2011 Iowa Code
TITLE XII BUSINESS ENTITIES
SUBTITLE 2 BUSINESS AND PROFESSIONAL CORPORATIONS AND COMPANIES
CHAPTER 489 REVISED UNIFORM LIMITED LIABILITY COMPANY ACT
489.603 Effect of person’s dissociation as member.
489.603 Effect of person s dissociation as member.
1. When a person is dissociated as a member of a limited liability company, all of the following apply:
a. The person s right to participate as a member in the management and conduct of the company s activities terminates.
b. If the company is member-managed, the person s fiduciary duties as a member end with regard to matters arising and events occurring after the person s dissociation.
c. Subject to section 489.504 and article 10, any transferable interest owned by the person immediately before dissociation in the person s capacity as a member is owned by the person solely as a transferee.
2. A person s dissociation as a member of a limited liability company does not of itself discharge the person from any debt, obligation, or other liability to the company or the other members which the person incurred while a member.
2008 Acts, ch 1162, §47, 155
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