Guam § 171306 - Proceeds and Expenses.
Full text of Guam Guam Code Annotated § 171306 — Proceeds and Expenses., with citation guidance and answers to common questions.
§ 171306. Proceeds and Expenses.
(a) Except as otherwise provided in Subsection (b) of this Section:
(1) any proceeds or other benefits of a derivative action, whether by judgment, compromise, or
settlement, belong to the limited cooperative association and not to the plaintiff; and
(2) if the plaintiff receives any proceeds, the plaintiff shall remit them immediately to the
association.
(b) If a derivative action 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 cooperative
association.
Frequently Asked Questions About Guam § 171306
What does Guam Code Annotated § 171306 cover?
Section 171306 ("Proceeds and Expenses.") is part of the Guam Code Annotated, the codified statutory law of Guam. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Guam § 171306?
A common citation format is "Guam Code Annotated § 171306" (Guam). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Guam law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Guam official source linked on this page or consult a licensed Guam attorney.
How does Guam § 171306 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Guam can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Guam.