Nebraska Statutes 21-29,101. Proceeds and expenses
Current as of: 2023 | Check for updates
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(1) Except as otherwise provided in subsection (2) of this section:
Terms Used In Nebraska Statutes 21-29,101
- Action: shall include any proceeding in any court of this state. See Nebraska Statutes 49-801
- Attorney: shall mean attorney at law. See Nebraska Statutes 49-801
- 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.
(a) Any proceeds or other benefits of a derivative action, whether by judgment, compromise, or settlement, belong to the limited cooperative association and not to the derivative plaintiff; and
(b) If the derivative plaintiff receives any proceeds, the derivative plaintiff shall immediately remit them to the limited cooperative association.
(2) 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 cooperative association.