IC 23-16-11-1 Right of action
Sec. 1. A limited partner may bring an action in the right of a
limited partnership to recover a judgment in favor of the limited
partnership if:
(1) general partners with authority to bring such an action have
refused to bring the action; or
(2) an effort to cause those general partners to bring the action
is not likely to succeed. As added by P.L.147-1988, SEC.1.
IC 23-16-11-2 Proper plaintiff
Sec. 2. In a derivative action under this chapter, the plaintiff must
be a partner at the time of bringing the action, and:
(1) the plaintiff must have been a partner at the time of the
transaction of which the plaintiff complains in the action; or
(2) the status of the plaintiff as a partner must have devolved
upon the plaintiff, by operation of law or under the terms of the
partnership agreement, from a person who was a partner at the
time of the transaction. As added by P.L.147-1988, SEC.1.
IC 23-16-11-3 Pleading
Sec. 3. In a derivative action under this chapter, the complaint
must 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 to secure initiation of the action by a general
partner. As added by P.L.147-1988, SEC.1.
IC 23-16-11-4 Expenses
Sec. 4. (a) If a derivative action under this chapter is successful,
in whole or in part, or if anything is received by the plaintiff as a
result of a judgment, compromise, or settlement of an action or
claim, the court may award the plaintiff reasonable expenses,
including reasonable attorney's fees, and shall direct the plaintiff to
remit to the limited partnership the remainder of those proceeds
received by the plaintiff.
(b) If the plaintiff is awarded damages in an action under this
chapter, the court shall make the award of reasonable expenses
payable out of the plaintiff's total award and direct the plaintiff to
remit the balance of the total award to the limited partnership.
However, if the damages awarded to the plaintiff are insufficient to
reimburse the plaintiff's reasonable expenses, the court may direct
that part or all of the plaintiff's award of reasonable expenses be paid
by the limited partnership. As added by P.L.147-1988, SEC.1.
IC 23-16-11-1 Right of action
Sec. 1. A limited partner may bring an action in the right of a
limited partnership to recover a judgment in favor of the limited
partnership if:
(1) general partners with authority to bring such an action have
refused to bring the action; or
(2) an effort to cause those general partners to bring the action
is not likely to succeed. As added by P.L.147-1988, SEC.1.
IC 23-16-11-2 Proper plaintiff
Sec. 2. In a derivative action under this chapter, the plaintiff must
be a partner at the time of bringing the action, and:
(1) the plaintiff must have been a partner at the time of the
transaction of which the plaintiff complains in the action; or
(2) the status of the plaintiff as a partner must have devolved
upon the plaintiff, by operation of law or under the terms of the
partnership agreement, from a person who was a partner at the
time of the transaction. As added by P.L.147-1988, SEC.1.
IC 23-16-11-3 Pleading
Sec. 3. In a derivative action under this chapter, the complaint
must 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 to secure initiation of the action by a general
partner. As added by P.L.147-1988, SEC.1.
IC 23-16-11-4 Expenses
Sec. 4. (a) If a derivative action under this chapter is successful,
in whole or in part, or if anything is received by the plaintiff as a
result of a judgment, compromise, or settlement of an action or
claim, the court may award the plaintiff reasonable expenses,
including reasonable attorney's fees, and shall direct the plaintiff to
remit to the limited partnership the remainder of those proceeds
received by the plaintiff.
(b) If the plaintiff is awarded damages in an action under this
chapter, the court shall make the award of reasonable expenses
payable out of the plaintiff's total award and direct the plaintiff to
remit the balance of the total award to the limited partnership.
However, if the damages awarded to the plaintiff are insufficient to
reimburse the plaintiff's reasonable expenses, the court may direct
that part or all of the plaintiff's award of reasonable expenses be paid
by the limited partnership. As added by P.L.147-1988, SEC.1.
IC 23-16-11-1 Right of action
Sec. 1. A limited partner may bring an action in the right of a
limited partnership to recover a judgment in favor of the limited
partnership if:
(1) general partners with authority to bring such an action have
refused to bring the action; or
(2) an effort to cause those general partners to bring the action
is not likely to succeed. As added by P.L.147-1988, SEC.1.
IC 23-16-11-2 Proper plaintiff
Sec. 2. In a derivative action under this chapter, the plaintiff must
be a partner at the time of bringing the action, and:
(1) the plaintiff must have been a partner at the time of the
transaction of which the plaintiff complains in the action; or
(2) the status of the plaintiff as a partner must have devolved
upon the plaintiff, by operation of law or under the terms of the
partnership agreement, from a person who was a partner at the
time of the transaction. As added by P.L.147-1988, SEC.1.
IC 23-16-11-3 Pleading
Sec. 3. In a derivative action under this chapter, the complaint
must 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 to secure initiation of the action by a general
partner. As added by P.L.147-1988, SEC.1.
IC 23-16-11-4 Expenses
Sec. 4. (a) If a derivative action under this chapter is successful,
in whole or in part, or if anything is received by the plaintiff as a
result of a judgment, compromise, or settlement of an action or
claim, the court may award the plaintiff reasonable expenses,
including reasonable attorney's fees, and shall direct the plaintiff to
remit to the limited partnership the remainder of those proceeds
received by the plaintiff.
(b) If the plaintiff is awarded damages in an action under this
chapter, the court shall make the award of reasonable expenses
payable out of the plaintiff's total award and direct the plaintiff to
remit the balance of the total award to the limited partnership.
However, if the damages awarded to the plaintiff are insufficient to
reimburse the plaintiff's reasonable expenses, the court may direct
that part or all of the plaintiff's award of reasonable expenses be paid
by the limited partnership. As added by P.L.147-1988, SEC.1.
