Maine § 1425. - Proceeds and expenses
Full text of Maine Maine Revised Statutes § 1425. — Proceeds and expenses, with citation guidance and answers to common questions.
§ 1425.. Proceeds and expenses
1. Proceeds. Except as otherwise provided in subsection 2:
A. Any proceeds or other benefits of a derivative action, whether by judgment, compromise or settlement, belong to the limited partnership and not to the derivative plaintiff; and [PL 2005, c. 543, Pt. C, §2 (NEW).]
B. If the derivative plaintiff receives any proceeds, the derivative plaintiff shall immediately remit them to the limited partnership. [PL 2005, c. 543, Pt. C, §2 (NEW).]
2. Expenses. If a derivative action is successful in whole or in part, the court may award the plaintiff reasonable expenses, including reasonable attorney's fees, from the recovery of the limited partnership.
Frequently Asked Questions About Maine § 1425.
What does Maine Revised Statutes § 1425. cover?
Section 1425. ("Proceeds and expenses") is part of the Maine Revised Statutes, the codified statutory law of Maine. 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 Maine § 1425.?
A common citation format is "Maine Revised Statutes § 1425." (Maine). 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 Maine law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Maine official source linked on this page or consult a licensed Maine attorney.
How does Maine § 1425. apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Maine 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 Maine.