774.001 – Legislative findings and intent.
774.001 Legislative findings and intent.—The Legislature finds that the number of asbestos-related claims has increased significantly in recent years and threatens the continued viability of a number of uniquely situated companies that have not ever manufactured, sold, or distributed asbestos or asbestos products and are liable only as successor corporations. This liability has created an overpowering […]
774.002 – Definitions.
774.002 Definitions.— (1) “Asbestos claim” means any claim, wherever or whenever made, for damages, losses, indemnification, contribution, or other relief arising out of, based on, or in any way related to asbestos, including: (a) The health effects of exposure to asbestos, including any claim for: 1. Personal injury or death; 2. Mental or emotional injury; 3. Risk of disease or other […]
774.003 – Applicability.
774.003 Applicability.— (1) The limitations in s. 774.004 apply to a corporation that is a successor and became a successor before January 1, 1972, or is any of that successor corporation’s successors. (2) The limitations in s. 774.004 do not apply to: (a) Workers’ compensation benefits paid by or on behalf of an employer to an employee under chapter […]
774.004 – Limitations on successor asbestos-related liabilities.
774.004 Limitations on successor asbestos-related liabilities.— (1) Except as further limited in subsection (2), the cumulative successor asbestos-related liabilities of a 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 corporation does not have any responsibility for successor asbestos-related […]
774.005 – Establishing fair market value of total gross assets.
774.005 Establishing fair market value of total gross assets.— (1) A corporation may establish the fair market value of total gross assets for the purpose of the limitations under s. 774.004 through any method reasonable under the circumstances, including: (a) By reference to the going concern value of the assets or to the purchase price attributable to or […]
774.006 – Adjustment.
774.006 Adjustment.— (1) Except as provided in subsections (2), (3), and (4), the fair market value of total gross assets at the time of a merger or consolidation shall increase annually at a rate equal to the sum of: (a) The prime rate as listed in the first edition of the Wall Street Journal published for each calendar […]
774.007 – Scope.
774.007 Scope.—The courts in this state shall apply, to the fullest extent permissible under the United States Constitution, this state’s substantive law, including the limitation under this act, to the issue of successor asbestos-related liabilities. This act shall be construed liberally to accomplish its remedial purposes. History.—s. 7, ch. 2005-269.