The Florida Senate

¹774.004  Limitations on successor asbestos-related liabilities.--

(1)  Except as further limited in subsection (2), 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. The corporation does not have any responsibility for successor asbestos-related liabilities in excess of this limitation.

(2)  If the transferor had assumed or incurred successor asbestos-related liabilities in connection with a prior merger or consolidation with a prior transferor, 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 (1) for purposes of determining the limitation of liability of a corporation.

History.--s. 4, ch. 2005-269.

¹Note.--Section 9, ch. 2005-269, provides that "[t]his act shall take effect [June 20, 2005,] and shall apply to any civil action asserting an asbestos claim in which the trial has not commenced as of [June 20, 2005]."