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2018 California Code
Corporations Code - CORP
TITLE 2 - PARTNERSHIPS
CHAPTER 4.5 - Uniform Limited Partnership Act of 2008
ARTICLE 10 - Actions by Partners
Section 15910.05.
Universal Citation: CA Corp Code § 15910.05 (2018)
15910.05.
(a) Except as otherwise provided in subdivision (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 derivative plaintiff;
(2) if the derivative plaintiff receives any of those proceeds, the derivative plaintiff shall immediately remit them 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, from the recovery of the limited partnership.
(Added by Stats. 2006, Ch. 495, Sec. 20. Effective January 1, 2007. Section operative January 1, 2008, pursuant to Section 15912.04.)
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