Section 489.806 - Proceeds and expenses1. Except as otherwise provided in subsection 2, all of the following apply: a. Any proceeds or other benefits of a derivative action, whether by judgment, compromise, or settlement, belong to the limited liability company and not to the plaintiff.b. If the plaintiff receives any proceeds, the plaintiff shall remit them immediately to the limited liability company.2. If a derivative action is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney fees and costs, from the recovery of the limited liability company.3. A derivative action on behalf of a limited liability company shall not be voluntarily dismissed or settled without the court's approval.Renumbered from §489.906 by 2023 Iowa, ch 152, s 143, eff. 1/1/2024.Amended by 2023 Iowa, ch 152, s 70, eff. 1/1/2024.2008 Acts, ch 1162, §70, 155Former §489.806 repealed by 2023 Iowa, ch 152, s 142, eff. 1/1/2024.Former §489.806 repealed effective January 1, 2024, by 2023 Acts, ch 152, §142, 161
2023 amendment effective January 1, 2024; 2023 Acts, ch 152, §161
Section transferred from §489.906 in Code 2024 pursuant to directive in 2023 Acts, ch 152, §143, 161
Section amended