489.901 - DIRECT ACTION BY MEMBER. - Iowa Statutes

489.901 DIRECT ACTION BY MEMBER. 1. Subject to subsection 2, a member may maintain a direct action against another member, a manager, or the limited liability company to enforce the member's rights and otherwise protect the member's interests, including rights and interests under the operating agreement or this chapter or arising independently of the membership relationship. 2. A member maintaining a direct action under this section must plead and prove an actual or threatened injury that is not solely the result of an injury suffered or threatened to be suffered by the limited liability company.          Section History: Recent Form 2008 Acts, ch 1162, §66, 155 Referred to in § 489.409, 489.601