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16-120-603. Definitions. [Effective January 1, 2020.]
Arkansas Code — all titles (historical 2020) · legal_authorities
16-120-603. Definitions. [Effective January 1, 2020.]
As used in this subchapter:
(1) “Asbestos claim” means any civil cause of action, wherever or whenever made, arising out of, based on, or in any way related to asbestos, including the health effects of exposure to asbestos or the installation, presence, or removal of asbestos, and includes a claim made by or on behalf of any person exposed to asbestos, or a representative, spouse, parent, child, or other relative of the person;
(2) “Corporation” means a for-profit corporation, including a domestic corporation organized under the laws of this state or a foreign corporation organized under laws other than the laws of this state;
(3) “Successor” means a corporation that assumes or incurs or has assumed or incurred successor asbestos-related liabilities, which is a successor and became a successor before January 1, 1972, or is any of that successor corporation's successors;
(4)(A) “Successor asbestos-related liabilities” means any liabilities, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, or due or to become due, which are related in any way to asbestos claims and were assumed or incurred by a corporation as a result of or in connection with a merger or consolidation, or the plan of merger or consolidation related to the merger or consolidation with or into another corporation, or that are related in any way to asbestos claims based on the exercise of control or the ownership of stock of the corporation before the merger or consolidation.
(B) “Successor asbestos-related liabilities” includes liabilities that, after the time of the merger or consolidation for which the fair market value of total gross assets is determined under § 16-1
Source: Arkansas Code — historical release 78 (November 6, 2020) · 16-120-603
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:16-120-603
Source file: gov.ar.code.title.16.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 07ccf9625d95726aeac3e09b3f1c55d25c65e7b84c2dd2b6af8a54867f3084da
Source location: content.xml paragraph 49018
Stored source content
16-120-603. Definitions. [Effective January 1, 2020.]
As used in this subchapter:
(1) “Asbestos claim” means any civil cause of action, wherever or whenever made, arising out of, based on, or in any way related to asbestos, including the health effects of exposure to asbestos or the installation, presence, or removal of asbestos, and includes a claim made by or on behalf of any person exposed to asbestos, or a representative, spouse, parent, child, or other relative of the person;
(2) “Corporation” means a for-profit corporation, including a domestic corporation organized under the laws of this state or a foreign corporation organized under laws other than the laws of this state;
(3) “Successor” means a corporation that assumes or incurs or has assumed or incurred successor asbestos-related liabilities, which is a successor and became a successor before January 1, 1972, or is any of that successor corporation's successors;
(4)(A) “Successor asbestos-related liabilities” means any liabilities, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, or due or to become due, which are related in any way to asbestos claims and were assumed or incurred by a corporation as a result of or in connection with a merger or consolidation, or the plan of merger or consolidation related to the merger or consolidation with or into another corporation, or that are related in any way to asbestos claims based on the exercise of control or the ownership of stock of the corporation before the merger or consolidation.
(B) “Successor asbestos-related liabilities” includes liabilities that, after the time of the merger or consolidation for which the fair market value of total gross assets is determined under § 16-120-604 were or are paid or otherwise discharged, or committed to be paid or otherwise discharged, by or on behalf of the corporation, or by a successor of the corporation, or by or on behalf of a transferor, in connection with settlements, judgments, or other discharges in this state or another jurisdiction; and
(5) “Transferor” means a corporation from which successor asbestos-related liabilities are or were assumed or incurred.
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Arkansas Code — all titles (historical 2020) · legal_authorities
16-120-604. Limit on successor asbestos-related liabilities. [Effective January 1, 2020.]
(a) A successor is not liable for any asbestos claim when the successor's cumulative successor asbestos-related liabilities exceed the fair market value of the total gross assets of the transferor determined as of the time of the merger or consolidation.
(b) If the transferor had assumed or incurred successor asbestos-related liabilities in connection with a prior merger or consolidation with a prior transferor, then the fair market value of the total assets of the prior transferor determined as of the time of the earlier merger or consolidation shall be substituted for the limitation set forth in subsection (a) of this section.
(c) A successor does not have immunity under this section with respect to:
(1) Workers' compensation benefits paid by or on behalf of an employer to an employee under the Workers' Compensation Law, § 11-9-101 et seq., or a comparable workers' compensation law of another jurisdiction;
(2) A claim that does not constitute a successor asbestos-related liability;
(3) An obligation under the National Labor Relations Act, 29 U.S.C. § 151 et seq., as it existed on January 1, 2015, or under any collective bargaining agreement; or
(4) If the successor, after a merger or consolidation, continued in the business of mining asbestos or in the business of selling or distributing asbestos fibers or in the business of manufacturing, distributing, removing, or installing asbestos-containing products which were the same or substantially the same as those products previously manufactured, distributed, removed, or installed by the transferor.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 16-120-604
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 16-120-604. This identifies an authority to review, not proof of applicability.