Miss. Code § 79-29-1103

Current through the 2024 Regular Session

Section 79-29-1103 - Proper plaintiff

In a derivative action, the plaintiff must be a member or an owner of a financial interest at the time of bringing the action and:

(a) At the time of the transaction of which the plaintiff complains; or

(b) The plaintiff's status as a member or an owner of a financial interest had devolved upon the plaintiff by operation of law or pursuant to the terms of an operating agreement from a person who was a member or an owner of a financial interest at the time of the transaction.

A plaintiff may not commence or maintain a derivative proceeding unless the plaintiff fairly and adequately represents the interests of the limited liability company in enforcing the right of the limited liability company.

Miss. Code § 79-29-1103

Laws, 1994, ch. 402, § 79; Laws, 2010, ch. 532, § 1, eff. 1/1/2011.