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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