2021 Iowa Code
Title XII - BUSINESS ENTITIES
Chapter 489 - REVISED UNIFORM LIMITED LIABILITY COMPANY ACT
Section 489.14108 - Rules for applying specified provisions of this chapter to specified provisions of this article.

489.14108 Rules for applying specified provisions of this chapter to specified provisions of this article.

1. Except as otherwise provided in subsection 2 and section 489.14107, the following rules apply in applying section 489.14106, section 489.14304, subsections 3 and 6, section 489.14501, subsection 4, paragraph “a”, section 489.14502, subsection 1, and section 489.14503, subsection 2:

a. A protected series of a series limited liability company is deemed to be a limited liability company that is formed separately from the series limited liability company and is distinct from the series limited liability company and any other protected series of the series limited liability company.

b. An associated member of the protected series is deemed to be a member of the company deemed to exist under paragraph “a”.

c. A protected-series transferee of the protected series is deemed to be a transferee of the company deemed to exist under paragraph “a”.

d. A protected-series transferable interest of the protected series is deemed to be a transferable interest of the company deemed to exist under paragraph “a”.

e. A protected-series manager is deemed to be a manager of the company deemed to exist under paragraph “a”.

f. An asset of the protected series is deemed to be an asset of the company deemed to exist under paragraph “a”, whether or not the asset is an associated asset of the protected series.

g. Any creditor or other obligee of the protected series is deemed to be a creditor or obligee of the company deemed to exist under paragraph “a”.

2. Subsection 1 does not apply if its application would do any of the following:

a. Contravene section 489.110.

b. Authorize or require the secretary of state to do any of the following:

(1) Accept for filing a type of record that neither this article nor any of the other articles of this chapter authorizes or requires a person to deliver to the secretary of state for filing.

(2) Make or deliver a record that neither this article nor the other articles of this chapter authorizes or requires the secretary of state to make or deliver.

2019 Acts, ch 26, §8, 41

Referred to in §489.14106, 489.14107, 489.14303, 489.14304, 489.14501, 489.14502, 489.14503

Section takes effect July 1, 2020; 2019 Acts, ch 26, §41

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