Successor corporations; applicability of limitations on asbestos-related liabilities. (HB629)

Introduced By

Del. Terry Kilgore (R-Gate City) with support from co-patron 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 effective date and 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, 2010. Read the Bill »

Status

03/08/2010: Failed to Pass in Committee

History

DateAction
01/12/2010Committee
01/12/2010Prefiled and ordered printed; offered 01/13/10 10100988D
01/12/2010Referred to Committee on Commerce and Labor
01/27/2010Impact statement from SCC (HB629)
02/02/2010Reported from Commerce and Labor (11-Y 9-N) (see vote tally)
02/04/2010Read first time
02/08/2010Read second time and engrossed (50-Y 43-N)
02/08/2010VOTE: --- ENGROSSMENT (50-Y 43-N) (see vote tally)
02/09/2010Read third time and defeated by House (49-Y 49-N)
02/09/2010VOTE: --- DEFEATED (49-Y 49-N) (see vote tally)
02/09/2010Reconsideration of defeated action agreed to by House (54-Y 43-N)
02/09/2010VOTE: --- RECONSIDER (54-Y 43-N) (see vote tally)
02/09/2010Passed House (49-Y 48-N)
02/09/2010VOTE: --- PASSAGE #2 (49-Y 48-N) (see vote tally)
02/10/2010Constitutional reading dispensed
02/10/2010Referred to Committee on Commerce and Labor
03/08/2010Passed by indefinitely in Commerce and Labor (13-Y 2-N) (see vote tally)

Video

This bill was discussed on the floor of the General Assembly. Below is all of the video that we have of that discussion, 9 clips in all, totaling 15 minutes.