(a) Except as further limited in subsection (b), 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-related liabilities in excess of this limitation.
(b) If the transferor had assumed or incurred successor asbestos-related liabilities in connection with a prior merger or consolidation with a prior transferor, the fair market value of the total assets of the prior transferor, determined as of the time of the earlier merger or consolidation, shall be substituted for the limitation set forth in subsection (a) for purposes of determining the limitation of liability of a corporation.
(Act 2011-545, p. 1001, §3.)
Notes of Decisions
Melissa Ann Bobo v. Tennessee Valley Auth., 855 F.3d 1294 (11th Cir. 2017).
· cites it 2× “TVA suggests that Alabama has expressed a desire "to limit the cost of [asbestos] litigation,” citing Alabama Code § 6-5-682. All that section does, however, is limit the amount of asbestos-related liabilities that an acquiring corporation assumes during a merger or…”
Larry C. Beverage, Individually & as Pers. Rep. of the Est. of Charles E. Beverage, & Linda K. Anderson, & Bonnie K. Valentine v. ALCOA, Inc., a Pennsylvania Corp., & Iowa-Illinois Taylor Insulation, Inc., successor-in-interest to Iowa Illinois Thermal Insulation, Inc., an Iowa Corp. (Iowa 2022).
“For example, Ohio enacted legislation that limits premises liability for “take home” exposure, which often occurred when an employee who worked in a factory where asbestos dust was present brought the dust home and his or her spouse laundered the employee’s dusty clothes,…”
Larry C. Beverage, Individually & as Pers. Rep. of the Est. of Charles E. Beverage, & Linda K. Anderson, & Bonnie K. Valentine v. ALCOA, Inc., a Pennsylvania Corp., & Iowa-Illinois Taylor Insulation, Inc., successor-in-interest to Iowa Illinois Thermal Insulation, Inc., an Iowa Corp. (Iowa 2022).
“For example, Ohio enacted legislation that limits premises liability for “take home” exposure, which often occurred when an employee who worked in a factory where asbestos dust was present brought the dust home and his or her spouse laundered the employee’s dusty clothes,…”
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