Section 61-3-906 - 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 plaintiff; and(2) If the plaintiff receives any proceeds, the plaintiff must remit the proceeds immediately 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 and costs, from the recovery of the limited partnership.(c) A derivative action on behalf of a limited partnership must not be voluntarily dismissed or settled without the court's approval.Added by 2017 Tenn. Acts, ch. 440,s 1, eff. 1/1/2018.