New York § 121-1003 Security for expenses

New York Statutes

§ 121-1003 — Security for expenses

New York § 121-1003

Law PTRPartnership

Art. 8-ARevised Limited Partnership Act

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Bluebook

N.Y. Partnership § 121-1003 (2026).

Text

  § 121-1003. Security for expenses. In a derivative action, brought\npursuant to section 121-1002 of this article, unless the contributions\nof or allocable to the plaintiff or plaintiffs amount to five percent or\nmore of the contributions of all limited partners, in their status as\nlimited partners, or such contributions of or allocable to such\nplaintiff or plaintiffs have a fair value in excess of fifty thousand\ndollars, the limited partnership in whose right such action is brought\nshall be entitled at any stage of the proceedings before final judgment\nto require the plaintiff or plaintiffs to give security for the\nreasonable expenses, including attorney's fees, which may be incurred by\nit in connection with such action and by the other parties defendant in\nconnection therewith

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§ 121-1003. Security for expenses. In a derivative action, brought\npursuant to section 121-1002 of this article, unless the contributions\nof or allocable to the plaintiff or plaintiffs amount to five percent or\nmore of the contributions of all limited partners, in their status as\nlimited partners, or such contributions of or allocable to such\nplaintiff or plaintiffs have a fair value in excess of fifty thousand\ndollars, the limited partnership in whose right such action is brought\nshall be entitled at any stage of the proceedings before final judgment\nto require the plaintiff or plaintiffs to give security for the\nreasonable expenses, including attorney's fees, which may be incurred by\nit in connection with such action and by the other parties defendant in\nconnection therewith for which the limited partnership may become liable\nunder this article or under any contract or otherwise under law. The\nlimited partnership shall have recourse to such security in such amount\nas the court having jurisdiction of such action shall determine upon the\ntermination of such action. Notwithstanding the first sentence of this\nsection, the amount of any security may from time to time be determined\nin the discretion of the court having jurisdiction of such action, even\nif the five percent of contributions or fifty thousand dollar value test\nis met, upon a showing of the need therefor.\n