488.1003 - PROPER PLAINTIFF. - Iowa Statutes

488.1003 PROPER PLAINTIFF. A derivative action may be maintained only by a person that is a partner at the time the action is commenced and where one of the following also applies: 1. The person was a partner when the conduct giving rise to the action occurred. 2. The person's status as a partner devolved upon the person by operation of law or pursuant to the terms of the partnership agreement from a person that was a partner at the time of the conduct.          Section History: Recent Form 2004 Acts, ch 1021, §86, 118; 2005 Acts, ch 19, §71