§ 76-106 — Establishing fair market value of total gross assets.

ESTABLISHING FAIR MARKET VALUE OF TOTAL GROSS ASSETS. A. An innocent successor corporation may establish the fair market value of total gross assets for the purpose of the limitations under Section 5 of this act through any method reasonable under the circumstances, including: 1. By reference to the going concern value of the assets or to the purchase price attributable to or paid for the assets in an arm's-length transaction; or 2. In the absence of other readily available information from which fair market value can be determined, by reference to the value of the assets recorded on a balance sheet. B. Total gross assets include intangible assets. C. To the extent total gross assets include any liability insurance issued to the transferor whose assets are being valued for the purposes of this section, the applicability, terms, conditions, and limits of such insurance shall not be affected by this act, nor shall the Innocent Successor Asbestos-Related Liability Fairness Act otherwise affect the rights and obligations of a transferor, successor, or insurer under any insurance contract and/or any related agreements, including, without limitation, rights and obligations under preenactment settlements between a transferor or successor and its insurers resolving liability insurance coverage, and the rights of an insurer to seek payment for applicable deductibles, retrospective premiums or self-insured retentions or to seek contribution from a successor for uninsured or self-insured periods or periods where insurance is uncollectible or otherwise unavailable. Without limiting the foregoing, to the extent total gross assets include any such liability insurance, a settlement of a dispute concerning any such liability insurance coverage entered into by a transferor or successor with the insurers of the transferor before the effective date of the Innocent Successor Asbestos-Related Liability Fairness Act shall be determinative of the total coverage of such liability insurance to be included in the calculation of the transferor's total gross assets.

Legislative History

Added by Laws 2013, 1st Ex.Sess., c. 22, § 6, emerg. eff. Sept. 10, 2013. NOTE: Text formerly resided under repealed Title 76, § 76, which was derived from Laws 2009, c. 228, § 70, which was held unconstitutional by the Oklahoma Supreme Court in the case of Douglas v. Cox Retirement Properties, Inc., 2013 OK 37, 302 P.2d 789 (Okla. 2013).