In a derivative action, the plaintiff shall be a partner at the time of bringing the action and:

Terms Used In Arizona Laws 29-357

  • Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
  • Partner: means a limited or general partner. See Arizona Laws 29-301
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: means a natural person, partnership, domestic or foreign limited partnership, trust, estate, association, corporation or entity. See Arizona Laws 29-301
  • Plaintiff: The person who files the complaint in a civil lawsuit.

1. Shall have been a partner at the time of the transaction of which he complains; or

2. His status as a partner shall have devolved upon him by operation of law or pursuant to the terms of the partnership agreement from a person who was a partner at the time of the transaction.

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