2006 Kentucky Revised Statutes - .1005   Proceeds and expenses.

362.2-1005 Proceeds and expenses. (1) Except as otherwise provided in subsection (2) of this section: (a)  Any proceeds or other benefits of a derivative action, whether by judgment, compromise, or settlement, belong to the limited partnership and not to the derivative plaintiff; (b)  If the derivative plaintiff receives any of those proceeds, then the derivative plaintiff shall immediately remit them to the limited partnership. (2) If a derivative action is successful in whole or in part, then the court may award the plaintiff reasonable expenses, including reasonable attorney's fees, from the recovery of the limited partnership. Effective: July 12, 2006 History: Created 2006 Ky. Acts ch. 149, sec. 175, effective July 12, 2006. Page 1 of 1