§ 34-31-8-8 — Limited cumulative successor asbestos related liabilities

Indiana § 34-31-8-8

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

Text

(a) Subject to subsections (c) and (d) and
sections 10 and 12 of this chapter, the cumulative successor asbestos
related liabilities of an innocent successor corporation are limited to the
fair market value of the total gross assets of the transferor corporation,
determined as of the time of the merger or consolidation through which
the innocent successor corporation assumed or incurred successor
asbestos related liability.
(b) An innocent successor corporation is not responsible for
successor asbestos related liability in excess of the limitation set forth
in subsection (a).
(c) For purposes of this section, if a transferor corporation assumed
or incurred successor asbestos related liability in connection with a
merger or consolidation with a prior transferor corporation, the fair
market value of the total gross assets of the prior transferor corporation
determined as of the time of the earlier merger or consolidation shall
be substituted for the limitation set forth in subsection (a) to determine
the limitation of liability of the innocent successor corporation.
(d) Cumulative successor asbestos related liabilities include
liabilities that exist after the merger or consolidation of the innocent
successor corporation and the transferor corporation and that are paid
or discharged by or on behalf of the:
(1) innocent successor corporation; or
(2) transferor corporation;
as part of a settlement or judgment in Indiana or another jurisdiction.

Legislative History

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