2014 -- S 2008

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LC003209

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2014

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A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- RHODE ISLAND COMMERCE

CORPORATION

     Introduced By: Senators McCaffrey, Sheehan, DaPonte, Ruggerio, and Bates

     Date Introduced: January 08, 2014

     Referred To: Senate Judiciary

     It is enacted by the General Assembly as follows:

     SECTION 1. Chapter 42-64 of the General Laws entitled "Rhode Island Commerce

Corporation" is hereby amended by adding thereto the following section:

     42-64-40. Court-approved settlements. – (a) Notwithstanding any provisions of law to

the contrary, a person, corporation, or other entity who has resolved its liability to the Rhode

Island commerce corporation in a judicially approved good faith settlement is not liable for

claims for contribution or equitable indemnity regarding matters addressed in the settlement. The

settlement does not discharge any other joint tortfeasors unless its terms provide, but it reduces

the potential liability of the joint tortfeasors by the amount of the settlement.

     (b) The provisions of this section apply solely and exclusively to settlements of claims

asserted or previously asserted by the Rhode Island economic development corporation or the

Rhode Island commerce corporation or hereafter asserted by the Rhode Island commerce

corporation arising out of or relating to the issuance by the Rhode Island economic development

corporation of seventy-five million dollars ($75,000,000) in revenue bonds denominated "THE

RHODE ISLAND ECONOMIC DEVELOPMENT CORPORATION JOB CREATION

GUARANTY PROGRAM TAXABLE REVENUE BOND (38 STUDIOS, LLC PROJECT)

SERIES 2010" and shall not be construed to amend or repeal the provisions of chapter 6 of title

10 relating to contributions among joint tortfeasors, other than as specifically provided in this

section.

     (c) For purposes of this section, a good faith settlement is one that does not exhibit

collusion, fraud, dishonesty, or other wrongful or tortious conduct intended to prejudice the non-

settling tortfeasor(s), irrespective of the settling or non-settling tortfeasors' proportionate share of

liability.

     SECTION 2. This act shall take effect upon passage and shall apply to all claims pending

at the time of passage or asserted thereafter; provided, however, that this act shall not apply to,

affect or impair releases executed before the date of passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- RHODE ISLAND COMMERCE

CORPORATION

***

     This act would provide that a person or entity who resolved its liability to the Rhode

Island commerce corporation as it relates to the issuance by the Rhode Island economic

development corporation of seventy-five million dollars ($75,000,000) in revenue bonds

denominated "THE RHODE ISLAND ECONOMIC DEVELOPMENT CORPORATION JOB

CREATION GUARANTY PROGRAM TAXABLE REVENUE BOND (38 STUDIOS, LLC

PROJECT) SERIES 2010" in a judicially approved good faith settlement would not be liable for

claims for contribution or equitable indemnity to other potential joint tortfeasors, in regard to

matters addressed in such good faith settlement.

     This act would take effect upon passage and would apply to all claims pending at the time

of passage or asserted thereafter; provided, however, that this act would not apply to, affect or

impair releases executed before the date of passage.

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