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1 | AMENDMENT TO SENATE BILL 1888
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2 | AMENDMENT NO. ______. Amend Senate Bill 1888, AS AMENDED, | ||||||
3 | by replacing everything after the enacting clause with the | ||||||
4 | following:
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5 | "Section 5. The Code of Civil Procedure is amended by | ||||||
6 | adding Section 2-1306 as follows: | ||||||
7 | (735 ILCS 5/2-1306 new) | ||||||
8 | Sec. 2-1306. Supersedeas bonds. | ||||||
9 | (a) In civil litigation under any legal theory, execution | ||||||
10 | of the judgment shall be stayed during the entire course of | ||||||
11 | appellate review upon the posting of a supersedeas bond or | ||||||
12 | other form of security in accordance with applicable laws or | ||||||
13 | court rules, except that the total amount of the supersedeas | ||||||
14 | bond or other form of security that is required of all | ||||||
15 | appellants collectively shall not exceed $350,000,000, | ||||||
16 | regardless of the amount of the judgment, provided that this |
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1 | limitation shall apply only if appellants file at least 35% of | ||||||
2 | the total amount in the form of cash, a letter of credit, a | ||||||
3 | certificate of deposit, or other cash equivalent with the | ||||||
4 | court. The cash or cash equivalent shall be deposited by the | ||||||
5 | clerk of the court in the account of the court, and any | ||||||
6 | interest earned shall be utilized as provided by law. | ||||||
7 | (b) Notwithstanding subsection (a) of this Section, if an | ||||||
8 | appellee proves by a preponderance of the evidence that an | ||||||
9 | appellant is dissipating assets outside the ordinary course of | ||||||
10 | business to avoid payment of a judgment, a court may require | ||||||
11 | the appellant to post a supersedeas bond in an amount up to the | ||||||
12 | total amount of the judgment. | ||||||
13 | (c) This Section applies to pending actions as well as | ||||||
14 | actions commenced on or after its effective date.
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15 | Section 99. Effective date. This Act takes effect upon | ||||||
16 | becoming law.".
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