2013 New Jersey Revised Statutes
Title 42 - PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS
Section 42:2C-72 - Proceeds and expenses.


NJ Rev Stat § 42:2C-72 (2013) What's This?

42:2C-72 Proceeds and expenses.

72.Proceeds and Expenses.

a.Except as otherwise provided in subsection b. of this section:

(1)any proceeds or other benefits of a derivative action under section 68 of this act, whether by judgment, compromise, or settlement, belong to the limited liability company and not to the plaintiff; and

(2)if the plaintiff receives any proceeds, the plaintiff shall remit them immediately to the company.

b.If a derivative action under section 68 of this act 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 liability company.

L.2012, c.50, s.72.


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