Iowa Code 501A.1213 – Court-supervised dissolution order
Current as of: 2023 | Check for updates
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1.
Conditions for dissolution order.
In an involuntary or supervised voluntary dissolution the court shall enter an order dissolving the cooperative upon the following conditions:
a. After the costs and expenses of the proceedings and all debts, obligations, and liabilities of the cooperative have been paid or discharged and the remaining property and assets have been distributed to its members.
b. If the property or other assets are not sufficient to satisfy and discharge the costs, expenses, debts, obligations, and liabilities, when all the property and assets have been applied so far as they will go to their payment according to their priorities.
Terms Used In Iowa Code 501A.1213
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Cooperative: means a business association organized under this chapter. See Iowa Code 501A.102
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- property: includes personal and real property. See Iowa Code 4.1
2.
Dissolution effective on filing order.
When the order dissolving the cooperative has been entered, the cooperative is dissolved.