Current as of January 01, 2020 | Updated by FindLaw Staff
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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.
A. A determination by the department under § 44-322 that any unclaimed property is reportable, or a demand for interest or penalties, constitutes an appealable agency action pursuant to § 41-1092, paragraph 3. The holder may appeal the department's determination pursuant to title 41, chapter 6, article 10. 1
B. Except as provided in § 41-1092.08, subsection H, a final decision of the department is subject to judicial review pursuant to title 12, chapter 7, article 6. 2
C. If the holder does not file a notice of appeal as provided in subsections A and B of this section, the amount determined to be due becomes final at the expiration of the period provided for appeal and the holder is deemed to have waived and abandoned the right to question the amount determined to be due.
Cite this article: FindLaw.com - Iowa Code Title XII. Business Entities [Chs. 486-504C] § 489.407A. Real estate interest transferred by limited liability company or foreign limited liability company - last updated January 01, 2020 | https://codes.findlaw.com/ia/title-xii-business-entities-chs-486-504c/ia-code-sect-489-407a/
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