Vermont § 1305 - Proceeds and expenses
Full text of Vermont Vermont Statutes Online § 1305 — Proceeds and expenses, with citation guidance and answers to common questions.
§ 1305. Proceeds and expenses
- (a) Except as otherwise provided in subsection (b) of this section: (1) any proceeds or other benefits of a derivative action to enforce a right of a mutual
benefit enterprise, whether by judgment, compromise, or settlement, belong to the
enterprise and not to the plaintiff; and (2) if the plaintiff in the derivative action receives any proceeds, the plaintiff shall
immediately remit them to the enterprise. (b) If a derivative action to enforce a right of a mutual benefit enterprise 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 enterprise. (Added 2011, No. 84 (Adj. Sess.), § 1, eff. April 20, 2012.)
Frequently Asked Questions About Vermont § 1305
What does Vermont Statutes Online § 1305 cover?
Section 1305 ("Proceeds and expenses") is part of the Vermont Statutes Online, the codified statutory law of Vermont. 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 Vermont § 1305?
A common citation format is "Vermont Statutes Online § 1305" (Vermont). 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 Vermont law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Vermont official source linked on this page or consult a licensed Vermont attorney.
How does Vermont § 1305 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Vermont 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 Vermont.