North Dakota Code 10-32.1-38 – Proceeds and expenses
Current as of: 2023 | Check for updates
|
Other versions
1. Except as otherwise provided in subsection 2:
Terms Used In North Dakota Code 10-32.1-38
- 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 under section 10-32.1-34, whether by judgment, compromise, or settlement, belong to the limited liability company and not to the plaintiff; and
b. If the plaintiff receives any proceeds, then the plaintiff shall remit them immediately to the company.
2. If a derivative action under section 10-32.1-34 is successful in whole or in part, then the court may award the plaintiff reasonable expenses, including reasonable attorney fees and costs, from the recovery of the limited liability company.