HI HB2497

Eliminates successor corporation liability for debts and liabilities of predecessor corporations upon sale, lease, exchange, or disposition of property under Hawaii Revised Statutes chapters 414 and 414D.

Successor corporations may still be held liable if they expressly or impliedly agree to assume predecessor debts, the transaction amounts to a consolidation or merger, the successor is a mere continuation of the predecessor, or clear and convincing evidence shows fraudulent intent to escape debt liability.

Exempts all liabilities arising from tort actions from the successor liability elimination provisions.

Does not affect rights, duties, penalties, or proceedings that existed before the Act's effective date.

Effective July 1, 2112.