SB 1083 Summary

• Amends 12 O.S. 2011, Section 682 to prohibit suits against corporate officers, directors, or shareholders for corporate debt or liability until judgment is obtained against the corporation and execution is returned unsatisfied.

• Preserves the right to sue officers, directors, or shareholders directly for their own conduct, acts, or contractual obligations arising from their direct involvement in the same or related transaction.

• Prohibits claims against officers, directors, or shareholders for corporate liabilities from being tried in the same phase as corporate liability issues, unless the claim is based on the individual's own conduct in a related transaction.

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

• Specifies that the statute of limitations on claims precluded by this section does not accrue until judgment is obtained against the corporation and execution is returned unsatisfied; effective November 1, 2013.