Section 686C.1 – Title.

686C.1 Title. This chapter shall be known and may be cited as the “Successor Corporation Asbestos-Related Liability Fairness Act”. 2017 Acts, ch 11, §19

Section 686C.2 – Definitions.

686C.2 Definitions. As used in this chapter, unless the context otherwise requires: 1. “Asbestos action” means the same as defined in section 686A.2, but also includes any claim for damage or loss caused by the installation, presence, or removal of asbestos. 2. “Corporation” means any corporation established under either domestic or foreign charter and includes […]

Section 686C.3 – Limitations on successor asbestos-related liabilities.

686C.3 Limitations on successor asbestos-related liabilities. 1. Except as provided in subsection 2, the cumulative successor asbestos-related liabilities of a successor 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. A successor shall not have responsibility for successor asbestos-related […]

Section 686C.4 – Establishing fair market value of total gross assets.

686C.4 Establishing fair market value of total gross assets. 1. A successor may establish the fair market value of total gross assets, which include intangible assets, for the purpose of the limitations under section 686C.3, through any method reasonable under the circumstances, including any of the following: a. By reference to the going concern value […]

Section 686C.5 – Adjustment.

686C.5 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 the prime rate as listed in the first edition of the Wall street journal published for […]

Section 686C.6 – Scope of chapter — application.

686C.6 Scope of chapter — application. 1. This chapter shall be liberally construed with regard to successors. 2. This chapter applies to all asbestos claims filed against a successor on or after July 1, 2017. 3. This chapter applies to all pending asbestos actions in which trial has not commenced as of July 1, 2017, […]