§ 489.103 — Knowledge — notice

Iowa § 489.103

• Jurisdiction: Iowa
• Title XII: BUSINESS ENTITIES
• Ch. 489: UNIFORM LIMITED LIABILITY COMPANY ACT

Text

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) Thelimitedliabilitycompany’sdissolution,ninetydaysafterastatementofdissolution
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 the statement of merger, interest exchange,
conversion, or domestication under subchapter X becomes effective.