Successor corporations; asbestos-related liability. (HB1762)

Introduced By

Del. Terry Kilgore (R-Gate City) with support from co-patrons Del. Bill Howell (R-Fredericksburg), and Del. Beverly Sherwood (R-Winchester)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Successor corporations; asbestos-related liability. Limits the cumulative successor asbestos-related liabilities of a corporation to the fair market value of the total gross assets of the transferor determined as of the time of the merger or consolidation, and states that the corporation is not responsible for successor asbestos-related liabilities in excess of this limit, as the limit may be adjusted. The limitation does not apply to workers' compensation benefits, claims not constituting successor asbestos-related liability, or obligations under the National Labor Relations Act or collective bargaining agreements. Further, the limitation applies only to a corporation that assumed or incurred certain asbestos-related liabilities prior to January 1, 1972, and to any successors of that corporation. A corporation may establish the fair market value of total gross assets 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, by reference to the value of the assets recorded on a balance sheet if there is no other readily available information from which fair market value can be determined, or any other method reasonable under the circumstances. The limitation applies to all asbestos claims filed on or after July 1, 2009, and to all pending asbestos claims for which trial had not commenced as of such date, except that any provision that would be unconstitutional if applied retroactively will be applied prospectively. Read the Bill »

Outcome

Bill Has Failed

History

  • 01/08/2009 Committee
  • 01/08/2009 Prefiled and ordered printed; offered 01/14/09 090099588
  • 01/08/2009 Referred to Committee on Commerce and Labor
  • 01/14/2009 Impact statement from SCC (HB1762)
  • 01/22/2009 Failed to report (defeated) in Commerce and Labor (8-Y 14-N) (see vote tally)

Duplicate Bills

The following bills are identical duplicates of this one: SB1493.