Tennessee § 61-3-906 - Proceeds and expenses.
Full text of Tennessee Tennessee Code Annotated § 61-3-906 — Proceeds and expenses., with citation guidance and answers to common questions.
§ 61-3-906. Proceeds and expenses.
Except as otherwise provided in subsection (b): Any proceeds or other benefits of a derivative action, whether by judgment, compromise, or settlement, belong to the limited partnership and not to the plaintiff; and If the plaintiff receives any proceeds, the plaintiff must remit the proceeds immediately to the limited partnership. 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 partnership. A derivative action on behalf of a limited partnership must not be voluntarily dismissed or settled without the court's approval. Acts 2017, ch. 440, § 1.
Source: official Tennessee text · Last verified 2026-08-27
Frequently Asked Questions About Tennessee § 61-3-906
What does Tennessee Code Annotated § 61-3-906 cover?
Section 61-3-906 ("Proceeds and expenses.") is part of the Tennessee Code Annotated, the codified statutory law of Tennessee. 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 Tennessee § 61-3-906?
A common citation format is "Tennessee Code Annotated § 61-3-906" (Tennessee). 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 Tennessee law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Tennessee official source linked on this page or consult a licensed Tennessee attorney.
How does Tennessee § 61-3-906 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Tennessee 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 Tennessee.