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N.J. Stat. Ann. § 42:2C-72

Proceeds and expenses

Known as the Uniform Partnership Act

The act spans §§ 42:1A-1 to 42:6-9 (286 sections).

L.2012, c.50, s.72.

72. Proceeds and Expenses.

a. Except as otherwise provided in subsection b. of this section:

(1) any proceeds or other benefits of a derivative action under section 68 of this act, 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.

b. If a derivative action under section 68 of this act 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 liability company.

Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.