Iowa Code § 489.803
Proper plaintiff
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2025
As of January 1, 2012
1. Activities of a foreign limited liability company which do not constitute transacting business in this state within the meaning of this article include all of the following:
a. Maintaining, defending, or settling an action or proceeding.
b. Carrying on any activity concerning its internal affairs, including holding meetings of its members or managers.
c. Maintaining accounts in financial institutions.
d. Maintaining offices or agencies for the transfer, exchange, and registration of the company’s own securities or maintaining trustees or depositories with respect to those securities.
e. Selling through independent contractors.
f. Soliciting or obtaining orders, whether by mail or electronic means or through employees or agents or otherwise, if the orders require acceptance outside this state before they become contracts.
g. Creating or acquiring indebtedness, mortgages, or security interests in real or personal property.
h. Securing or collecting debts or enforcing mortgages or other security interests in property securing the debts and holding, protecting, or maintaining property so acquired.
i. Conducting an isolated transaction that is completed within thirty days and is not in the course of similar transactions.
j. Transacting business in interstate commerce.
2. For purposes of this article, the ownership in this state of income-producing real property or tangible personal property, other than property excluded under subsection 1, constitutes transacting business in this state.
3. This section does not apply in determining the contacts or activities that may subject a foreign limited liability company to service of process, taxation, or regulation under law of this state other than this chapter.
1. Except as otherwise provided in subsection 2, a derivative action under section 489.802 may be maintained only by a person that is a member at the time the action is commenced and remains a member while the action continues.
2. If the sole plaintiff in a derivative action dies while the action is pending, the court may permit another member of the limited liability company to be substituted as plaintiff.
C2009, §489.903
C2024, §489.803
Former §489.803 repealed effective January 1, 2024, by
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.