Derivative action
Known as the Tennessee Uniform Limited Partnership Act
The act spans §§ 61-2-1001 to 61-3-906 (205 sections).
Acts 2017, ch. 440, § 1.
A partner may maintain a derivative action to enforce a right of a limited partnership if:
(1) The partner first makes a demand on the general partners, requesting that the general partners cause the limited partnership to bring an action to enforce the right, and the general partners do not bring the action within a reasonable time; or
(2) A demand under subdivision (1) would be futile.
Current official text: Tennessee Code (LexisNexis). Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Tennessee statutes; confirm against the official source for the current text. Not legal advice.