§ 8368.1. Legislative findings and declaration. (a) Findings.–The General Assembly finds that: (1) Asbestos-related claims threaten the continued viability of successor business entities which are formed or organized under the laws of this Commonwealth or another jurisdiction that have never manufactured, sold or distributed asbestos or asbestos-containing products. (2) It is in the best interest […]
§ 8368.2. Definitions. The following words and phrases when used in this subchapter shall have the meanings given to them in this section unless the context clearly indicates otherwise: “Asbestos claim.” A claim, wherever or whenever made, for damages, losses, indemnification, contribution or other relief arising out of, based on or in any way related […]
§ 8368.3. Liability. (a) Limitation.–Except as provided under subsection (c), the cumulative successor asbestos-related liability of a successor business entity shall be limited to the fair market value of the total gross assets of the transferor as of the time of the merger or consolidation with the successor business entity. (b) Responsibility.–A successor business entity […]
§ 8368.4. Fair market value. (a) Establishment.–A successor business entity may establish the fair market value of total gross assets of the transferor as of the time of the merger or consolidation by any reasonable method under the circumstances, including the following: (1) By reference to the going-concern value of the assets or to the […]
§ 8368.5. Adjustment of fair market value. (a) Annual increase.–Except as provided under subsection (c), the fair market value of total gross assets of a transferor as determined under section 8368.4 (relating to fair market value) shall increase annually until the earlier of: (1) The date of the settlement, judgment or other discharge to which […]
§ 8368.6. Applicability and construction. (a) Applicability.–This subchapter shall not apply to any of the following: (1) An asbestos claim for which the applicable period of limitation commenced on or before the effective date of this section. (2) Workers’ compensation benefits paid to an employee under the act of June 2, 1915 (P.L.736, No.338), known […]
