Public-domain · open source
OpenJurist

N.D. Cent. Code § 10-32.1-38

Proceeds and expenses

Known as the North Dakota Uniform Limited Liability Company Act

The act spans §§ 10-32.1-01 to 10-32.1-99 (103 sections).

1. Except as otherwise provided in subsection 2:

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.

Official source: North Dakota Legislative Branch. Reproduced from public-domain North Dakota statutes; confirm against the official source for the current text. Not legal advice.