AR HB1529

Creates the Successor Corporation Asbestos-Related Liability Fairness Act in Arkansas Code Title 16, Chapter 120, Subchapter 6, limiting asbestos liability for successor corporations that never manufactured or distributed asbestos products.

Establishes that a successor corporation is not liable for asbestos claims once cumulative successor asbestos-related liabilities exceed the fair market value of the transferor's total gross assets at the time of merger or consolidation.

Provides exceptions to the liability cap for workers' compensation benefits, non-asbestos claims, National Labor Relations Act obligations, and successors that continued the transferor's asbestos-related business operations.

Allows fair market value of assets to be determined by multiple methods including going concern value, purchase price in arm's length transactions, or balance sheet values, with annual increases based on Wall Street Journal prime rate plus 1%, non-compounded.

Takes effect January 1, 2020, aligning Arkansas law with similar legislation in over 20 other states to preserve the viability of innocent successor corporations.