Home Table of Contents

§ 2053. Derivative action--Expenses--Disposition of proceeds

Oklahoma Statutes AnnotatedTitle 18. Corporations

Oklahoma Statutes Annotated
Title 18. Corporations (Refs & Annos)
Chapter 32. Oklahoma Limited Liability Company Act (Refs & Annos)
18 Okl.St.Ann. § 2053
§ 2053. Derivative action--Expenses--Disposition of proceeds
A. If a derivative action 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 attorneys' fees, and shall direct him to remit to the limited liability company the remainder of those proceeds received by him.
B. In any action hereafter instituted in the right of any domestic or foreign limited liability company by a member or members thereof, the court having jurisdiction, upon final judgment and a finding that the action was brought without reasonable cause, may require the plaintiff or plaintiffs to pay to the parties named as defendants the reasonable expenses, including attorneys' fees, incurred by them in the defense of such action.


Laws 1992, c. 148, § 54, eff. Sept. 1, 1992.
18 Okl. St. Ann. § 2053, OK ST T. 18 § 2053
Current with legislation of the First Regular Session of the 59th Legislature (2023) and the First Extraordinary Session of the 59th Legislature (2023). Some sections may be more current, see credits for details.
End of Document