Minnesota § 321.1005 - PROCEEDS AND EXPENSES
Full text of Minnesota Minnesota Statutes § 321.1005 — PROCEEDS AND EXPENSES, with citation guidance and answers to common questions.
§ 321.1005. PROCEEDS AND EXPENSES
(a) Except as otherwise provided in subsection (b):
(1) 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;
(2) if the derivative plaintiff receives any proceeds, the derivative plaintiff shall immediately remit them to the limited partnership.
(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, from the recovery of the limited partnership.
History:
Official Publication of the State of Minnesota
Revisor of Statutes
Frequently Asked Questions About Minnesota § 321.1005
What does Minnesota Statutes § 321.1005 cover?
Section 321.1005 ("PROCEEDS AND EXPENSES") is part of the Minnesota Statutes, the codified statutory law of Minnesota. 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 Minnesota § 321.1005?
A common citation format is "Minnesota Statutes § 321.1005" (Minnesota). 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 Minnesota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Minnesota official source linked on this page or consult a licensed Minnesota attorney.
How does Minnesota § 321.1005 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Minnesota 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 Minnesota.