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Iowa Code § 488.1003

Proper plaintiff

Known as the Uniform Limited Partnership Act

The act spans §§ 488–488 (109 sections).

2004 Acts, ch 1021, §86, 118; 2005 Acts, ch 19, §71

A derivative action may be maintained only by a person that is a partner at the time the action is commenced and where one of the following also applies:

1. The person was a partner when the conduct giving rise to the action occurred.

2. The person’s status as a partner devolved upon the person by operation of law or pursuant to the terms of the partnership agreement from a person that was a partner at the time of the conduct.

Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.