Utah § 16-16-1305 Proceeds and expenses.

Utah Statutes

§ 16-16-1305 — Proceeds and expenses.

Utah·Title 16 Corporations·Ch. 16-16 Uniform Limited Cooperative Association Act·Part 16-16-13 Action by Member

(1)Except as otherwise provided in Subsection (2):

(1)(a) any proceeds or other benefits of a derivative action to enforce a right of a limited cooperative association, whether by judgment, compromise, or settlement, belong to the association and not to the plaintiff; and

(1)(b) if the plaintiff in the derivative action receives any proceeds, the plaintiff shall immediately remit them to the association.

(2)If a derivative action to enforce a right of a limited cooperative association is 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 association.

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(1) Except as otherwise provided in Subsection (2):

(1)(a) any proceeds or other benefits of a derivative action to enforce a right of a limited cooperative association, whether by judgment, compromise, or settlement, belong to the association and not to the plaintiff; and
(1)(b) if the plaintiff in the derivative action receives any proceeds, the plaintiff shall immediately remit them to the association.
(2) If a derivative action to enforce a right of a limited cooperative association is 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 association.

Utah § 16-16-1305 (Proceeds and expenses.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.