Current through the 2024 Fourth Special Session
Section 48-2e-1006 - Proceeds and expenses(1) Except as otherwise provided in Subsection (2): (a) 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(b) if the plaintiff receives any proceeds, the plaintiff shall remit them immediately to the limited partnership.(2) 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.(3) A derivative action on behalf of a limited partnership may not be voluntarily dismissed or settled without the court's approval.Added by Chapter 412, 2013 General Session ,§ 239, eff. 1/1/2014.