Ark. Code § 4-47-1005

Current with legislation from 2024 Fiscal and Special Sessions.
Section 4-47-1005 - 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.

Ark. Code § 4-47-1005

Acts 2007, No. 15, § 1.