SB 1083 Summary

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

• Exempts claims based on an officer's, director's, or shareholder's own conduct, acts, or contractual obligations directly arising from their involvement in the same or related transaction or occurrence.

• Prohibits claims against officers, directors, or shareholders asserting corporate liability from being tried in the same phase as corporate liability issues, unless claims are based on the individual's own conduct or acts.

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

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