Iowa Statutes
§ 504.835 — Liability for unlawful distributions
Iowa § 504.835
This text of Iowa § 504.835 (Liability for unlawful distributions) 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 § 504.835 (2026).
Text
1.Unlessadirectorcomplieswiththeapplicablestandardsofconductdescribedinsection
504.831, a director who votes for or assents to a distribution made in violation of this chapter
is personally liable to the corporation for the amount of the distribution that exceeds what
could have been distributed without violating this chapter.
2.A director held liable for an unlawful distribution under subsection 1 is entitled to
contribution from both of the following:
a.Every other director who voted for or assented to the distribution without complying
with the applicable standards of conduct described in section 504.831.
b.Each person who received an unlawful distribution for the amount of the distribution
whether or not the person receiving the distribution knew it was made in violation of this
ch
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Nearby Sections
15
§ 504.1001
Authority to amend§ 504.1002
Amendment by directors§ 504.1003
Amendment by directors and members§ 504.1004
Class voting by members on amendments§ 504.1005
Articles of amendment§ 504.1006
Restated articles of incorporation§ 504.1008
Effect of amendment and restatement§ 504.101
Short title§ 504.1021
Amendment by directors§ 504.1022
Amendment by directors and members§ 504.1023
Class voting by members on amendments§ 504.1031
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Bluebook (online)
Iowa § 504.835, Counsel Stack Legal Research, https://law.counselstack.com/statute/ia/504.835.