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Indiana Code Title 34. Civil Law and Procedure § 34-31-8-3

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 3. (a) As used in this chapter, “innocent successor corporation” means a corporation that:

(1) assumes;

(2) incurs;

(3) has assumed;  or

(4) has incurred;

successor asbestos related liability and became a successor corporation due to a merger or consolidation with another corporation before January 1, 1972.

(b) The term includes a corporation into which an innocent successor corporation is at any time subsequently merged or consolidated.

(c) The term does not include a corporation that, after a merger, a consolidation, or the exercise of control or the ownership of stock of the corporation before the merger or consolidation, continues in the business of:

(1) mining asbestos;

(2) selling or distributing asbestos fibers;  or

(3) manufacturing, distributing, removing, or installing asbestos containing products that are the same, or substantially the same, as those products previously manufactured, distributed, removed, or installed by the transferor corporation.

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Cite this article: FindLaw.com - Indiana Code Title 34. Civil Law and Procedure § 34-31-8-3 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-34-civil-law-and-procedure/in-code-sect-34-31-8-3/

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