78B-4-603. Applicability. (1) The limitations in Section 78B-4-604 apply to a successor. (2) The limitations in Section 78B-4-604 do not apply to: (a) workers’ compensation benefits paid by or on behalf of an employer to an employee under Title 34A, Chapter 2, Workers’ Compensation Act, and Title 34A, Chapter 3, Utah Occupational Disease Act, or […]
78B-4-604. Measure of liabilities. (1) Except as further limited in Subsection (2), the cumulative successor asbestos-related liability of a successor is 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 does not have responsibility for successor asbestos-related liability […]
78B-4-605. Establishing fair market value of total gross assets. (1) A successor may establish the fair market value of total gross assets for the purpose of the limitations under Section 78B-4-604 through any method reasonable under the circumstances, including: (a) by reference to the going concern value of the assets or to the purchase price […]
78B-4-606. Adjustment. (1) Subject to Subsections (2) through (4), 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: (a) the prime rate as listed in the first edition of the Wall Street Journal published for each calendar […]
78B-4-607. Scope. (1) Courts of this state shall construe this part liberally with regard to successors. (2) This part shall apply to an asbestos claim filed against a successor on or after May 8, 2012. This part shall apply to a pending asbestos claim against a successor in which trial has not commenced as of […]
