Is Cal. Corp. Code § 15910.05 — Actions by Partners still in force?

Statute · California Corporations Code

Cal. Corp. Code § 15910.05 — Actions by Partners

Cal. Corp. Code § 15910.05

Type: Statute
Source: California Corporations Code
Jurisdiction: California
Date: 2007-01-01
Current through: Nov 2, 2026 (California Legislative Counsel)

(a) Except as otherwise provided in subdivision (b):

Citator

Cal. Corp. Code § 15910.05 — Actions by Partners is in force in the current edition of the Code, and nothing recorded condemns it.

(a) Except as otherwise provided in subdivision (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 of those 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.