| 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 | |||
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