Iowa Code 489.803 – Proper plaintiff
Current as of: 2024 | Check for updates
|
Other versions
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.
Terms Used In Iowa Code 489.803
- Member: means a person for whom all of the following are true:a. See Iowa Code 489.102
- Person: includes a protected series, however denominated, of an entity if the protected series is established under law that limits, or limits if conditions specified under law are satisfied, the ability of a creditor of the entity or of any other protected series of the entity to satisfy a claim from assets of the protected series. See Iowa Code 489.102
- Plaintiff: The person who files the complaint in a civil lawsuit.
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.