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SB 3264 Illinois Senate · 98th Regular Session

CORP DISSOLUTION LIABILITY INS

Summary
Amends the Business Corporation Act of 1983. Provides that upon a corporate dissolution any policy of liability insurance covering acts and omissions of the dissolved corporation committed during the corporation's existence shall be held in trust for the benefit of any injured party. Provides that any policy shall be held in trust for as long as there is unexhausted coverage applicable to acts or omissions of the corporation. Modifies the time within which an action may be brought when unexhausted liability coverage is in effect. Effective immediately.
Bill status failed 3 of 5 stages cleared
Introduction
Apr 2014
Committee Review
Apr 2014
Senate Passage
Apr 2014
House Passage
Governor
Introduced Apr 9, 2014 Last action Jan 13, 2015
Floor votes · Senate Apr 8, 2014

How they voted

40–12
Passed · 6 other
Total votes 58
Apr 8, 2014
D Democratic39
35 Yea 4
89% Yea
R Republican19
5 Yea 12 Nay 2
63% Nay
Vote distribution
All Yea All Nay Mixed No data
Full legislative history

Actions timeline

Total actions
20
Key actions
4
Committee
6
Amendments
2
Apr 9, 2014
Committee
Referred to Rules Committee
lower
Apr 9, 2014
Introduced
Arrived in House
lower
Apr 8, 2014
Senate · Passed
Senate Vote: pass (40-12-6)
senate
Mar 27, 2014
Upper · Passed
Do Pass as Amended Insurance; 008-004-000
upper
Mar 26, 2014
Upper · Passed
Senate Committee Amendment No. 1 Adopted
upper
Mar 25, 2014
Upper · Passed
Senate Committee Amendment No. 1 Assignments Refers to Insurance
upper
Mar 21, 2014
Committee
Senate Committee Amendment No. 1 Referred to Assignments
upper
Mar 21, 2014
Introduced
Senate Committee Amendment No. 1 Filed with Secretary by Sen. William R. Haine
upper
Feb 25, 2014
Committee
Assigned to Insurance
upper
Feb 14, 2014
Committee
Referred to Assignments
upper
0 primary · 1 co-sponsor

Sponsors

No sponsor information available.