MN HF1418

Establishes the "Innocent Successor Asbestos-Related Liability Fairness Act" to limit successor corporations' asbestos-related liabilities in Minnesota.

Caps cumulative asbestos-related liabilities for innocent successors (corporations that became successors before January 1, 1972) to the fair market value of the transferor's total gross assets at the time of merger or consolidation.

Fair market value can be determined through going-concern value, purchase price in arm's-length transactions, or balance sheet values, and increases annually by the prime rate plus one percent until cumulative liabilities exceed the adjusted value.

Exempts workers' compensation claims, non-successor asbestos claims, National Labor Relations Act obligations, and successor corporations that continued the transferor's asbestos-related business after the merger.

Applies to all asbestos claims filed against innocent successors on or after the day following final enactment, with courts required to interpret provisions liberally in favor of innocent successors.