Senate Study Bill 3037 - Introduced SENATE FILE _____ BY (PROPOSED COMMITTEE ON JUDICIARY BILL BY CHAIRPERSON ZAUN) 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 5392XC (4) 88 da/jh
S.F. _____ 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 -1- LSB 5392XC (4) 88 da/jh 1/ 1