§ 488.807A — Court proceedings

Iowa § 488.807A

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

Text

1. A dissolved limited partnership that has published a notice under section 488.807
may file an application with the district court of the county in which the office described
in section 488.114 is located for a determination of the amount and form of security to be
provided for the payment of claims that are contingent or have not been made known to the
dissolved limited partnership or that are based on an event occurring after the effective date
of dissolution but that based on the facts known to the dissolved limited partnership, are
reasonably estimated to arise after the effective date of dissolution. Provision need not be
made for any claim that is or is reasonably anticipated to be barred under section 488.807.
2. Within ten days after the filing of the application, notice of the proceeding shall be
given by the dissolved limited partnership to each claimant holding a contingent claim whose
contingent claim is shown on the records of the dissolved limited partnership.
3. The court may appoint a guardian ad litem to represent all claimants whose identities
areunknowninanyproceedingbroughtunderthissection. Thereasonablefeesandexpenses
of such guardian, including all reasonable expert witness fees, shall be paid by the dissolved
limited partnership.
4. Provision by the dissolved limited partnership for security in the amount and form
ordered by the court under subsection 1 shall satisfy the dissolved limited partnership’s
obligations with respect to claims that are contingent, have not been made known to the
dissolved limited partnership or are based on an event occurring after the effective date of
dissolution, and such claims shall not be enforced against a partner who received assets in
liquidation.