Iowa Code § 489.603: Effect of dissociation.

1. If a person is dissociated as a member, all of the following apply:

a. The person’s right to participate as a member in the management and conduct of the limited liability company’s activities and affairs terminates.

b. The person’s duties and obligations under section 489.409 as a member end with regard to matters arising and events occurring after the person’s dissociation.

c. Subject to section 489.504 and subchapter X, any transferable interest owned by the person in the person’s capacity as a member immediately before dissociation is owned by the person solely as a transferee.

2. A person’s dissociation as a member of a limited liability company does not of itself discharge the person from any debt, obligation, or other liability to the company or the other members which the person incurred while a member.