Title 30, CORPORATIONS

30-1901. SHORT TITLE. This act shall be known and may be cited as the "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, includin…

30-1903. Applicability. (1) The limitations in section 30-1904, Idaho Code, shall apply to any successor corporation. (2) The limitations of section 30-1904, Idaho Code, shall not apply to: (a) Worker’s compensation benefits paid by, or on behalf of, an employer to an employee un…

30-1904. limitations on successor asbestos-related liabilities. (1) Except as further limited in subsection (2) of this section, the cumulative successor asbestos-related liabilities of a successor corporation are limited to the fair market value of the total gross assets of the …

30-1905. establishing fair market value of total gross assets. (1) A successor corporation may establish the fair market value of total gross assets for the purpose of the limitations under section 30-1904, Idaho Code, through any method reasonable under the circumstances, includ…

30-1906. Adjustment. (1) Except as provided in subsections (2) through (4) of this section, the fair market value of total gross assets at the time of the merger or consolidation shall increase annually at a rate equal to the sum of: (a) The prime rate as listed in the first edit…

30-1907. Scope of chapter — application. (1) The courts of this state shall construe the provisions of this act liberally with regard to successors. (2) This act shall apply to all asbestos claims filed against a successor on or after the effective date of this act and to any pen…