Illinois Senate Bill Seeks Swift Payment for Settling Plaintiffs

On February 15, 2013, State Senator Kwame Raoul from Chicago introduced a bill requiring defendants to tender releases to plaintiffs within 14 days of an agreement to settle the case. Payment is then due within 21 days of tender of the fully executed release. Failure to pay on this schedule would result in the accrual of statutory interest from the date of the release. The bill also imposes a duty on plaintiffs to obtain timely court approval of any settlement that is so required under the law, i.e. settlements on behalf of minors or decedent’s estates. Personal injury plaintiffs would benefit most from this legislation, as it would expedite the settlement process and give attorneys a clear schedule to follow when bringing a case to resolution. Go to www.ilga.gov/legislation to view a full copy of SB1912 seeking to amend Illinois Code of Civil Procedure Section 5/2-2301.

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