Minnesota § 322C.0906 PROCEEDS AND EXPENSES

Minnesota Statutes

§ 322C.0906 — PROCEEDS AND EXPENSES

Minnesota § 322C.0906

PartBUSINESS, SOCIAL, AND CHARITABLE ORGANIZATIONS

Ch. 322CMINNESOTA REVISED UNIFORM LIMITED LIABILITY COMPANY

This text of Minnesota § 322C.0906 (PROCEEDS AND EXPENSES) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 322C.0906 (2026).

Text

Subdivision 1.Ownership of proceeds. Except as otherwise provided in subdivision 2:

(1)any proceeds or other benefits of a derivative action under section322C.0902, whether by judgment, compromise, or settlement, belong to the limited liability company and not to the plaintiff; and

(2)if the plaintiff receives any proceeds, the plaintiff shall remit them immediately to the company. Subd. 2.Expenses awarded. If a derivative action under section322C.0902is 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.

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Subdivision 1.Ownership of proceeds.
Except as otherwise provided in subdivision 2:
(1) any proceeds or other benefits of a derivative action under section322C.0902, whether by judgment, compromise, or settlement, belong to the limited liability company and not to the plaintiff; and
(2) if the plaintiff receives any proceeds, the plaintiff shall remit them immediately to the company.

Subd. 2.Expenses awarded.
If a derivative action under section322C.0902is 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.