{"id":108,"date":"2017-09-05T14:26:50","date_gmt":"2017-09-05T18:26:50","guid":{"rendered":"https:\/\/www.businesslitigationtrends.com\/?p=108"},"modified":"2020-09-24T11:33:08","modified_gmt":"2020-09-24T15:33:08","slug":"pre-act-170-pennsylvania-limited-partnerships-not-protected-implied-covenant-good-faith-fair-dealing","status":"publish","type":"post","link":"https:\/\/www.khflaw.com\/news\/pre-act-170-pennsylvania-limited-partnerships-not-protected-implied-covenant-good-faith-fair-dealing\/","title":{"rendered":"Pre-Act 170 Pennsylvania Limited Partnerships Not Protected by Implied Covenant of Good Faith and Fair Dealing"},"content":{"rendered":"<p>In an opinion handed down on August 22<sup>nd <\/sup>of this year, the Pennsylvania Supreme Court held that, unlike other contracts formed under Pennsylvania law, limited partnership agreements formed under the pre-Act 170 version of the Pennsylvania Revised Uniform Limited Partnership Act, do not contain the implied covenant of good faith and fair dealing.<\/p>\n<p>The Pennsylvania legislature amended the state\u2019s Revised Uniform Limited Partnership Act in late 2016 as a provision of Act 170, which altered the formation and operation of corporations, limited liability companies, limited partnerships, and other business forms.\u00a0 As part of its revisions to the PRULPA, Act 170 provided that a limited partnership agreement could not change or do away with the contractual obligation of both limited and general partners to discharge their duties under the agreement in accordance with the contractual obligation of good faith and fair dealing.<\/p>\n<p>The case, <em>Hanaway v. The Parkesburg Group, LP<\/em>, involved a dispute among members of a limited partnership (Parkesburg) that had been formed to invest in and develop several parcels of real estate. The plaintiffs, who were among Parkesburg\u2019s limited partners, sued the corporation\u2019s general partner, alleging that he sold Parkesburg\u2019s assets to a new partnership he had formed, so that the new partnership could develop the real estate in question without the plaintiffs.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.khflaw.com\/news\/pre-act-170-pennsylvania-limited-partnerships-not-protected-implied-covenant-good-faith-fair-dealing\/\"  title=\"Continue Reading Pre-Act 170 Pennsylvania Limited Partnerships Not Protected by Implied Covenant of Good Faith and Fair Dealing\" class=\"more-link\">Continue reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In an opinion handed down on August 22nd of this year, the Pennsylvania Supreme Court held that, unlike other contracts formed under Pennsylvania law, limited partnership agreements formed under the pre-Act 170 version of the Pennsylvania Revised Uniform Limited Partnership Act, do not contain the implied covenant of good faith and fair dealing. The Pennsylvania [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":110,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[482,480,414],"tags":[327],"coauthors":[512],"class_list":["post-108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-breach-of-fiduciary-duty","category-business-litigation-and-dispute-resolution","category-publications","tag-pennsylvania","publication_lawyer-kang-haggerty-fetbroyt-llc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pre-Act 170 Pennsylvania Limited Partnerships Not Protected by Implied Covenant of Good Faith and Fair Dealing &#8212; Kang Haggerty News &#8212; September 5, 2017<\/title>\n<meta name=\"description\" content=\"&nbsp; In an opinion handed down on August 22nd of this year, the Pennsylvania Supreme Court held that, unlike other contracts formed under Pennsylvania &#8212; September 5, 2017\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.khflaw.com\/news\/pre-act-170-pennsylvania-limited-partnerships-not-protected-implied-covenant-good-faith-fair-dealing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pre-Act 170 Pennsylvania Limited Partnerships Not Protected by Implied Covenant of Good Faith and Fair Dealing &#8212; Kang Haggerty News &#8212; September 5, 2017\" \/>\n<meta property=\"og:description\" content=\"&nbsp; In an opinion handed down on August 22nd of this year, the Pennsylvania Supreme Court held that, unlike other contracts formed under Pennsylvania &#8212; September 5, 2017\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.khflaw.com\/news\/pre-act-170-pennsylvania-limited-partnerships-not-protected-implied-covenant-good-faith-fair-dealing\/\" \/>\n<meta property=\"og:site_name\" content=\"Kang Haggerty News\" \/>\n<meta property=\"article:published_time\" content=\"2017-09-05T18:26:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-09-24T15:33:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.khflaw.com\/news\/wp-content\/uploads\/2017\/10\/KHFSocial.png\" \/>\n\t<meta property=\"og:image:width\" content=\"250\" \/>\n\t<meta property=\"og:image:height\" content=\"250\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Kang Haggerty LLC\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kang Haggerty LLC\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Pre-Act 170 Pennsylvania Limited Partnerships Not Protected by Implied Covenant of Good Faith and Fair Dealing &#8212; 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