Utah § 16-16-1305 Proceeds and expenses.

Utah Statutes

§ 16-16-1305 — Proceeds and expenses.

Utah § 16-16-1305

Title 16Corporations

Ch. 16-16Uniform Limited Cooperative Association Act

Part 16-16-13Action by Member

This text of Utah § 16-16-1305 (Proceeds and expenses.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 16-16-1305 (2026).

Text

(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.