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- W3190225935 abstract "Like courts in other states, Iowa courts employ a multi-factor test for veil piercing that evaluates business owners and their entities based on undercapitalization, commingling of finances, failure to observe formalities, and the like. Yet Iowa precedent assigns no weight to any of the factors, offers few insights concerning their meaning, and even less guidance on the factors’ relationship to the justifications for piercing. This Article outlines a path for bringing greater order and predictability to Iowa piercing jurisprudence, starting with a taxonomy based on legal scholars’ consensus that courts are justified in piercing when those controlling the entity do one or more of the following: (1) use the corporate privilege to evade obligations imposed by other legal schemes; (2) engage in fraud, misrepresentation or similar deceptive behavior to obtain corporate credit; or (3) engage in abusive self-dealing that improperly subordinates creditor claims to corporate assets. If one first identifies the asserted policy justification for piercing in a particular case, the Article explains, it becomes easier to assess whether traditional piercing “factors” like undercapitalization, commingling of finances, or failure to follow formalities warrant application of the remedy, and why. Accordingly, the Article recommends that Iowa courts require piercing plaintiffs to identify one or more of the foregoing policy justifications for the piercing remedy before determining whether any traditional piercing factors support granting that relief. The Article also challenges Iowa’s tradition of leaving piercing decisions to juries. Piercing is an equitable remedy that judges should administer without juries, But even if piercing is a legal claim, a decision to grant or withhold the piercing remedy is a law- and policy-making exercise, and thus a legal question for the court. Accordingly, the Article recommends that regardless of whether judge or jury makes the underlying factual findings in piercing cases, Iowa judges, rather than juries, should decide whether to grant and how to shape the piercing remedy." @default.
- W3190225935 created "2021-08-16" @default.
- W3190225935 creator A5067021817 @default.
- W3190225935 date "2019-09-30" @default.
- W3190225935 modified "2023-09-26" @default.
- W3190225935 title "Lifting the Veil on Iowa Piercing Jurisprudence and Suggestions for Reform" @default.
- W3190225935 hasPublicationYear "2019" @default.
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