West Virginia Code 47-9-57 – Proper plaintiff in derivative action
Current as of: 2023 | Check for updates
|
Other versions
In a derivative action, the plaintiff must be a partner at the time of bringing the action and (1) at the time of the transaction of which he complains or (2) his status as a partner had devolved upon him by operation of law or pursuant to the terms of the partnership agreement from a person who was a partner at the time of the transaction.
Terms Used In West Virginia Code 47-9-57
- Partner: means a limited or general partner. See West Virginia Code 47-9-1
- 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.
- Person: means a natural person, partnership, limited partnership (domestic or foreign), limited liability company, professional limited liability company, trust, estate, association, corporation, or any other legal or commercial entity. See West Virginia Code 47-9-1
- Plaintiff: The person who files the complaint in a civil lawsuit.