47-14A-73. Qualifications of plaintiff in derivative action.
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/sd/title-47/chapter-47-14/47-14a-73·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In a derivative action, the plaintiff must be a beneficial owner at the time of bringing the action and:
(1)At the time of the transaction of which the plaintiff complains; or
(2)Plaintiff's status as a beneficial owner had devolved upon plaintiff by operation of law or pursuant to the terms of the governing instrument of the business trust from a person who was a beneficial owner at the time of the transaction.