Iowa Code 489.103 – Knowledge — notice
Current as of: 2023 | Check for updates
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1. A person knows a fact when the person has or is any of the following:
a. Has actual knowledge of it.
b. Is deemed to know it under subsection 4, paragraph “a”, or law other than this chapter.
Terms Used In Iowa Code 489.103
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Member: means a person that has become a member of a limited liability company under section 489. See Iowa Code 489.102
- Person: means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Iowa Code 489.102
- Transfer: includes an assignment, conveyance, deed, bill of sale, lease, mortgage, security interest, encumbrance, gift, or transfer by operation of law. See Iowa Code 489.102
2. A person has notice of a fact when the person has or is any of the following:
a. Has reason to know the fact from all of the facts known to the person at the time in question.
b. Is deemed to have notice of the fact under subsection 4, paragraph “b”.
3. A person notifies another of a fact by taking steps reasonably required to inform the other person in ordinary course, whether or not the other person knows the fact.
4. A person that is not a member is deemed both of the following:
a. To know of a limitation on authority to transfer real property as provided in section 489.302, subsection 7.
b. To have notice of all of the following regarding a limited liability company’s:
(1) Dissolution, ninety days after a statement of dissolution under section 489.702, subsection 2, paragraph “b”, subparagraph (1), becomes effective.
(2) Termination, ninety days after a statement of termination under section 489.702, subsection 2, paragraph “b”, subparagraph (6), becomes effective.
(3) Merger, conversion, or domestication, ninety days after articles of merger, conversion, or domestication under article 10 become effective.