Iowa Code 489.14608 – Application of section 489.14404 after merger
Current as of: 2023 | Check for updates
|
Other versions
1. A creditor’s right that existed under section 489.14404 immediately before a merger under section 489.14604 may be enforced after the merger in accordance with all of the following:
a. A creditor’s right that existed immediately before the merger against the surviving company, a continuing protected series, or a relocated protected series continues without change after the merger.
b. A creditor’s right that existed immediately before the merger against a nonsurviving company all of the following apply:
(1) May be asserted against an asset of the nonsurviving company which vested in the surviving company as a result of the merger.
(2) Does not otherwise change.
c. Subject to subsection 2, all of the following apply:
(1) In addition to the remedy stated in paragraph “a”, a creditor with a right under section 489.14404 which existed immediately before the merger against a nonsurviving company or a relocated protected series may assert the right against any of the following:
(a) An asset of the surviving company, other than an asset of the nonsurviving company which vested in the surviving company as a result of the merger.
(b) An asset of a continuing protected series.
(c) An asset of a protected series established by the surviving company as a result of the merger.
(d) If the creditor’s right was against an asset of the nonsurviving company, an asset of a relocated series.
(e) If the creditor’s right was against an asset of a relocated protected series, an asset of another relocated protected series.
(2) In addition to the remedy stated in paragraph “b”, a creditor with a right that existed immediately before the merger against the surviving company or a continuing protected series may assert the right against any of the following:
(a) An asset of a relocated protected series.
(b) An asset of a nonsurviving company which vested in the surviving company as a result of the merger.
Terms Used In Iowa Code 489.14608
- Asset: means any of the following:a. 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
2. For the purposes of subsection 1, paragraph “c”, and section 489.14404, subsection 2, paragraph “a”, subparagraph (1); section 489.14404, subsection 2, paragraph “b”, subparagraph (1); and section 489.14404, subsection 2, paragraph “c”, subparagraph (1), the incurrence date is deemed to be the date on which the merger becomes effective.3. A merger under section 489.14604 does not affect the manner in which section 489.14404 applies to a liability incurred after the merger.