Montana Code 35-12-1401. Derivative action
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35-12-1401. Derivative action. A partner may maintain a derivative action to enforce a right of a limited partnership if:
Terms Used In Montana Code 35-12-1401
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(1)the partner first makes a demand on the general partners requesting that they cause the limited partnership to bring an action to enforce the right and the general partners do not bring the action within a reasonable time; or
(2)a demand would be futile.