§ 16-120-604 — Limit on successor asbestos-related liabilities

Arkansas § 16-120-604

• Jurisdiction: Arkansas
• Title: 16

Text

(a) A successor is not liable for any asbestos claim when the successor's cumulative successor asbestos-related liabilities exceed the fair market value of the total gross assets of the transferor determined as of the time of the merger or consolidation. (b) If the transferor had assumed or incurred successor asbestos-related liabilities in connection with a prior merger or consolidation with a prior transferor, then 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) of this section. (c) A successor does not have immunity under this section with respect to: (1) Workers' compensation benefits paid by or on behalf of an employer to an employee under the Workers' Compensation Law, § 11-9-101 et seq., or a comparable workers' compensation law of another jurisdiction; (2) A claim that does not constitute a successor asbestos-related liability; (3) An obligation under the National Labor Relations Act, 29 U.S.C. § 151 et seq., as it existed on January 1, 2015, or under any collective bargaining agreement; or (4) If the successor, after a merger or consolidation, continued in the business of mining asbestos or in the business of selling or distributing asbestos fibers or in the business of manufacturing, distributing, removing, or installing asbestos-containing products which were the same or substantially the same as those products previously manufactured, distributed, removed, or installed by the transferor.

Legislative History

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