Section 512.099

Title XXXV CIVIL PROCEDURE AND LIMITATIONS

Chapter 512

Effective - 28 Aug 2005   

  512.099.  Bond or surety required during pendency of appeal, set how. — 1.  In all cases in which there is a count alleging a tort, the amount of the required undertaking or bond or equivalent surety to be furnished during the pendency of an appeal or any discretionary appellate review of any judgment granting legal, equitable, or any other form of relief in order to stay the execution thereon during the entire course of appellate review shall be set in accordance with applicable laws or court rules; except, that the total appeal bond or equivalent surety that is required of all appellants collectively shall not exceed fifty million dollars, regardless of the value of the judgment.  Nothing in this section or any other provision of law shall be construed to eliminate the discretion of the court, for good cause shown, to set the undertaking or bond on appeal in an amount lower than that otherwise established by law.

  2.  If the respondent proves by a preponderance of the evidence that a party bringing an appeal or seeking a stay, for whom the undertaking has been limited, is purposefully dissipating or diverting assets outside of the ordinary course of its business for the purpose of avoiding ultimate payment of the judgment, the limitation granted under subsection 1 of this section may be rescinded and the court may enter such orders as are necessary to prevent dissipation or diversion of the assets.  An appellant whose bond has been reduced under subsection 1 of this section shall:

  (1)  Provide to the court and respondent the most recent statement of assets and liabilities of the appellant that is filed with any federal, state, or foreign regulatory agency;

  (2)  Provide to the court and respondent on a quarterly basis any subsequent updated statement of assets and liabilities that is filed with any federal, state, or foreign regulatory agency; and

  (3)  Agree in writing or in court on the record that it will not dissipate or divert assets outside the ordinary course of its business for the purpose of avoiding ultimate payment of the judgment.

  3.  The provisions of this section shall apply to all judgments entered on or after August 28, 2005.

­­--------

(L. 2005 H.B. 393)

CROSS REFERENCE:

Applicability of statute changes to cases filed after August 28, 2005, 538.305