50-1304. Limitation on liability. (a) Except as further limited in subsection (b), the cumulative successor asbestos-related liabilities of a successor corporation are limited to the fair market value of the total gross assets of the transferor determined as of the time of the merger or consolidation. The successor corporation shall not have responsibility for successor asbestos-related liabilities in excess of this limitation.
(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) for purposes of determining the limitation of liability of a successor corporation.
History: L. 2014, ch. 45, ยง 4; July 1.
Structure Kansas Statutes
Chapter 50 - Unfair Trade And Consumer Protection
Article 13 - Successor Corporation Asbestos-related Liability Fairness Act
50-1303 Application to successor corporations; exceptions.
50-1304 Limitation on liability.
50-1305 Methods of establishing fair market value.
50-1306 Adjustment of the fair market value of total gross assets.