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Full Text of SB1355  97th General Assembly

SB1355ham003 97TH GENERAL ASSEMBLY

Rep. Tom Cross

Filed: 5/25/2012

 

 


 

 


 
09700SB1355ham003LRB097 07919 AJO 70153 a

1
AMENDMENT TO SENATE BILL 1355

2    AMENDMENT NO. ______. Amend Senate Bill 1355 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Code of Civil Procedure is amended by
5adding Section 2-1306 as follows:
 
6    (735 ILCS 5/2-1306 new)
7    Sec. 2-1306. Supersedeas bonds.
8    (a) In civil litigation under any legal theory involving a
9signatory, a successor to a signatory, or a parent or an
10affiliate of a signatory to the Master Settlement Agreement
11described in Section 6z-43 of the State Finance Act, execution
12of the judgment shall be stayed during the entire course of
13appellate review upon the posting of a supersedeas bond or
14other form of security in accordance with applicable laws or
15court rules, except that the total amount of the supersedeas
16bond or other form of security that is required of all

 

 

09700SB1355ham003- 2 -LRB097 07919 AJO 70153 a

1appellants collectively shall not exceed $250,000,000,
2regardless of the amount of the judgment, provided that this
3limitation shall apply only if appellants file at least 30% of
4the total amount in the form of cash, a letter of credit, a
5certificate of deposit, or other cash equivalent with the
6court. The cash or cash equivalent shall be deposited by the
7clerk of the court in the account of the court, and any
8interest earned shall be utilized as provided by law.
9    (b) Notwithstanding subsection (a) of this Section, if an
10appellee proves by a preponderance of the evidence that an
11appellant is dissipating assets outside the ordinary course of
12business to avoid payment of a judgment, a court may require
13the appellant to post a supersedeas bond in an amount up to the
14total amount of the judgment.
15    (c) This Section applies to pending actions as well as
16actions commenced on or after its effective date, and to
17judgments entered or reinstated on or after its effective date.
 
18    Section 99. Effective date. This Act takes effect upon
19becoming law.".