SB1402sam001 100TH GENERAL ASSEMBLY

Sen. James F. Clayborne, Jr.

Filed: 3/15/2017

10000SB1402sam001 LRB100 08099 MRW 23504 a

AMENDMENT TO SENATE BILL 1402

AMENDMENT NO. ______. Amend Senate Bill 1402 as follows:

on page 1, line 6, after "112B-5,", by inserting "112B-5.5,"; and

on page 2, by inserting immediately below line 11 the following:

""Lien" means a charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common-law lien, or a statutory lien."; and

on page 2, by inserting immediately below line 25 the following:

""Transfer" means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease, and creation of a lien or other encumbrance."; and

on page 8, by inserting immediately below line 7 the following:

"(725 ILCS 5/112B-5.5 new)

Sec. 112B-5.5. Asset dissipation relief.

(a) The State may seek asset dissipation relief against a transfer or obligation of an asset knowingly made to dissipate the asset and may obtain:

(1) avoidance of the transfer or obligation to the extent necessary to satisfy an existing or future judgment for a fine, restitution, assessment, or court costs;

(2) an attachment or other provisional remedy against the asset transferred or other property of the transferee in accordance with the procedure prescribed by the Code of Civil Procedure; or

(3) subject to applicable principles of equity and in accordance with applicable rules of civil procedure:

(A) an injunction against further disposition by the defendant or a transferee, or both, of the asset transferred or of other property;

(B) appointment of a receiver to take charge of the asset transferred or of other property of the transferee; or

(C) any other relief the circumstances may require.

(b) Notwithstanding voidability of a transfer or an obligation under this Section, a good-faith transferee or obligee is entitled, to the extent of the value given the defendant for the transfer or obligation, to:

(1) a lien on or a right to retain any interest in the asset transferred; or

(2) enforcement of any obligation incurred."; and

on page 8, line 17, after "order", by inserting "or asset dissipation relief order".