Proceeds and expenses

805 ILCS 215/1005, under Actions by Partners.

805 ILCS 215/1005

(805 ILCS 215/1005)

    Sec. 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.

(Source: P.A. 93-967, eff. 1-1-05.)