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.
Forwarded to Governor at 6:50 p.m. on June 2, 2011.
Assigned Act No. 2011-545 on 06/09/2011.
Signature Requested
Clerk of the House Certification
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 976
Third Reading Passed
Holtzclaw request to Carry Over to the Call of the Chair Granted.
Third Reading Carried Over to Call of the Chair
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Judiciary
Motion to Read a Third Time and Pass adopted Roll Call 391
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Commerce and Small Business
Source: Alabama Legislature