Something to keep in mind when using LLC statements of authority
Posted on 09/06/2010 at 12:12 PM by The Newsroom
You might recall an earlier post, I'm talking a year or two ago, about statements of authority. They are another carryover from the Revised Uniform Partnership Act. I'm convinced these carryovers from RUPA are a plot by law professors who like to teach partnership law but feel rather silly doing so since no one forms partnerships anymore. LLCs are an outlet for their frustration. Back to the point, by filing a statement of authority with the Iowa Secretary of State (and the county recorder if you are dealing with real estate) you can eliminate any questions regarding the authority of a person to sign a loan agreement, a note, a deed, or any other legal document. But here is the caution. A statement of authority does not necessarily mean that the particular transaction you are concerned about has been authorized by the LLC.
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Categories: Commercial Litigation
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