§ 488.807 — Other claims against dissolved limited partnership

Iowa § 488.807

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 488: UNIFORM LIMITED PARTNERSHIP ACT

Text

1. A dissolved limited partnership may publish notice of its dissolution and request
persons having claims against the limited partnership to present them in accordance with
the notice.
2. The notice must do all of the following:
a. Be published at least once in a newspaper of general circulation in the county in which
the dissolved limited partnership’s principal office is located or, if it has none in this state, in
the county in which the limited partnership’s registered office is or was last located.
b. Describe the information required to be contained in a claim and provide a mailing
address to which the claim is to be sent.

c. State that a claim against the limited partnership is barred unless an action to enforce
the claim is commenced within five years after publication of the notice.
d. Unless the limited partnership has been throughout its existence a limited liability
limited partnership or elected under prior law to become a limited liability limited
partnership, state that the barring of a claim against the limited partnership will also bar any
corresponding claim against any general partner or person dissociated as a general partner
which is based on section 488.404.
3. If a dissolved limited partnership publishes a notice in accordance with subsection 2,
the claim of each of the following claimants is barred unless the claimant commences an
action to enforce the claim against the dissolved limited partnership within five years after
the publication date of the notice:
a. A claimant that did not receive notice in a record under section 488.806.
b. A claimant whose claim was timely sent to the dissolved limited partnership but not
acted on.
c. A claimant whose claim is contingent or based on an event occurring after the effective
date of dissolution.
4. A claim not barred under this section may be enforced:
a. Against the dissolved limited partnership, to the extent of its undistributed assets.
b. If the assets have been distributed in liquidation, against a partner or transferee to
the extent of that person’s proportionate share of the claim or the limited partnership’s
assets distributed to the partner or transferee in liquidation, whichever is less, but a person’s
total liability for all claims under this paragraph does not exceed the total amount of assets
distributed to the person as part of the winding up of the dissolved limited partnership.
c. Against any person liable on the claim under section 488.404.