31 §1425. Proceeds and expenses
§1425. Proceeds and expenses 1. Proceeds. Except as otherwise provided in subsection 2: A. 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 [PL 2005, c. 543, Pt. C, §2 (NEW).] B. If the derivative […]
31 §1424. Pleading
§1424. Pleading In a derivative action, the complaint must state with particularity: [PL 2005, c. 543, Pt. C, §2 (NEW).] 1. Date and content of demand; response. The date and content of the plaintiff’s demand and the general partners’ response to the demand; or [PL 2005, c. 543, Pt. C, §2 (NEW).] 2. […]
31 §1421. Direct action by partner
§1421. Direct action by partner 1. Action against limited partnership or partner. Subject to subsection 2, a partner may maintain a direct action against the limited partnership or another partner for legal or equitable relief, with or without an accounting as to the partnership’s activities, to enforce the rights and otherwise protect the interests of […]
31 §1422. Derivative action
§1422. Derivative action A partner may maintain a derivative action to enforce a right of a limited partnership if: [PL 2005, c. 543, Pt. C, §2 (NEW).] 1. Demand for limited partnership to enforce. The partner first makes a demand on the general partners, requesting that they cause the limited partnership to bring an […]
31 §1423. Proper plaintiff
§1423. Proper plaintiff A derivative action may be maintained only by a person that is a partner at the time the action is commenced and: [PL 2005, c. 543, Pt. C, §2 (NEW).] 1. Partner when conduct occurred. That was a partner when the conduct giving rise to the action occurred; or [PL […]