Iowa Statutes
§ 488.1005 — Proceeds and expenses
Iowa § 488.1005
This text of Iowa § 488.1005 (Proceeds and expenses) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Iowa Code § 488.1005 (2026).
Text
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 derivative
plaintiff.
b.If the derivative plaintiff receives any proceeds, the derivative plaintiff shall
immediately remit them 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 fees, from the recovery of the limited
partnership.
3.If the court finds that the derivative proceeding was commenced or maintained without
reasonablecauseorforanimproperpurpose, itmayordertheplaintifftopayanydefendant’s
reasonable expenses, including reasonable attorney fees, incurred in d
Free access — add to your briefcase to read the full text and ask questions with AI
Nearby Sections
15
§ 488.1001
Direct action by partner§ 488.1002
Derivative action§ 488.1003
Proper plaintiff§ 488.1004
Pleading§ 488.1005
Proceeds and expenses§ 488.101
Short title§ 488.102
Definitions§ 488.103
Knowledge and notice§ 488.105
Powers§ 488.106
Governing law§ 488.108
Name§ 488.109
Reservation of nameCite This Page — Counsel Stack
Bluebook (online)
Iowa § 488.1005, Counsel Stack Legal Research, https://law.counselstack.com/statute/ia/488.1005.