99E-50. Definitions. The following definitions apply in this Article: (1) Asbestos claim. – 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 any of the following: a. The health effects of exposure to asbestos, including a claim […]
99E-51. Applicability. The limitations in G.S. 99E-52 shall apply to any successor but shall not apply to any of the following: (1) Workers’ compensation benefits paid by or on behalf of an employer to an employee under the provisions of Chapter 97 of the General Statutes, or a comparable workers’ compensation law of another jurisdiction. […]
99E-52. Limitation on successor asbestos-related liability. (a) Except as further limited in subsection (b) of this section, 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 does […]
99E-53. Establishing fair market value of total gross assets. (a) A successor corporation may establish the fair market value of total gross assets for the purpose of the limitations under G.S. 99E-35 [G.S. 99E-52] through any method reasonable under the circumstances, including either of the following: (1) By reference to the going concern value of […]
99E-54. Adjustment. (a) Except as provided in subsections (b), (c), and (d) of this section, 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 the following: (1) The prime rate as listed in the first edition of […]
99E-55. Scope of Article; application. (a) This Article shall be liberally construed with regard to successors. (b) This Article shall apply to all asbestos claims filed against a successor on or after the effective date of this act. (2014-110, s. 4.1.)
