Iowa § 490.1409 Director duties

Iowa Statutes

§ 490.1409 — Director duties

Iowa § 490.1409

Title XIIBUSINESS ENTITIES

Ch. 490BUSINESS CORPORATIONS

This text of Iowa § 490.1409 (Director duties) 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.

Bluebook

Iowa Code § 490.1409 (2026).

Text

1.Directors shall cause the dissolved corporation to discharge or make reasonable provision for the payment of claims and make distributions in liquidation of assets to shareholders after payment or provision for claims.

2.Directors of a dissolved corporation which has disposed of claims under section 490.1406, 490.1407, or 490.1408 shall not be liable for breach of subsection 1 with respect to claims against the dissolved corporation that are barred or satisfied under section 490.1406, 490.1407, or 490.1408.

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1. Directors shall cause the dissolved corporation to discharge or make reasonable
provision for the payment of claims and make distributions in liquidation of assets to
shareholders after payment or provision for claims.
2. Directors of a dissolved corporation which has disposed of claims under section
490.1406, 490.1407, or 490.1408 shall not be liable for breach of subsection 1 with respect to

claims against the dissolved corporation that are barred or satisfied under section 490.1406,
490.1407, or 490.1408.