Full Text of SB1402 100th General Assembly
SB1402sam001 100TH GENERAL ASSEMBLY | Sen. James F. Clayborne, Jr. Filed: 3/15/2017
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| 1 | | AMENDMENT TO SENATE BILL 1402
| 2 | | AMENDMENT NO. ______. Amend Senate Bill 1402 as follows:
| 3 | | on page 1, line 6, after "112B-5,", by inserting "112B-5.5,"; | 4 | | and | 5 | | on page 2, by inserting immediately below line 11 the | 6 | | following: | 7 | | " "Lien" means a charge against or an interest in property | 8 | | to secure payment of a debt or performance of an obligation, | 9 | | and includes a security interest created by agreement, a | 10 | | judicial lien obtained by legal or equitable process or | 11 | | proceedings, a common-law lien, or a statutory lien. "; and | 12 | | on page 2, by inserting immediately below line 25 the | 13 | | following: | 14 | | " "Transfer" means every mode, direct or indirect, absolute | 15 | | or conditional, voluntary or involuntary, of disposing of or |
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| 1 | | parting with an asset or an interest in an asset, and includes | 2 | | payment of money, release, lease, and creation of a lien or | 3 | | other encumbrance. "; and | 4 | | on page 8, by inserting immediately below line 7 the following: | 5 | | "(725 ILCS 5/112B-5.5 new) | 6 | | Sec. 112B-5.5. Asset dissipation relief. | 7 | | (a) The State may seek asset dissipation relief against a | 8 | | transfer or obligation of an asset knowingly made to dissipate | 9 | | the asset and may obtain: | 10 | | (1) avoidance of the transfer or obligation to the | 11 | | extent necessary to satisfy an existing or future judgment | 12 | | for a fine, restitution, assessment, or court costs; | 13 | | (2) an attachment or other provisional remedy against | 14 | | the asset transferred or other property of the transferee | 15 | | in accordance with the procedure prescribed by the Code of | 16 | | Civil Procedure; or | 17 | | (3) subject to applicable principles of equity and in | 18 | | accordance with applicable rules of civil procedure: | 19 | | (A) an injunction against further disposition by | 20 | | the defendant or a transferee, or both, of the asset | 21 | | transferred or of other property; | 22 | | (B) appointment of a receiver to take charge of the | 23 | | asset transferred or of other property of the | 24 | | transferee; or |
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| 1 | | (C) any other relief the circumstances may | 2 | | require. | 3 | | (b) Notwithstanding voidability of a transfer or an | 4 | | obligation under this Section, a good-faith transferee or | 5 | | obligee is entitled, to the extent of the value given the | 6 | | defendant for the transfer or obligation, to: | 7 | | (1) a lien on or a right to retain any interest in the | 8 | | asset transferred; or | 9 | | (2) enforcement of any obligation incurred. "; and | 10 | | on page 8, line 17, after " order ", by inserting " or asset | 11 | | dissipation relief order ".
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