TITLE 30

CORPORATIONS

CHAPTER 19

SUCCESSOR CORPORATION ASBESTOS-RELATED LIABILITY FAIRNESS ACT

30-1902.  DEFINITIONS. As used in this section, the following terms shall mean:

(1)  "Asbestos claim" means any claim, wherever or whenever made, for damages, losses, indemnification, contribution or other relief arising out of, based on, or in any way related to asbestos, including:

(a)  The health effects of exposure to asbestos, including a claim for:

(i)  Personal injury or death;

(ii)  Mental or emotional injury;

(iii)  Risk of disease or other injury; or

(iv)  The costs of medical monitoring or surveillance;

(b)  Any claim made by, or on behalf of, any person exposed to asbestos, or a representative, spouse, parent, child or other relative of the person; and

(c)  Any claim for damage or loss caused by the installation, presence, or removal of asbestos.

(2)  "Corporation" means a corporation for profit, 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 that is a successor and became a successor before January 1, 1972, or is any of that successor corporation’s successors.

(4)  "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, that 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. The term includes liabilities that, after the time of the merger or consolidation for which the fair market value of total gross assets is determined pursuant to section 30-1905, Idaho Code, 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.

(5)  "Transferor" means a corporation from which the successor asbestos-related liabilities are or were assumed or incurred.

History:

[30-1902, added 2012, ch. 193, sec. 1, p. 520.]