Iowa § 491.61 Corporate property exhausted

Iowa Statutes

§ 491.61 — Corporate property exhausted

Iowa § 491.61

Title XIIBUSINESS ENTITIES

Ch. 491CORPORATIONS FOR PECUNIARY PROFIT

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Bluebook

Iowa Code § 491.61 (2026).

Text

Before any stockholder can be charged with the payment of a judgment rendered for a
corporate debt, an action shall be brought against the stockholder, in any stage of which the
stockholder may point out corporate property subject to levy; and, upon the stockholder’s
satisfying the court of the existence of such property, by affidavit or otherwise, the cause may
be continued, or execution against the stockholder stayed, until the property can be levied
upon and sold, and the court may subsequently render judgment for any balance which there
may be after disposing of the corporate property; but if a demand of property has been made
as contemplated in section 491.59, the costs of said action shall, in any event, be paid by the
company or the defendant therein, but the stockholder shall not b

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Before any stockholder can be charged with the payment of a judgment rendered for a
corporate debt, an action shall be brought against the stockholder, in any stage of which the
stockholder may point out corporate property subject to levy; and, upon the stockholder’s
satisfying the court of the existence of such property, by affidavit or otherwise, the cause may
be continued, or execution against the stockholder stayed, until the property can be levied
upon and sold, and the court may subsequently render judgment for any balance which there
may be after disposing of the corporate property; but if a demand of property has been made
as contemplated in section 491.59, the costs of said action shall, in any event, be paid by the
company or the defendant therein, but the stockholder shall not be permitted to controvert

the validity of the judgment rendered against the corporation, unless it was rendered through
fraud and collusion.

Legislative History

[C51, §696, 697; R60, §1173, 1174; C73, §1083, 1084; C97, §1632; C24, 27, 31, 35, 39, §8397; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, §491.61]