Iowa Code § 489.407A - Real estate interest transferred by limited liability company or foreign limited liability company

1. A transfer of an interest in real estate situated in this state held by a limited liability company or a registered foreign limited liability company authorized to do business in this state is subject to the provisions of this section. 2. a. In a member-managed limited liability company, a transfer of an interest in real estate held by the company may be undertaken by any of the following: (1) As provided in the operating agreement, or if the operating agreement does not so provide, only with the consent of all members. (2) As provided in a statement of authority filed by the limited liability company with the secretary of state and the recorder of the county where the real estate is situated pursuant to section 489.302. b. A requirement of paragraph “a” is applicable to every transfer of an interest in real estate situated in this state held by a member-managed limited liability company, whether or not the transfer is in the ordinary course of the company’s business. 3. a. In a manager-managed limited liability company, a transfer of an interest in real estate held by the company may be undertaken by any of the following: (1) As provided in the operating agreement, or if the operating agreement does not so provide, only with the consent of a majority of all managers. (2) As provided in a statement of authority filed by the limited liability company with the secretary of state and the recorder of the county where the real estate is situated pursuant to section 489.302. b. A requirement in paragraph “a” is applicable to every transfer of an interest in real estate situated in this state held by a manager-managed limited liability company, whether or not the transfer is in the ordinary course of the company’s business. 2013 Acts, ch 108, §4; 2023 Acts, ch 152, §42, 161