Current through the 2024 Regular Session
Section 30-24-906 - PROCEEDS AND EXPENSES(a) Except as otherwise provided in subsection (b) of this section: (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 plaintiff; and(2) If the plaintiff receives any proceeds, the plaintiff shall remit them immediately to the partnership.(b) If a derivative action is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney's fees and costs, from the recovery of the limited partnership.(c) A derivative action on behalf of a limited partnership may not be voluntarily dismissed or settled without the court's approval.[30-24-906, added 2015, ch. 243, sec. 41, p. 870.]Added by 2015 Session Laws, ch. 243,sec. 41, eff. 7/1/2015.