Tennessee § 61-3-906 Proceeds and expenses

Tennessee Statutes

§ 61-3-906 — Proceeds and expenses

(a)Except as otherwise provided in subsection (b):

(1)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 (2) If the plaintiff receives any proceeds, the plaintiff must remit the proceeds immediately to the limited partnership.

(b)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.

(c)A derivative action on behalf of a limited partnership must not be voluntarily dismissed or settled without the court's approval.

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(a) Except as otherwise provided in subsection (b): (1) 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 (2) If the plaintiff receives any proceeds, the plaintiff must remit the proceeds immediately to the limited partnership. (b) 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. (c) A derivative action on behalf of a limited partnership must not be voluntarily dismissed or settled without the court's approval.

Tennessee § 61-3-906 (Proceeds and expenses) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.