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Iowa Code Title XV. Judicial Branch and Judicial Procedures [Chs. 595-686] § 686C.3. Limitations on successor asbestos-related liabilities

Current as of January 01, 2024 | Updated by Findlaw Staff

1. Except as provided in subsection 2, the cumulative successor asbestos-related liabilities of a successor 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. A successor shall not have 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, then the fair market value of the total gross 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 successor.

3. The limitations in this section shall apply to any successor but shall not apply to any of the following:

a. Workers' compensation benefits paid by or on behalf of an employer to an employee under the provisions of chapter 85 or 85A, or a comparable workers' compensation law of another jurisdiction.

b. Any claim against a corporation that does not constitute a successor asbestos-related liability.

c. Any obligation under the federal National Labor Relations Act, 29 U.S.C. § 151 et seq., as amended, or under any collective bargaining agreement.

d. A successor that, after a merger or consolidation, continued in the business of mining asbestos or in the business of selling or distributing asbestos fibers or in the business of manufacturing, distributing, removing, or installing asbestos-containing products which were the same or substantially the same as those products previously manufactured, distributed, removed, or installed by the transferor.

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Cite this article: FindLaw.com - Iowa Code Title XV. Judicial Branch and Judicial Procedures [Chs. 595-686] § 686C.3. Limitations on successor asbestos-related liabilities - last updated January 01, 2024 | https://codes.findlaw.com/ia/title-xv-judicial-branch-and-judicial-procedures-chs-595-686/ia-code-sect-686c-3/

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