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Iowa Code § 489.801

Direct action by member

Redline — January 1, 2024 → current.View current text →
Current — January 1, 2025
As of January 1, 2024
1. Subject to subsection 2, a member may maintain a direct action against another member, a manager, or the limited liability company to enforce the member’s rights and otherwise protect the member’s interests, including rights and interests under the operating agreement or this chapter or arising independently of the membership relationship.
1. Subject to subsection 2, a member may maintain a direct action against another member, a manager, or the limited liability company to enforce the member’s rights and otherwise protect the member’s interests, including rights and interests under the operating agreement or this chapter or arising independently of the membership relationship.
2. A member maintaining a direct action under this section must plead and prove an actual or threatened injury that is not solely the result of an injury suffered or threatened to be suffered by the limited liability company.
2. A member maintaining a direct action under this section must plead and prove an actual or threatened injury that is not solely the result of an injury suffered or threatened to be suffered by the limited liability company.
C2009, §489.901
C2009, §489.901
C2024, §489.801
C2024, §489.801
Former §489.801 transferred to §489.901;
Former §489.801 transferred to §489.901;
Section transferred from §489.901 in Code 2024 pursuant to directive in

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