Indiana Code 23-16-11-1. Right of action
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Sec. 1. A limited partner may bring an action in the right of a limited partnership to recover a judgment in favor of the limited partnership if:
(2) an effort to cause those general partners to bring the action is not likely to succeed.
(1) general partners with authority to bring such an action have refused to bring the action; or
Terms Used In Indiana Code 23-16-11-1
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- 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.
As added by P.L.147-1988, SEC.1.