Iowa § 686C.3 Limitations on successor asbestos-related liabilities

Iowa Statutes

§ 686C.3 — Limitations on successor asbestos-related liabilities

Iowa § 686C.3

Title XVJUDICIAL BRANCH AND JUDICIAL PROCEDURES

Ch. 686CASBESTOS-RELATED LIABILITY OF SUCCESSOR CORPORATIONS

This text of Iowa § 686C.3 (Limitations on successor asbestos-related liabilities) is published on Counsel Stack Legal Research, covering Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Iowa Code § 686C.3 (2026).

Text

1.Except as provided in subsection 2, the cumulative successor asbestos-related liabilities of a successor 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. A successor shall not have responsibility for successor asbestos-related liabilities in excess of this limitation.

2.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 gross 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 1 for purposes of determining the limitation of liability of a successor

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1. Except as provided in subsection 2, the cumulative successor asbestos-related
liabilities of a successor 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. A successor shall not
have responsibility for successor asbestos-related liabilities in excess of this limitation.
2. 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 gross 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 1 for
purposes of determining the limitation of liability of a successor.
3. The limitations in this section shall apply to any successor but shall not apply to any of
the following:
a. Workers’ compensation benefits paid by or on behalf of an employer to an employee
§686C.3, ASBESTOS-RELATED LIABILITY OF SUCCESSOR CORPORATIONS 2
under the provisions of chapter 85 or 85A, or a comparable workers’ compensation law of
another jurisdiction.
b. Any claim against a corporation that does not constitute a successor asbestos-related
liability.
c. Any obligation under the federal National Labor Relations Act, 29 U.S.C. §151 et seq.,
as amended, or under any collective bargaining agreement.
d. A successor that, 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.