SB17-053: Asbestos Bankruptcy Trust Claims Transparency Act & Asbestos Claims Priorities Act

• Requires plaintiffs to file and disclose all asbestos trust claims within 35 days of filing an asbestos action, with courts able to dismiss actions for non-compliance and impose sanctions including judgment vacation

• Allows defendants to file motions for stays of proceedings if they identify potential additional asbestos trust claims available to plaintiffs, with courts staying actions until claims are filed and materials produced

• Establishes strict requirements for nonmalignant asbestos claims including prima facie evidence from qualified physicians with doctor-patient relationships, specific medical tests, and objective clinical standards before actions can proceed

• Prohibits class action lawsuits for asbestos exposures and requires individual filing of actions; prevents damages for fear of future disease and treats nonmalignant conditions as distinct from asbestos-related cancer

• Modifies statute of limitations so causes of action for asbestos claims do not accrue until the exposed person receives a medical diagnosis or discovers facts that would prompt diagnosis of asbestos-related impairment