This bill establishes a new legal framework for addressing damages resulting from the release of carbon dioxide from liquefied carbon dioxide pipelines or facilities. It defines "owner" as any individual or entity that owns or operates such pipelines or facilities, and "victim" as any person residing, traveling through, or owning property within a 25-mile radius of a release site. Victims are granted the right to file a claim for damages within one year of the incident, and the bill imposes strict liability on owners for all compensatory and punitive damages. Additionally, any judgment lien resulting from these actions will take precedence over other security interests or liens.

Furthermore, the bill stipulates that if an owner enters bankruptcy or receivership, the responsible trustee or court must hold the owner's assets in trust for potential judgment lienholders for one year following the owner's last day of operation or production related to the carbon dioxide pipeline or facility. The bill is deemed of immediate importance and takes effect upon enactment.