§ 16-120-603 — Definitions

As used in this subchapter: (1) "Asbestos claim" means any civil cause of action, wherever or whenever made, arising out of, based on, or in any way related to asbestos, including the health effects of exposure to asbestos or the installation, presence, or removal of asbestos, and includes a claim made by or on behalf of any person exposed to asbestos, or a representative, spouse, parent, child, or other relative of the person; (2) "Corporation" means a for-profit corporation, including a domestic corporation organized under the laws of this state or a foreign corporation organized under laws other than the laws of this state; (3) "Successor" means a corporation that assumes or incurs or has assumed or incurred successor asbestos-related liabilities, which is a successor and became a successor before January 1, 1972, or is any of that successor corporation's successors; (4) (A) "Successor asbestos-related liabilities" means any liabilities, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, or due or to become due, which are related in any way to asbestos claims and were assumed or incurred by a corporation as a result of or in connection with a merger or consolidation, or the plan of merger or consolidation related to the merger or consolidation with or into another corporation, or that are related in any way to asbestos claims based on the exercise of control or the ownership of stock of the corporation before the merger or consolidation. (B) "Successor asbestos-related liabilities" includes liabilities that, after the time of the merger or consolidation for which the fair market value of total gross assets is determined under § 16-120-604 were or are paid or otherwise discharged, or committed to be paid or otherwise discharged, by or on behalf of the corporation, or by a successor of the corporation, or by or on behalf of a transferor, in connection with settlements, judgments, or other discharges in this state or another jurisdiction; and (5) "Transferor" means a corporation from which successor asbestos-related liabilities are or were assumed or incurred.

Legislative History

Added by Act 2015, No. 1241,§ 1, eff. 1/1/2020.