Iowa § 488.1002 Derivative action

Iowa Statutes

§ 488.1002 — Derivative action

Iowa § 488.1002

Title XIIBUSINESS ENTITIES

Ch. 488UNIFORM LIMITED PARTNERSHIP ACT

This text of Iowa § 488.1002 (Derivative action) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 488.1002 (2026).

Text

A partner may maintain a derivative action to enforce a right of a limited partnership, but a partner shall not commence such a proceeding until both of the following have occurred:

1.A written demand has been made upon the general partner or partners, requesting that they cause the limited partnership to take suitable action.

2.Ninety days have expired from the date the demand was made, unless the partner has earlier been notified that the demand has been rejected by the general partner or partners or unless irreparable injury to the limited partnership would result by waiting for the expiration of the ninety-day period.

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A partner may maintain a derivative action to enforce a right of a limited partnership, but
a partner shall not commence such a proceeding until both of the following have occurred:
1. A written demand has been made upon the general partner or partners, requesting that
they cause the limited partnership to take suitable action.
2. Ninety days have expired from the date the demand was made, unless the partner has
earlier been notified that the demand has been rejected by the general partner or partners or
unless irreparable injury to the limited partnership would result by waiting for the expiration
of the ninety-day period.