(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; 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's fees, from the recovery of the limited partnership.
Structure Code of Alabama
Title 10A - Alabama Business and Nonprofit Entities Code.
Chapter 9A - Alabama Limited Partnership Law.
Article 9 - Actions by Partners.
Section 10A-9A-9.01 - Direct Action by Partner.
Section 10A-9A-9.02 - Right of Derivative Action.
Section 10A-9A-9.03 - Standing.
Section 10A-9A-9.05 - Pleading.
Section 10A-9A-9.06 - Stay of Proceedings.
Section 10A-9A-9.07 - Discontinuance or Settlement.
Section 10A-9A-9.08 - Proceeds and Expenses.
Section 10A-9A-9.09 - Applicability to Foreign Limited Partnerships.