S.D. Codified Laws § 47-34A-1106

Proceeds and expenses

Known as the South Dakota Limited Liability Company Act

The act spans §§ 47-34A-1001 to 47-34A-915 (113 sections).

Applied in 1 court decision — leading case Black Hills Surgical Physicians, LLC v. Setliff (2014)

Most recently applied in Black Hills Surgical Physicians, LLC v. Setliff (September 2014)

Source: SL 2013, ch 233, § 44.

(a) Except as otherwise provided in subsection (b):

(1) Any proceeds or other benefits of a derivative action under § 47-34A-1102, 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 immediately remit the proceeds to the company.

(b) If a derivative action under § 47-34A-1102 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.

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