Legislative updates

House Bill 2402, effective July 1, 2020, revises provisions relating to resignations of registered agents serving certain business entities.
Senate Bill 569 (Laws of 2019), effective July 1, 2020, enacts the Uniform Protected Series Act, governing a series limited liability company formed, or a protected series established, on or after July 1, 2020 and a limited liability company that is a series limited liability company before July 1, 2020, that elects, in the manner provided in its operating agreement or by law for amending the operating agreement, to be subject to this Act. On and after July 1, 2021, this Act governs all series limited liability companies and protected series.

Case summaries

Repurchase of LLC Interests
Homeland Energy Solutions, LLC v. Retterath, No. 18-0950, decided February 7, 2020. The Iowa Supreme Court held that an LLC’s action to enforce an agreement to repurchase the defendant’s membership interests had to be tried in equity as the purpose of the agreement was to extinguish the member’s interest and influence and money damages would not be an adequate remedy.

Other notices

There are no new notices at this time.