OK HB2501

Amends Section 1124 of 18 O.S. 2011 to expand liability protections for officers, directors, and shareholders of corporations to include all tort or contract-based claims, expressly covering alter ego and corporate veil theories.

Extends the same substantive and procedural protections to members and managers of limited liability companies as are provided to officers, directors, and shareholders of corporations.

Prohibits suits against officers, directors, managers, or members for debts or liabilities until judgment is obtained against the corporation or limited liability company and execution is returned unsatisfied.

Requires claims against individuals for limited liability company liabilities to be tried separately from the company liability proceedings, before different juries, with no discovery allowed until after judgment and unsatisfied execution.

Effective date: November 1, 2012.