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New Mexico Statutes Chapter 54. Partnerships § 54-2A-1005. Proceeds and expenses

Current as of January 01, 2024 | Updated by FindLaw Staff

A. Except as otherwise provided in Subsection B of this section:

(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; and

(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 fees, from the recovery of the limited partnership.

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Cite this article: FindLaw.com - New Mexico Statutes Chapter 54. Partnerships § 54-2A-1005. Proceeds and expenses - last updated January 01, 2024 | https://codes.findlaw.com/nm/chapter-54-partnerships/nm-st-sect-54-2a-1005/

Read this complete New Mexico Statutes Chapter 54. Partnerships § 54-2A-1005. Proceeds and expenses on Westlaw. Westlaw subscription required.

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