NC H415

Establishes a cap on asbestos-related liability for successor corporations at the fair market value of total gross assets of the transferor corporation at the time of merger or consolidation.

Defines "successor" as a corporation that assumed asbestos liabilities through merger, consolidation, bankruptcy, or similar legal proceedings before January 1, 1972, and includes that successor's successors.

Allows fair market value to be established through going concern value, purchase price in arms-length transactions, or balance sheet values, and permits annual adjustments based on prime rate plus 1% until cumulative liabilities exceed the adjusted value.

Excludes workers' compensation benefits, obligations under the National Labor Relations Act, collective bargaining agreements, and successors that continued the asbestos business from the liability limitations.

Applies to all asbestos claims filed after the effective date (July 1, 2013) and pending claims where trial has not commenced, with prospective application for any retroactively unconstitutional provisions.