Illinois General Assembly - Full Text of SB1402
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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:
 
3on page 1, line 6, after "112B-5,", by inserting "112B-5.5,";
4and
 
5on page 2, by inserting immediately below line 11 the
6following:
7    ""Lien" means a charge against or an interest in property
8to secure payment of a debt or performance of an obligation,
9and includes a security interest created by agreement, a
10judicial lien obtained by legal or equitable process or
11proceedings, a common-law lien, or a statutory lien."; and
 
12on page 2, by inserting immediately below line 25 the
13following:
14    ""Transfer" means every mode, direct or indirect, absolute
15or conditional, voluntary or involuntary, of disposing of or

 

 

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1parting with an asset or an interest in an asset, and includes
2payment of money, release, lease, and creation of a lien or
3other encumbrance."; and
 
4on 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
8transfer or obligation of an asset knowingly made to dissipate
9the 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
4obligation under this Section, a good-faith transferee or
5obligee is entitled, to the extent of the value given the
6defendant 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
 
10on page 8, line 17, after "order", by inserting "or asset
11dissipation relief order".