Chapter 412
2008 -- S 2509
Enacted 07/08/08
A N A C T
RELATING
TO STATE AFFAIRS AND GOVERNMENT - SUPERSEDEAS BONDS
Introduced
By: Senator Daniel P. Connors
Date
Introduced: February 13, 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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LC01846
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