|SB 0242||Limits the amount of a supersedeas bond in tobacco products litigation|
|LR Number:||0983L.05T||Fiscal Note:||0983-05|
|Committee:||Judiciary and Civil & Criminal Jurisprudence|
|Last Action:||07/09/03 - Signed by Governor||Journal page:|
|Title:||HCS SS SB 242|
|Effective Date:||August 28, 2003|
HCS/SS/SB 242 - This act provides that in order to secure and protect monies to be received as part of the settlement agreement with tobacco companies, the total appeal bond required of all appellants collectively shall not exceed $50 million in any civil litigation involving a claim relating to tobacco products. A court, if good cause is shown, may set the bond on appeal in an amount lower than that established by law.
If the party bringing the appeal is shown to be purposefully dissipating or diverting assets outside the ordinary course of business for purposes of avoiding ultimate payment of the judgment, then the $50 million limit may be rescinded and the court may enter orders to prevent such dissipation or diversion of the assets.
An appellant whose bond has been reduced pursuant to this act must provide the court and the appellee the most recent statement of assets and liabilities of the appellant that have been filed with certain regulatory agencies, quarterly updates on the appellant's statement of assets and liabilities. The appellant must also agree that it will not dissipate or divert assets outside the ordinary course of its business for the purpose of avoiding ultimate payment of the judgment.
This act shall apply to all cases pending on or after the
effective date of this act.