In a decision with potentially wide-reaching impact, the Pennsylvania Supreme Court has ruled that the implied covenant of good faith and fair dealing does not apply to limited partnership agreements entered into or allegedly breached before November 2016, when Pennsylvania’s Revised Uniform Limited Partnership Act was amended to specifically include it.

The statute, known as PRULPA, governs limited partnerships and was amended Nov. 21 of last year when Gov. Tom Wolf signed HB 1398 into law as Act 170. The new legislation added to PRULPA the requirement that partners act in accordance with the contractual obligation of good faith and fair dealing.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]