§ 23-16-11-4 — Expenses

Indiana § 23-16-11-4

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 16: LIMITED PARTNERSHIPS
• Ch. 11: Derivative Actions

Text

(a) If a derivative action under this chapter is
successful, in whole or in part, or if anything is received by the plaintiff
as a result of a judgment, compromise, or settlement of an action or
claim, the court may award the plaintiff reasonable expenses, including
reasonable attorney's fees, and shall direct the plaintiff to remit to the
limited partnership the remainder of those proceeds received by the
plaintiff.
(b) If the plaintiff is awarded damages in an action under this
chapter, the court shall make the award of reasonable expenses payable
out of the plaintiff's total award and direct the plaintiff to remit the
balance of the total award to the limited partnership. However, if the
damages awarded to the plaintiff are insufficient to reimburse the
plaintiff's reasonable expenses, the court may direct that part or all of
the plaintiff's award of reasonable expenses be paid by the limited
partnership.

Legislative History

As added by P.L.147-1988, SEC.1.