2021 Iowa Code
Title XII - BUSINESS ENTITIES
Chapter 489 - REVISED UNIFORM LIMITED LIABILITY COMPANY ACT
Section 489.407A - Real estate interest transferred by limited liability company or foreign limited liability company.
489.407A Real estate interest transferred by limited liability company or foreign limited liability company.
1. A transfer of an interest in real estate situated in this state held by a limited liability company or a foreign limited liability company authorized to transact business in this state is subject to the provisions of this section.
2. a. In a member-managed company, a transfer of an interest in real estate held by the company may be undertaken by any of the following:
(1) As provided in the operating agreement, or if the operating agreement does not so provide, only with the consent of all members.
(2) As provided in a statement of authority filed by the company with the secretary of state and the recorder of the county where the real estate is situated pursuant to section 489.302.
b. A requirement of paragraph “a” is applicable to every transfer of an interest in real estate situated in this state held by a member-managed company, whether or not the transfer is in the ordinary course of the company’s business.
3. a. In a manager-managed company, a transfer of an interest in real estate held by the company may be undertaken by any of the following:
(1) As provided in the operating agreement, or if the operating agreement does not so provide, only with the consent of a majority of all managers.
(2) As provided in a statement of authority filed by the company with the secretary of state and the recorder of the county where the real estate is situated pursuant to section 489.302.
b. A requirement in paragraph “a” is applicable to every transfer of an interest in real estate situated in this state held by a manager-managed limited liability company, whether or not the transfer is in the ordinary course of the company’s business.
2013 Acts, ch 108, §4
