SB 1057 Limits a successor of asbestos-related liabilities of a domestic business corporation
Sponsor:Cauthorn
LR Number:4356S.01I Fiscal Note:4356-01
Committee:Civil and Criminal Jurisprudence
Last Action:02/13/02 - Hearing Conducted S Civil & Criminal Jurisprudence Journal page:
Committee
Title:
Effective Date:August 28, 2002
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Current Bill Summary

SB 1057 - This act limits a successor of asbestos-related liabilities of a domestic business corporation to the fair market value of the total assets of the transferor at the time of merger or consolidation. A corporation shall have no liabilities beyond this limit. This limit applies to all existing claims and litigation but does not apply to worker's compensation benefits, any other claims (besides asbestos), insurance corporations, and labor relations issues.
SARAH MORROW