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16-120-605. Establishing fair market value of total gross assets. [Effective January 1, 2020.]
Arkansas Code — all titles (historical 2020) · legal_authorities
16-120-605. Establishing fair market value of total gross assets. [Effective January 1, 2020.]
(a) A successor may establish the fair market value of total gross assets for the purpose of § 16-120-604 through any method reasonable under the circumstances, including:
(1) By reference to the growing concern value of the assets or to the purchase price attributable to or paid for the assets in an arm's-length transaction; or
(2) In the absence of other readily available information from which the fair market value can be determined, by reference to the value of the assets recorded on a balance sheet.
(b) Total gross assets under subsection (a) of this section include intangible assets.
(c)(1) To the extent total gross assets include any liability insurance that was issued to the transferor whose assets are being valued for purposes of this section, the applicability, terms, conditions, and limits of the insurance shall not be affected by this section nor shall this section otherwise affect the rights and obligations of an insurer, transferor, or successor under an insurance contract or any related agreements, including without limitation preenactment settlements resolving coverage-related disputes and the rights of an insurer to:
(A) Seek payment for:
(i) Applicable deductibles;
(ii) Retrospective premiums; or
(iii) Self-insured retentions; or
(B) Seek contribution from a successor for uninsured or self-insured periods or periods where insurance is uncollectible or otherwise unavailable.
(2) Without limiting subdivision (c)(1)(A) of this section, to the extent total gross assets include any liability insurance, a settlement of a dispute concerning any liability insurance coverage entered into by a transferor or successor with the insurers of the trans
Source: Arkansas Code — historical release 78 (November 6, 2020) · 16-120-605
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:16-120-605
Source file: gov.ar.code.title.16.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 867d95ae8e99ad86ac2543430191764f29f1a6d3fc51c21d0e1f51789e37c0b6
Source location: content.xml paragraph 49040
Stored source content
16-120-605. Establishing fair market value of total gross assets. [Effective January 1, 2020.]
(a) A successor may establish the fair market value of total gross assets for the purpose of § 16-120-604 through any method reasonable under the circumstances, including:
(1) By reference to the growing concern value of the assets or to the purchase price attributable to or paid for the assets in an arm's-length transaction; or
(2) In the absence of other readily available information from which the fair market value can be determined, by reference to the value of the assets recorded on a balance sheet.
(b) Total gross assets under subsection (a) of this section include intangible assets.
(c)(1) To the extent total gross assets include any liability insurance that was issued to the transferor whose assets are being valued for purposes of this section, the applicability, terms, conditions, and limits of the insurance shall not be affected by this section nor shall this section otherwise affect the rights and obligations of an insurer, transferor, or successor under an insurance contract or any related agreements, including without limitation preenactment settlements resolving coverage-related disputes and the rights of an insurer to:
(A) Seek payment for:
(i) Applicable deductibles;
(ii) Retrospective premiums; or
(iii) Self-insured retentions; or
(B) Seek contribution from a successor for uninsured or self-insured periods or periods where insurance is uncollectible or otherwise unavailable.
(2) Without limiting subdivision (c)(1)(A) of this section, to the extent total gross assets include any liability insurance, a settlement of a dispute concerning any liability insurance coverage entered into by a transferor or successor with the insurers of the transferor before January 1, 2020, shall be determinative of the total coverage of the liability insurance to be included in the calculation of the transferor's total gross assets.
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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.