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Minn. Stat. § 322C.0906

PROCEEDS AND EXPENSES.

Known as the Minnesota Revised Uniform Limited Liability Company Act

The act spans §§ 322C.0101–322C.1205 (92 sections).

2014 c 157 art 1 s 69

Subdivision 1. Ownership of proceeds.

Except as otherwise provided in subdivision 2:

(1) any proceeds or other benefits of a derivative action under section 322C.0902 , whether by judgment, compromise, or settlement, belong to the limited liability company and not to the plaintiff; and

(2) if the plaintiff receives any proceeds, the plaintiff shall remit them immediately to the company.

Subd. 2. Expenses awarded.

If a derivative action under section 322C.0902 is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney fees and costs, from the recovery of the limited liability company.

Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.