Kentucky Statutes 272A.13-050 – Proceeds and expenses
Current as of: 2024 | Check for updates
|
Other versions
(1) Except as otherwise provided in subsection (2) of this section:
(a) Any proceeds or other benefits of a derivative action to enforce a right of a limited cooperative association, whether by judgment, compromise, or settlement, belong to the association and not to the plaintiff; and
(b) If the plaintiff in the derivative action receives any proceeds, the plaintiff shall immediately remit them to the association.
(2) On termination of the proceeding, the court may:
(a) Require the plaintiff to pay any defendant‘s reasonable expenses, including counsel fees, incurred in defending the proceeding to the extent it finds that the proceeding or any portion thereof was commenced without reasonable cause or for an improper purpose; and
(b) Require the association to pay the plaintiff’s reasonable expenses, including counsel fees, incurred in the proceeding if it finds that the proceeding has resulted in a substantial benefit to the association.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 103, effective July 12, 2012.
(a) Any proceeds or other benefits of a derivative action to enforce a right of a limited cooperative association, whether by judgment, compromise, or settlement, belong to the association and not to the plaintiff; and
Terms Used In Kentucky Statutes 272A.13-050
- Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
- Cooperative: means a limited cooperative association or an entity organized under any cooperative law of any jurisdiction. See Kentucky Statutes 272A.1-020
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Plaintiff: The person who files the complaint in a civil lawsuit.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(b) If the plaintiff in the derivative action receives any proceeds, the plaintiff shall immediately remit them to the association.
(2) On termination of the proceeding, the court may:
(a) Require the plaintiff to pay any defendant‘s reasonable expenses, including counsel fees, incurred in defending the proceeding to the extent it finds that the proceeding or any portion thereof was commenced without reasonable cause or for an improper purpose; and
(b) Require the association to pay the plaintiff’s reasonable expenses, including counsel fees, incurred in the proceeding if it finds that the proceeding has resulted in a substantial benefit to the association.
Effective: July 12, 2012
History: Created 2012 Ky. Acts ch. 160, sec. 103, effective July 12, 2012.