
§ 1011. Interest as general partner
- (a) Except as otherwise provided in subsection (c) of this section or unless personal
liability is imposed in the contract, a trustee who holds, in a fiduciary capacity,
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. The requirement
of disclosure in the contract will be satisfied if the trustee signs the contract
or signs another writing which is contemporaneously delivered to the other parties
to the contract in a manner that clearly evidences that the trustee executed the contract
in a fiduciary capacity. (b) Except as otherwise provided in subsection (c) of this section, 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. (c) 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 them. (d) If the trustee of a revocable trust holds an interest as a general partner, the settlor
is personally liable for contracts and other obligations of the partnership as if
the settlor were a general partner. (Added 2009, No. 20, § 1.)
Frequently Asked Questions About Vermont § 1011
What does Vermont Statutes Online § 1011 cover?
Section 1011 ("Interest as general partner") is part of the Vermont Statutes Online, the codified statutory law of Vermont. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Vermont § 1011?
A common citation format is "Vermont Statutes Online § 1011" (Vermont). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 1011 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Vermont.