HB180 Summary

• Limits successor corporation liability for asbestos-related claims to the fair market value of total gross assets of the merged or consolidated corporation on the merger or consolidation date.

• Applies to corporations that became successors before January 1, 1972, and their subsequent successors; excludes workers' compensation benefits, insurers, National Labor Relations Act obligations, and corporations that continued asbestos-related businesses.

• Fair market value can be established through going concern value, arm's length transaction price, or balance sheet values and includes intangible assets and applicable liability insurance coverage.

• Increases the fair market value annually by the prime rate plus one percent (non-compounded) until cumulative asbestos-related liabilities paid exceed the adjusted value; insurance coverage is not adjusted annually.

• Takes effect the first day of the third month following passage and applies only to asbestos claims where trial has not commenced as of the effective date.