489.903 - PROPER PLAINTIFF. - Iowa Statutes

489.903 PROPER PLAINTIFF. 1. Except as otherwise provided in subsection 2, a derivative action under section 489.902 may be maintained only by a person that is a member at the time the action is commenced and remains a member while the action continues. 2. If the sole plaintiff in a derivative action dies while the action is pending, the court may permit another member of the limited liability company to be substituted as plaintiff.          Section History: Recent Form 2008 Acts, ch 1162, §68, 155