Section 489.407A - Real estate interest transferred by limited liability company or foreign limited liability company1. 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.2013 Acts, ch 108, §4; 2023 Acts, ch 152, §42, 161 2023 amendment effective January 1, 2024; 2023 Acts, ch 152, §161
Amended by 2023 Iowa, ch 152, s 42, eff. 1/1/2024.Added by 2013 Iowa, ch 108, s 4, eff. 7/1/2013.2023 amendment effective January 1, 2024; 2023 Acts, ch 152, §161
Section amended