§ 51-15-4. Determination of Liability and Limitation on Liability
Except as further limited in subsection (b) of this Code section, 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 […]
§ 51-15-5. Fair Market Value Determinations; Gross Assets Determination
A corporation may establish the fair market value of total gross assets for the purpose of the limitations under Code Section 51-15-4 through any method reasonable under the circumstances, including: By reference to the going concern value of the assets or to the purchase price attributable to or paid for the assets in an arm’s […]
§ 51-15-6. Market Value; Prime Rate; Adjustment
Except as provided in subsections (b), (c), and (d) of this Code section, 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: The prime rate as published by the Board of Governors of the Federal Reserve System, […]
§ 51-15-7. Liberal Interpretation to Accomplish Remedial Purposes
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 chapter, to the issue of successor asbestos related liabilities. This chapter shall be construed liberally to accomplish its remedial purposes. History. Code 1981, § 51-15-7 , enacted by Ga. […]
§ 51-15-8. Severability
If any part, portion, section, subsection, paragraph, sentence, clause, phrase, or word of this chapter, or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect the other parts, portions, sections, subsections, paragraphs, sentences, clauses, phrases, or words or applications of this chapter that can be given effect without […]
§ 51-15-2. Definitions
As used in this chapter, the term: “Asbestos claim” means any claim, wherever or whenever made, for damages, losses, indemnification, contribution, loss of consortium, or other relief arising out of, based on, or in any way related to the health effects of exposure to asbestos, including, but not limited to: Any claim, to the extent […]
§ 51-15-3. Domestic or Foreign Corporation as Successor; Exemption From Limitations
The limitations contained in Code Section 51-15-4 apply to a domestic or foreign corporation that is a successor and became a successor before January 1, 1972, or is any of that successor corporation’s successor corporation. The limitations contained in Code Section 51-15-4 do not apply to: Any claim against a corporation that does not constitute […]
§ 51-15-1. Legislative Findings; Limitations on Liabilities
The General Assembly 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 argued to be liable only as successor corporations. This liability has created […]