NJLRA



NJLRA SUPPORTS S-3030,
The Economic Opportunity Act II of 2013


The Economic Opportunity Act II of 2013 
would enhance the "New Jersey Economic Opportunity Act of 2013," P.L.2013, c.161 (C:52:27D-489p, et al.).

Section 3 of this bill extends that $50 million limit on the total amount of an appeal bond to all appellants in a civil action, but allows a court to reduce or increase the amount of an appeal bond under certain circumstances. 


Under current law and the Rules of Court, a losing party may appeal a judgment, and receive a temporary stay of the obligation to pay to the prevailing party, if the losing party posts an appeal bond, also known as a supersedeas bond.       Generally, New Jersey law requires a defendant to post an appeal bond at least equal to the full amount of the judgment.  However, in 2003 the Legislature approved a $50 million cap on appeal bonds for tobacco companies that participated in the Master Settlement Agreement. 

Under the bill, a court would have discretion, after notice and hearing and for good cause shown, to reduce the appeal bond to an amount lower than the judgment.  The bill also provides that if an appellee proves by a preponderance of the evidence that an appellant is concealing its assets, or is dissipating or diverting assets outside the ordinary course of business to avoid payment of a judgment, a court may enter orders that are necessary to protect the appellee; and require the appellant to post an appeal bond in an amount up to the total amount of the judgment.
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When:
TOMORROW, Thursday, November 14th,
10:30 a.m.

Location:
Statehouse Annex, Committee Room 1