(A) The limitations of Section 15-81-140 apply to a corporation that is a successor and became a successor before January 1, 1972, or is a successor of that corporation's successors.
(B) The limitations of Section 15-81-140 do not apply to:
(1) workers' compensation benefits paid by or on behalf of an employer to an employee pursuant to Title 42, or a comparable workers' compensation law of another jurisdiction;
(2) a claim against a corporation that does not constitute a successor asbestos-related liability;
(3) an insurance company, as defined in Chapter 1, Title 38;
(4) an obligation pursuant to the National Labor Relations Act, as amended, or pursuant to a collective bargaining agreement; or
(5) a successor that after a merger or consolidation continued in the business of mining asbestos, in the business of selling or distributing asbestos fibers, or in the business of manufacturing, distributing, removing, or installing asbestos-containing products that were the same or substantially the same as those products previously manufactured, distributed, removed, or installed by the transferor.
HISTORY: 2006 Act No. 280, Section 1, eff May 23, 2006, applicable to civil actions asserting an asbestos claim filed on or after that date.
Structure South Carolina Code of Laws
Title 15 - Civil Remedies and Procedures
Chapter 81 - Successor Asbestos-related Liability Fairness Act
Section 15-81-110. Citation of act.
Section 15-81-120. Definitions.
Section 15-81-130. Applicability of limitations granted successor.
Section 15-81-140. Limitation of cumulative successor asbestos-related liabilities of corporation.
Section 15-81-150. Establishing fair market value of total gross assets.
Section 15-81-160. Annual rate of adjustment of fair market value.