805 ILCS 215/1005

Current through Public Act 103-1052
Section 805 ILCS 215/1005 - 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.

805 ILCS 215/1005

Added by P.A. 093-0967, § 1005, eff. 1/1/2005.