35-12-1404. Proceeds and expenses.
89 words·~1 min read·
/mt/title-35/chapter-12/part-14/35-12-1404·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
35-12-1404 . Proceeds and expenses.
(1)Except as provided in subsection (2):
(a)any proceeds or other benefits of a derivative action, whether by judgment, compromise, or settlement, belong to the limited partnership and not to the derivative plaintiff;
(b)if the derivative plaintiff receives any proceeds, the derivative plaintiff shall immediately remit them to the limited partnership.
(2)If a derivative action is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney fees, from the recovery of the limited partnership.