Illinois Senate Bill 1705 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Code of Civil Procedure. Provides that a court may stay the execution on a money judgment, if the judgment debtor furnishes the judgment creditor with the required amount of security. Provides that the required amount of security is the lesser of: the sum of the judgment, interest pending appeal, and costs; 25% of the judgment debtor's net worth; or $25 million. Provides that a court may lower the required amount of security if a judgment debtor shows that the debtor is likely to sustain substantial economic harm if required to post the required security. Provides that a court may increase the required amount of security if a judgment creditor shows that a judgment debtor who obtained a stay is dissipating assets or diverting assets outside of the United States in other than the ordinary course of business. Provides that an appellate court may review the required amount of security, but may not increase it above the statutory limit. Provides that the new provisions apply to any action in which a money judgment is entered after the effective date. Effective immediately.

CIV PRO-STAY MONEY JUDGMENT

Sen. Matt Murphy [R]

Date	Chamber	Action
2013-01-08	Senate	Session Sine Die
2011-03-18	Senate	Rule 3-9(a) / Re-referred to Assignments
2011-03-10	Senate	To Judiciary Subcommittee on Civil Process and Procedure
2011-03-01	Senate	Postponed - Judiciary
2011-02-23	Senate	Assigned to Judiciary
2011-02-09	Senate	Referred to Assignments
2011-02-09	Senate	First Reading
2011-02-09	Senate	Filed with Secretary by Sen. Matt Murphy

Chapter	Article	Section	Citation Type	Statute Text
735	5	2-1306	New Code	See Bill Text
735	5	2-1307	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1705&GAID=11&DocTypeID=SB&SessionID=84&GA=97
Text	https://www.ilga.gov/legislation/97/SB/09700SB1705.htm