ID H0376

Creates the "Successor Corporation Asbestos-Related Liability Fairness Act" establishing limitations on asbestos-related liabilities for corporations that assume liabilities through merger or consolidation with predecessors.

Caps successor corporation liability for asbestos claims at the fair market value of the transferor's total gross assets as of the merger or consolidation date, with no liability for amounts exceeding this limitation.

Fair market value may be established through going concern value, arms-length transaction purchase price, or balance sheet values, and increases annually by the prime rate plus one percent (1%) without compounding until cumulative paid liabilities exceed the adjusted value.

Exempts worker's compensation benefits, non-asbestos claims, national labor relations obligations, and successors that continued the transferor's asbestos-related business operations from the liability limitations.

Applies to all asbestos claims filed on or after the effective date and pending claims where trial has not commenced, with unconstitutional retroactive provisions applied prospectively only.