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Idaho Code § 30-24-906

Proceeds and expenses

Known as the Idaho Uniform Limited Partnership Act

The act spans §§ 30–30 (65 sections).

I.C., § 30-24 -906, as added by 2015, ch. 243, § 41, p. 758.

(1) Except as otherwise provided in subsection (b) of this section: Any proceeds or other benefits of a derivative action, whether by judgment, compromise, or settlement, belong to the limited partnership and not to the plaintiff; and

(2) If the plaintiff receives any proceeds, the plaintiff shall remit them immediately to the partnership.

(3) If a derivative action is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney’s fees and costs, from the recovery of the limited partnership.

(4) A derivative action on behalf of a limited partnership may not be voluntarily dismissed or settled without the court’s approval.

Current official text: Idaho Statutes (Idaho Legislature). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Idaho statutes; confirm against the official source for the current text. Not legal advice.