House
File
2276
-
Introduced
HOUSE
FILE
2276
BY
COMMITTEE
ON
JUDICIARY
(SUCCESSOR
TO
HSB
538)
A
BILL
FOR
An
Act
providing
for
the
application
and
construction
of
the
1
uniform
protected
series
Act.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
3
TLSB
5392HV
(1)
88
da/jh
H.F.
2276
Section
1.
NEW
SECTION
.
489.14801
Uniformity
of
application
1
and
construction.
2
In
applying
and
construing
this
article,
consideration
3
shall
be
given
to
the
need
to
promote
uniformity
of
the
law
4
with
respect
to
its
subject
matter
among
states
that
enact
the
5
uniform
protected
series
Act
as
approved
and
recommended
by
the
6
national
conference
of
commissioners
on
uniform
state
laws.
7
EXPLANATION
8
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
9
the
explanation’s
substance
by
the
members
of
the
general
assembly.
10
The
first
session
of
the
88th
general
assembly
enacted
11
SF
569,
the
uniform
protected
series
Act
(2019
Iowa
Acts,
12
chapter
26).
The
Act
amended
Code
chapter
489,
the
revised
13
uniform
limited
liability
company
Act
(RULLCA)
as
approved
14
and
recommended
by
the
national
conference
on
commissioners
15
of
uniform
state
laws
(Code
chapter
5).
Generally,
the
16
Act
provides
that
a
protected
series
operating
under
the
17
organizational
structure
of
a
series
limited
liability
company
18
may
function
in
a
manner
analogous
to
a
separate
legal
entity.
19
The
uniform
protected
series
Act
will
be
codified
as
Article
14
20
of
Code
chapter
489
and
by
July
1,
2021,
will
replace
Article
21
12
relating
to
the
same
subject
matter.
This
bill’s
provision
22
closely
resembles
Code
section
489.1304,
which
applies
to
the
23
entire
Code
chapter.
24
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