Iowa Code 489.14301 – Associated asset
Current as of: 2023 | Check for updates
|
Other versions
1. Only an asset of a protected series may be an associated asset of the protected series. Only an asset of a series limited liability company may be an associated asset of the company.
Terms Used In Iowa Code 489.14301
- Asset: means any of the following:a. See Iowa Code 489.14102
- Associated asset: means an asset that meets the requirements of section 489. See Iowa Code 489.14102
- 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
- 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
- State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Iowa Code 489.102
2. An asset of a protected series of a series limited liability company is an associated asset of the protected series only if the protected series creates and maintains records that state the name of the protected series and describe the asset with sufficient specificity to permit a disinterested, reasonable individual to do all of the following:a. Identify the asset and distinguish it from any other asset of the protected series, any asset of the company, and any asset of any other protected series of the company.b. Determine when and from what person the protected series acquired the asset or how the asset otherwise became an asset of the protected series.c. If the protected series acquired the asset from the company or another protected series of the company, determine any consideration paid, the payor, and the payee.3. An asset of a series limited liability company is an associated asset of the company only if the company creates and maintains records that state the name of the company and describe the asset with sufficient specificity to permit a disinterested, reasonable individual to do all of the following:a. Identify the asset and distinguish it from any other asset of the company and any asset of any protected series of the company.b. Determine when and from what person the company acquired the asset or how the asset otherwise became an asset of the company.c. If the company acquired the asset from a protected series of the company, determine any consideration paid, the payor, and the payee.4. The records and recordkeeping required by subsections 2 and 3 may be organized by specific listing, category, type, quantity, or computational or allocational formula or procedure, including a percentage or share of any asset, or in any other reasonable manner.5. To the extent permitted by this section and law of this state other than this article, a series limited liability company or protected series of the company may hold an associated asset directly or indirectly, through a representative, nominee, or similar arrangement, except that all of the following applies:a. A protected series shall not hold an associated asset in the name of the company or another protected series of the company.b. The company shall not hold an associated asset in the name of a protected series of the company.