Chapter
288
2008 -- H 7882 AS AMENDED
Enacted 07/04/08
A N A C T
RELATING TO STATE
AFFAIRS AND GOVERNMENT -- SUPERSEDEAS BONDS
Introduced By: Representative Peter F. Kilmartin
Date Introduced: February
26, 2008
It is enacted
by the General Assembly as follows:
SECTION
1. Chapter 42-133 of the General Laws entitled "Tobacco Settlement
Financing
Corporation Act" is hereby amended by adding thereto the following
section:
42-133-11.1.
Stay of execution upon appeal. – (a) In order to secure and protect
the
monies
to be received as a result of the Master Settlement Agreement, as defined in
section 42-
133-3
of this chapter, in civil litigation under any legal theory involving a
signatory, a successor
of a
signatory, or an affiliate of a signatory to the Master Settlement Agreement,
the supersedeas
bond
to be furnished in order to stay the execution of the judgment during the
entire course of
appellate
review shall be set in accordance with applicable laws or court rules, except
that the
total
supersedeas bond in any one case that is required of all appellants
collectively shall not
exceed
fifty million dollars ($50,000,000) regardless of the value of the judgment.
The limitation
on
the amount of the bond set out in this section does not apply to awards
resulting from actions
enforcing
payments under the Master Settlement Agreement, as defined in section 42-133-3
of
this
chapter.
(b)
Notwithstanding subsection (a), if an appellee proves by a preponderance of the
evidence
that an appellant is dissipating assets outside the ordinary course of business
to avoid
payment
of a judgment, a court may require the appellant to post a supersedeas bond in
an
amount
up to the total amount of the judgment.
SECTION
2. This act shall take effect upon passage and shall apply to any action
pending
on or filed on or after the date of passage.
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LC01564/2
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