Iowa Code 499.47A – Sale or other disposition of assets in regular course of business and mortgage or pledge of assets
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Terms Used In Iowa Code 499.47A
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Association: means a corporation formed under this chapter. See Iowa Code 499.2
- cooperative association: means any of the following:a. See Iowa Code 499.43A
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- property: includes personal and real property. See Iowa Code 4.1
The sale, lease, exchange, or other disposition of the property and assets of a cooperative association, when made in the usual and regular course of the business of the cooperative association, and the mortgage or pledge of any or all of the property and assets of the cooperative association, may be made upon such terms and conditions and for such consideration, which may consist in whole or in part of money or property, real or personal, including shares of any other corporation or cooperative association, domestic or foreign, as authorized by its board of directors; and in such case no authorization or consent of the members shall be required.