MN SF1236

Limits cumulative asbestos-related liabilities of successor corporations to the fair market value of the transferor's total gross assets at the time of merger or consolidation.

Applies only to "innocent successors" that became successors before January 1, 1972, and does not apply to corporations continuing asbestos mining, sales, or manufacturing operations substantially similar to the transferor.

Exempts workers' compensation benefits, non-asbestos claims, National Labor Relations Act obligations, and collective bargaining agreements from the liability limitations.

Allows the liability cap to increase annually by the Wall Street Journal prime rate plus one percent, but stops adjusting once cumulative paid liabilities exceed the adjusted value.

Takes effect the day after final enactment and applies to all asbestos claims filed against an innocent successor on or after that date.