This text of Iowa § 489.407A (Real estate interest transferred by limited liability company or foreign limited liability company) 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.
liability company.
1. A transfer of an interest in real estate situated in this state held by a limited liability
company or a registered foreign limited liability company authorized to do business in this
state is subject to the provisions of this section.
2. a. In a member-managed limited liability company, a transfer of an interest in real
estate held by the company may be undertaken by any of the following:
(1)As provided in the operating agreement, or if the operating agreement does not so
provide, only with the consent of all members.
(2)As provided in a statement of authority filed by the limited liability company with the
secretary of state and the recorder of the county where the real estate is situated pursuant to
section 489.302.
b. A requirement of paragraph “a” is applicable
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liability company.
1. A transfer of an interest in real estate situated in this state held by a limited liability
company or a registered foreign limited liability company authorized to do business in this
state is subject to the provisions of this section.
2. a. In a member-managed limited liability company, a transfer of an interest in real
estate held by the company may be undertaken by any of the following:
(1) As provided in the operating agreement, or if the operating agreement does not so
provide, only with the consent of all members.
(2) As provided in a statement of authority filed by the limited liability company with the
secretary of state and the recorder of the county where the real estate is situated pursuant to
section 489.302.
b. A requirement of paragraph “a” is applicable to every transfer of an interest in real
estate situated in this state held by a member-managed limited liability company, whether or
not the transfer is in the ordinary course of the company’s business.
3. a. In a manager-managed limited liability company, a transfer of an interest in real
estate held by the company may be undertaken by any of the following:
(1) As provided in the operating agreement, or if the operating agreement does not so
provide, only with the consent of a majority of all managers.
(2) As provided in a statement of authority filed by the limited liability company with the
secretary of state and the recorder of the county where the real estate is situated pursuant to
section 489.302.
b. A requirement in paragraph “a” is applicable to every transfer of an interest in real
estate situated in this state held by a manager-managed limited liability company, whether or
not the transfer is in the ordinary course of the company’s business.