Iowa Code § 489.803 (2026)

1. Except as otherwise provided in subsection 2, a derivative action under section 489.802 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as plaintiff. 2008 Acts, ch 1162, §68, 155 C2009, §489.903 2023 Acts, ch 152, §143, 161 C2024, §489.803 Former §489.803 repealed effective January 1, 2024, by 2023 Acts, ch 152, §142, 161 \n