As used in this chapter, unless the context otherwise requires:
1.“Asbestos action” means the same as defined in section 686A.2, but also includes any
claim for damage or loss caused by the installation, presence, or removal of asbestos.
2.“Corporation” means any corporation established under either domestic or foreign
charter and includes a corporate subsidiary and any business entity in which a corporation
participates or is a stockholder, a partner, or a joint venture.
3.“Successor” means a corporation that assumes or incurs or has assumed or incurred
successor asbestos-related liabilities through operation of law, including but not limited to
a merger or consolidation or plan of merger or consolidation related to such consolidation
or merger or by appointment as an administrator or
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As used in this chapter, unless the context otherwise requires:
1. “Asbestos action” means the same as defined in section 686A.2, but also includes any
claim for damage or loss caused by the installation, presence, or removal of asbestos.
2. “Corporation” means any corporation established under either domestic or foreign
charter and includes a corporate subsidiary and any business entity in which a corporation
participates or is a stockholder, a partner, or a joint venture.
3. “Successor” means a corporation that assumes or incurs or has assumed or incurred
successor asbestos-related liabilities through operation of law, including but not limited to
a merger or consolidation or plan of merger or consolidation related to such consolidation
or merger or by appointment as an administrator or as a trustee in bankruptcy, debtor in
possession, liquidation, or receivership and that became a successor before January 1, 1972.
“Successor” includes any of that successor corporation’s successors.
4. “Successor asbestos-related liability” 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 an asbestos
action 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 an
asbestos action based on the exercise of control or the ownership of stock of the corporation
before the merger or consolidation. “Successor asbestos-related liability” includes liabilities
that, after the time of the merger or consolidation for which the fair market value of total
gross assets is determined under section 686C.4, 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.
5. “Transferor” means a corporation from which successor asbestos-related liabilities are
or were assumed or incurred.