50-1301. Title of act. K.S.A. 2021 Supp. 50-1301 through 50-1307, and amendments thereto, shall be known and may be cited as the successor corporation asbestos-related liability fairness act. History: L. 2014, ch. 45, § 1; July 1.
50-1302. Definitions. As used in the successor corporation asbestos-related liability fairness act: (a) “Asbestos claim” means the same as in K.S.A. 60-4901, and amendments thereto. “Asbestos claim” also means any claim for damage or loss caused by the installation, presence or removal of asbestos. (b) “Corporation” means a corporation for profit, including a domestic corporation […]
50-1303. Application to successor corporations; exceptions. (a) The limitations in K.S.A. 2021 Supp. 50-1304, and amendments thereto, shall apply to any successor corporation. The limitations of K.S.A. 2021 Supp. 50-1304, and amendments thereto, shall not apply to: (1) Workers’ compensation benefits paid by or on behalf of an employer to an employee under the provisions […]
50-1304. Limitation on liability. (a) Except as further limited in subsection (b), the cumulative successor asbestos-related liabilities of a successor corporation are limited to the fair market value of the total gross assets of the transferor determined as of the time of the merger or consolidation. The successor corporation shall not have responsibility for successor […]
50-1305. Methods of establishing fair market value. (a) A successor corporation may establish the fair market value of total gross assets for the purpose of the limitations under K.S.A. 2021 Supp. 50-1304, and amendments thereto, through any method reasonable under the circumstances, including, but not limited to: (1) By reference to the going concern value […]
50-1306. Adjustment of the fair market value of total gross assets. (a) Except as provided in subsections (b), (c) and (d), the fair market value of total gross assets at the time of the merger or consolidation shall increase annually at a rate equal to the sum of: (1) The prime rate as listed in […]
50-1307. Application of act. (a) The courts of this state shall construe the provisions of the successor corporation asbestos-related liability fairness act liberally with regard to successors. (b) The successor corporation asbestos-related liability fairness act shall apply to all asbestos claims filed against a successor on or after July 1, 2014. The successor corporation asbestos-related […]
