§ 34-31-8-3 — "Innocent successor corporation"

Indiana § 34-31-8-3

• Jurisdiction: Indiana
• Title 34: CIVIL LAW AND PROCEDURE
• Art. 31: LIMITED LIABILITY
• Ch. 8: Limited Liability Concerning Asbestos Related Claims

Text

(a) As used in this chapter, "innocent successor
corporation" means a corporation that:
(1) assumes;
(2) incurs;
(3) has assumed; or
(4) has incurred;
successor asbestos related liability and became a successor corporation
due to a merger or consolidation with another corporation before
January 1, 1972.
(b) The term includes a corporation into which an innocent
successor corporation is at any time subsequently merged or
consolidated.
(c) The term does not include a corporation that, after a merger, a
consolidation, or the exercise of control or the ownership of stock of
the corporation before the merger or consolidation, continues in the
business of:
(1) mining asbestos;
(2) selling or distributing asbestos fibers; or
(3) manufacturing, distributing, removing, or installing asbestos
containing products that are the same, or substantially the same,
as those products previously manufactured, distributed, removed,
or installed by the transferor corporation.

Legislative History

As added by P.L.134-2009, SEC.6.