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2017 South Dakota Codified Laws
Title 47 - CORPORATIONS
Chapter 34A - Uniform Limited Liability Company Act
§ 47-34A-1106 Proceeds and expenses
Universal Citation: SD Codified L § 47-34A-1106 (2017)
47-34A-1106. Proceeds and expenses. (a) Except as otherwise provided in subsection (b):
(1) Any proceeds or other benefits of a derivative action under § 47-34A-1102, 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 immediately remit the proceeds to the company.
(b) If a derivative action under § 47-34A-1102 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.
Source: SL 2013, ch 233, § 44.
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