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South Dakota · Through 2026-08-31 · Newer source version available

SDCL § 47-34A-1106: Proceeds and expenses.

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Where this section sits in the code
  1. TITLE 47. CORPORATIONS
  2. CHAPTER 47-34A. UNIFORM LIMITED LIABILITY COMPANY ACT

(a) Except as otherwise provided in subsection (b):

(1) Any proceeds or other benefits of a derivative action under § 47-34A-1102, whether by judgment, compromise, or settlement, belong to the limited liability company and not to the plaintiff; and

(2) If the plaintiff receives any proceeds, the plaintiff shall immediately remit the proceeds to the company.

(b) If a derivative action under § 47-34A-1102 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 liability company.

Collected 2026-09-03T15:18:57Z. Source file · JSON

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