[§425E-1005] Proceeds and expenses. (a) Except as otherwise provided in subsection (b):
(1) 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; and
(2) If the derivative plaintiff receives any proceeds, the derivative plaintiff shall immediately remit them to the limited partnership.
(b) If a derivative action is successful in whole or in part, the court may award the derivative plaintiff reasonable expenses, including reasonable attorney's fees, from the recovery of the limited partnership. [L 2003, c 210, pt of §1]
Section: Previous 425e-906 425e-907 425e-908 425e-1001 425e-1002 425e-1003 425e-1004 425e-1005 425e-1101 425e-1102 425e-1103 425e-1104 425e-1105 425e-1106 425e-1107 NextLast modified: October 27, 2016