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AL SB35
Bill
AI Summary
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Class action settlements or judgments in Alabama that create a common fund must establish a specific plan for distributing any residual unclaimed funds.
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Residual funds remaining undistributed after a class action concludes shall be distributed to the Alabama Department of Child Abuse and Neglect Prevention's Children's Trust Fund (established under Section 26-16-30, Code of Alabama 1975).
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Residual funds qualify for distribution when class members cannot be located, direct distribution is not economically feasible, funds remain after class members receive full opportunity to claim, or funds remain undistributed for any other reason.
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The distribution plan must specify when residual funds are considered unclaimed and the timing of distribution to the Department of Child Abuse and Neglect Prevention.
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The act becomes effective immediately upon passage and approval by the Governor.
Legislative Description
Class action lawsuits filed in Alabama, plan for undistributed funds to be distributed to Child Abuse and Neglect Prevention Department if class members cannot be located, or if distribution to class is not economically feasible, or if class members do not make a claim to the class funds
Civil Procedure
Last Action
Pending third reading on day 16 Favorable from Judiciary with 1 substitute
6/1/2011