Illinois Compiled Statutes 805 ILCS 215/1005 – Proceeds and expenses
Current as of: 2024 | Check for updates
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(a) Except as otherwise provided in subsection (b):
(1) any proceeds or other benefits of a derivative
(1) any proceeds or other benefits of a derivative
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action, whether by judgment, compromise, or settlement, belong to the limited partnership and not to the derivative plaintiff;
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(2) if the derivative plaintiff receives any
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proceeds, the derivative plaintiff shall immediately remit them to the limited partnership.
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(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.
Terms Used In Illinois Compiled Statutes 805 ILCS 215/1005
- 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.
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.