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2016 SESSION

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HB 437 Security for appeal; clarifies difference between an appeal bond and a suspending bond, etc.

Introduced by: G. Manoli Loupassi | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Security for appeal. Clarifies the difference between an appeal bond (a bond or irrevocable letter of credit conditioned upon paying the costs or fees incurred in the appellate court) and a suspending bond (a bond or irrevocable letter of credit suspending the judgment appealed) and the method for seeking modification of such bonds in the trial court or commission that entered the judgment appealed and in the appellate courts. The bill provides that a party seeking to modify the amount or other requirements of such bonds in an appellate court may do so by motion in addition to the current method of requesting such modification in a brief filed with the appellate court. The bill also allows the parties to agree to waive the requirement of a suspending bond or to agree to a suspending bond in an amount less than the compensatory damages awarded in the judgment. The bill further requires that the amount of the suspending bond include an amount equivalent to one year's interest calculated from the date of the notice of appeal using the statutory judgment rate of interest. The bill lastly provides that the effect of failing to perfect an appeal bond is governed by the Rules of Supreme Court of Virginia. This bill is a recommendation of the Boyd-Graves Conference.


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