Current as of June 08, 2021 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Sec. 12. (a) Except as provided in subsections (b) through (d), the sum determined as the fair market value of the total gross assets of a transferor corporation as of the time of a merger or consolidation for purposes of determining the limit on the cumulative successor asbestos related liabilities of an innocent successor corporation under this chapter shall be adjusted annually at a rate equal to the sum of the following:
(1) The prime rate listed in the first edition of the Wall Street Journal published for each calendar year since the merger or consolidation. If the prime rate is not published in the first edition of the Wall Street Journal, then a reasonable determination of the prime rate on the first day of the year may be used.
(2) One percent (1%).
(b) The rate described in subsection (a) may not be compounded.
(c) The adjustment of the fair market value of the total gross assets of the transferor corporation as of the time of the merger or consolidation shall continue as described in subsection (a) until the date as of which the adjusted value is first exceeded by the cumulative amounts of successor asbestos related liabilities paid or committed to be paid by or on behalf of:
(1) the innocent successor corporation;
(2) any predecessor corporation; and
(3) the transferor corporation;
after the time of the merger or consolidation.
(d) No adjustment of the fair market value of total gross assets of a transferor corporation under this section shall be applied to any liability insurance.
Cite this article: FindLaw.com - Indiana Code Title 34. Civil Law and Procedure § 34-31-8-12 - last updated June 08, 2021 | https://codes.findlaw.com/in/title-34-civil-law-and-procedure/in-code-sect-34-31-8-12/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?