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Illinois · Through at least Public Act 104-790

805 ILCS 215/1005: Proceeds and expenses.

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Where this section sits in the code
  1. CHAPTER 805 BUSINESS ORGANIZATIONS
  2. Uniform Limited Partnership Act (2001).

(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.

Collected 2026-09-15T04:46:47Z. Source file · JSON

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