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Iowa Code Title XII. Business Entities [Chs. 486-504C] § 489.103. Knowledge--notice

Current as of January 01, 2024 | Updated by Findlaw Staff

<[Text subject to final changes by the Iowa Code Editor for Code 2024.]><Text of section effective Jan. 1, 2024. See, also, text of section 489.103 effective until Jan. 1, 2024.>

1. A person knows a fact if the person has or is any of the following:

a. Has actual knowledge of it.

b. Is deemed to know it under subsection 4, paragraph “a”, or law other than this chapter.

2. A person has notice of a fact if the person has or is any of the following:

a. Has reason to know the fact from all the facts known to the person at the time in question.

b. Is deemed to have notice of the fact under subsection 4, paragraph “b”.

3. Subject to section 489.210, subsection 6, a person notifies another person of a fact by taking steps reasonably required to inform the other person in ordinary course, whether or not those steps cause the other person to know the fact.

4. A person not a member is deemed all of the following:

a. To know of a limitation on authority to transfer real property as provided in section 489.302, subsection 7.

b. To have notice of all of the following :

(1) The limited liability company's dissolution, ninety days after a statement of dissolution under section 489.702, subsection 2, paragraph “b”, subparagraph (1), becomes effective.

(2) The limited liability company's termination, ninety days after a statement of termination under section 489.702, subsection 2, paragraph “b”, subparagraph (6), becomes effective.

(3) The limited liability company's participation in a merger, interest exchange, conversion, or domestication, ninety days after articles of merger, interest exchange, conversion, or domestication under subchapter X become effective.

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Cite this article: FindLaw.com - Iowa Code Title XII. Business Entities [Chs. 486-504C] § 489.103. Knowledge--notice - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-xii-business-entities-chs-486-504c/ia-code-sect-489-103/

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