HF 2276 (LSB 5392HV (1) 88)

HOUSE FILE 2276

BY  COMMITTEE ON JUDICIARY

(SUCCESSOR TO HSB 538)

A BILL FOR

An Act providing for the application and construction of the uniform protected series Act.
BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA:

    Section 1.  NEW SECTION.  489.14801  Uniformity of application and construction.
   In applying and construing this article, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact the uniform protected series Act as approved and recommended by the national conference of commissioners on uniform state laws.
EXPLANATION
The inclusion of this explanation does not constitute agreement with
the explanation’s substance by the members of the general assembly.
   The first session of the 88th general assembly enacted SF 569, the uniform protected series Act (2019 Iowa Acts, chapter 26). The Act amended Code chapter 489, the revised uniform limited liability company Act (RULLCA) as approved and recommended by the national conference on commissioners of uniform state laws (Code chapter 5). Generally, the Act provides that a protected series operating under the organizational structure of a series limited liability company may function in a manner analogous to a separate legal entity. The uniform protected series Act will be codified as Article 14 of Code chapter 489 and by July 1, 2021, will replace Article 12 relating to the same subject matter. This bill’s provision closely resembles Code section 489.1304, which applies to the entire Code chapter.