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2004 SESSION

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SB 172 Appeal bonds; ceiling.

Introduced by: Kenneth W. Stolle | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Appeal bonds. Eliminates the current $25 million ceiling on an appeal bond securing noncompensatory damages and establishes in its place a $25 million ceiling on an appeal bond securing all damages awarded the appellee. Provides that where the appellee shows dissipation of assets by the appellant, the court may require the appellant and its affiliates to post a bond or irrevocable letter of credit in an amount up to the full amount of judgment. The bill contains a clause specifying that its provisions are procedural and not substantive in nature. This bill is identical to HB 430.

SUMMARY AS PASSED SENATE:

Appeal bonds. Eliminates the current $25 million ceiling on an appeal bond securing non-compensatory damages and establishes in its place a $25 million ceiling on an appeal bond securing all damages awarded the appellee. Provides that where the appellee shows dissipation of assets by the appellant or shows that the appellant has insufficient assets to pay the judgment that are subject to the jurisdiction of the United States courts and has substantial assets that are not subject to such jurisdiction; the court may require the appellant to post a bond or irrevocable letter of credit in an amount up to the full amount of judgment.

SUMMARY AS INTRODUCED:

Appeal bonds. Eliminates the current $25 million ceiling on an appeal bond securing non-compensatory damages and establishes in its place a $25 million ceiling on an appeal bond securing all damages awarded the appellee. Provides that where the appellee shows dissipation of assets by the appellant, the court may require the appellant to post a bond or irrevocable letter of credit in an amount up to the full amount of judgment.