HB 261 -- Asbestos Liability

Sponsor:  Yates

This bill establishes the Missouri Successor Asbestos-Related
Liability Fairness Act.  In its main provisions, the bill:

(1)  Defines "asbestos claim" as 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;

(2)  Defines "corporation," "successor," "successor asbestos-
related liabilities," and "transferor";

(3)  Limits the cumulative successor liability of a corporation
to the fair market value of the total gross assets of the
transferor determined at the time of the merger or consolidation;

(4)  Specifies methods for calculating a successor corporation's
fair market value of total gross assets;

(5)  Establishes the coefficient for increasing the fair market
value of total gross assets on a year-by-year basis by taking the
sum of the prime rate of interest plus 1%; and

(6)  Makes the act applicable to all asbestos claims filed on or
after the effective date of the bill and any pending asbestos
claims in which the trial has not commenced by the bill's
effective date.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:18 am