This text of Iowa § 489.205 (Liability for inaccurate information in filed records) 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.
1. If a record delivered to the secretary of state for filing under this chapter and filed by
the secretary of state contains inaccurate information, a person that suffers loss by reliance
on the information may recover damages for the loss from all of the following:
a. A person that signed the record, or caused another to sign it on the person’s behalf, and
knew the information to be inaccurate at the time the record was signed.
b. Subject to subsection 2, a member of a member-managed limited liability company or
a manager of a manager-managed limited liability company if all of the following apply:
(1)The record was delivered for filing on behalf of the limited liability company.
(2)The member or manager knew or had notice of the inaccuracy for a reasonably
sufficient time before the i
Free access — add to your briefcase to read the full text and ask questions with AI
1. If a record delivered to the secretary of state for filing under this chapter and filed by
the secretary of state contains inaccurate information, a person that suffers loss by reliance
on the information may recover damages for the loss from all of the following:
a. A person that signed the record, or caused another to sign it on the person’s behalf, and
knew the information to be inaccurate at the time the record was signed.
b. Subject to subsection 2, a member of a member-managed limited liability company or
a manager of a manager-managed limited liability company if all of the following apply:
(1) The record was delivered for filing on behalf of the limited liability company.
(2) The member or manager knew or had notice of the inaccuracy for a reasonably
sufficient time before the information was relied upon so that, before the reliance, the
member or manager reasonably could have done any of the following:
(a) Effected an amendment under section 489.202.
(b) Filed a petition under section 489.204.
(c) Delivered to the secretary of state for filing a statement of change under section
489.116 or a statement of correction under section 489.209.
2. To the extent the operating agreement of a member-managed limited liability company
expressly relieves a member of responsibility for maintaining the accuracy of information
contained in records delivered on behalf of the limited liability company to the secretary
of state for filing under this chapter and imposes that responsibility on one or more other
members, the liability stated in subsection 1, paragraph “b”, applies to those other members
and not to the member that the operating agreement relieves of the responsibility.
3. A person commits a serious misdemeanor if that person signs a record the person
knows is false in any material respect with intent that the record be delivered to the secretary
of state for filing.