HB180 Alabama 2011 Session
Bill Summary
Under existing law, when two corporations merge or are consolidated, a successor or surviving corporation may retain the liabilities of both corporations, and may assume any asbestos-related liabilities of merged corporations.
This bill would limit the liability of successor corporations that have assumed asbestos-related liabilities as the result of a merger or consolidation to the fair market value of the total gross assets of the merged or consolidated corporation on the date of the merger or consolidation.
This bill would provide the methods by which to establish the fair market value of total gross assets and would provide that the fair market value of total gross assets at the time of a merger or consolidation would increase annually.
Relating to asbestos-related claims; to limit the liability of successor corporations that have assumed asbestos-related liabilities to the fair market value of the total gross assets of the merged or consolidated corporation on the date of the merger or consolidation; to provide exceptions to the limitations on damages in the act; to provide methods by which to establish the fair market value of total gross assets; to provide that the fair market value of the total gross assets at the time of the merger or consolidation would increase annually; to provide a methodology by which the fair market value of the assets is increased; and to provide that the provisions of the act would not apply to any civil action asserting an asbestos claim in which the trial has not commenced as of the effective date of the act.
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| June 2, 2011 | Forwarded to Governor at 6:50 p.m. on June 2, 2011. | |
| June 2, 2011 | Assigned Act No. 2011-545 on 06/09/2011. | |
| June 2, 2011 | Signature Requested | |
| June 2, 2011 | Clerk of the House Certification | |
| June 2, 2011 | Enrolled | |
| June 2, 2011 | Passed Second House | |
| June 2, 2011 | Motion to Read a Third Time and Pass adopted Roll Call 976 | |
| June 2, 2011 | Third Reading Passed | |
| June 2, 2011 | Holtzclaw request to Carry Over to the Call of the Chair Granted. | |
| June 2, 2011 | Third Reading Carried Over to Call of the Chair | |
| May 5, 2011 | Read for the second time and placed on the calendar | |
| April 27, 2011 | Read for the first time and referred to the Senate committee on Judiciary | |
| April 21, 2011 | Motion to Read a Third Time and Pass adopted Roll Call 391 | |
| April 21, 2011 | Third Reading Passed | |
| April 14, 2011 | Read for the second time and placed on the calendar | |
| March 8, 2011 | Read for the first time and referred to the House of Representatives committee on Commerce and Small Business |
Bill Text
Bill Votes
Bill Documents
| Type | Link |
|---|---|
| Bill Text | HB180 Alabama 2011 Session - Enrolled |
| Bill Text | HB180 Alabama 2011 Session - Introduced |
Source: Alabama Legislature