RS 98.6 - Security to be furnished for appeal and other purposes; Master Settlement Agreement
In order to secure and protect the monies to be received as a result of the Master Settlement Agreement, in civil litigation under any legal theory involving a signatory, or successor of a signatory, or an affiliate of a signatory, to the Master Settlement Agreement created on November 23, 1998, as set forth in R.S. 39:98.1, except for litigation related to the Master Settlement Agreement, or any litigation where the state is a party, the security to be furnished for any purpose, including for an appeal of any judgment in civil litigation that is required to stay the execution thereon during the course of all appeals, shall be determined in accordance with the Code of Civil Procedure, except that the total amount of security required of all defendants collectively shall not exceed fifty million dollars. However, if it is proved by a preponderance of the evidence that the appellant for whom the bond has been limited pursuant to this Section is intentionally dissipating or diverting assets outside of the ordinary course of its business for the purpose of avoiding payment of the judgment, the court shall enter such orders as are necessary to prevent dissipation or diversion of assets including but not limited to requiring that bond be posted equal to the full amount of security required pursuant to Code of Civil Procedure Article 2124.
Acts 2001, No. 669, §1, eff. June 25, 2001; Acts 2003, No. 1136, §1, eff. July 2, 2003.