Title 51 — Title 51
0 chapters · 147 sections in this title.
O.C.G.A. § 51-15-1 Legislative findings; limitations on liabilities
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The General Assembly finds that the number of asbestos related claims has increased significantly in recent years and threatens the continued viability of a number of uniquely situated companies that have not ever manufactured, sold, or distributed asbestos or asbestos products a…
O.C.G.A. § 51-15-2 Definitions
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As used in this chapter, the term: (1)(A) ‘‘Asbestos claim’’ means any claim, wherever or whenever made, for damages, losses, indemnification, contribution, loss of consortium, or other relief arising out of, based on, or in any way related to the health effects of exposure to as…
O.C.G.A. § 51-15-3 Domestic or foreign corporation as successor; exemption from limitations
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(a) The limitations contained in Code Section 51-15-4 apply to a domestic or foreign corporation that is a successor and became a successor before January 1, 1972, or is any of that successor corporation’s successor corporation. (b) The limitations contained in Code Section 51-15…
O.C.G.A. § 51-15-4 Determination of liability and limitation on liability
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(a) Except as further limited in subsection (b) of this Code section, the cumulative successor asbestos related liabilities of a 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. …
O.C.G.A. § 51-15-5 Fair market value determinations; gross assets determination
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(a) A corporation may establish the fair market value of total gross assets for the purpose of the limitations under Code Section 51-15-4 through any method reasonable under the circumstances, including: (1) By reference to the going concern value of the assets or to the purchase…
O.C.G.A. § 51-15-6 Market value; prime rate; adjustment
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(a) Except as provided in subsections (b), (c), and (d) of this Code section, the fair market value of total gross assets at the time of a merger or consolidation shall increase annually at a rate equal to the sum of: (1) The prime rate as published by the Board of Governors of t…
O.C.G.A. § 51-15-7 Liberal interpretation to accomplish remedial purposes
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The courts in this state shall apply, to the fullest extent permissible under the United States Constitution, this state’s substantive law, including the limitation under this chapter, to the issue of successor asbestos related liabilities. This chapter shall be construed liberal…
O.C.G.A. § 51-15-8 Severability
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If any part, portion, section, subsection, paragraph, sentence, clause, phrase, or word of this chapter, or the application thereof to any person or circumstance is held invalid, the invalidity shall not affect the other parts, portions, sections, subsections, paragraphs, sentenc…