Section 449.2002 – Status of Plaintiff in Derivative Action.
449.2002 Status of plaintiff in derivative action. Sec. 1002. In a derivative action, the plaintiff must be a partner at the time of bringing the action and (1) at the time of the transaction of which the plaintiff complains or (2) his or her status as a partner had devolved upon him or her by […]
Section 449.2003 – Complaint in Derivative Action; Contents.
449.2003 Complaint in derivative action; contents. Sec. 1003. In a derivative action, the complaint shall set forth with particularity the effort of the plaintiff to secure initiation of the action by a general partner or the reasons for not making the effort. History: 1982, Act 213, Eff. Jan. 1, 1983
Section 449.2004 – Discontinuance, Compromise, or Settlement of Derivative Action; Court Approval; Notice; Costs.
449.2004 Discontinuance, compromise, or settlement of derivative action; court approval; notice; costs. Sec. 1004. An action authorized by section 1001 shall not be discontinued, compromised, or settled without approval by the court having jurisdiction of the action. If the court determines that the interest of the limited partners or of any class thereof will be […]
Section 449.2005 – Awarding Expenses to Plaintiff in Successful Derivative Action; Remittance to Limited Partnership of Remainder of Proceeds; Exception; Action Brought Without Reasonable Cause; Payment of Defendants’ Expenses by Plaintiff.
449.2005 Awarding expenses to plaintiff in successful derivative action; remittance to limited partnership of remainder of proceeds; exception; action brought without reasonable cause; payment of defendants’ expenses by plaintiff. Sec. 1005. (a) If a derivative action is successful, in whole or in part, or if anything is received by the plaintiff as a result of […]
Section 449.2001 – Limited Partner; Right to Bring Action to Recover Judgment.
449.2001 Limited partner; right to bring action to recover judgment. Sec. 1001. A limited partner may bring an action in the right of a limited partnership to recover a judgment in its favor if general partners with authority to do so have refused to bring the action or if an effort to cause those general […]