Okla. Stat. tit. 76, § 76-105
This is the official text of Okla. Stat. tit. 76, § 76-105, part of Oklahoma’s Stat. tit. 76, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 76,." Browse the sections below, each linked to its official government source.
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Limitations on successor asbestos-related liabilities
Official statutory text
LIMITATIONS ON SUCCESSOR ASBESTOS-RELATED LIABILITIES. A.
Except as further limited in subsection B of this section, the
cumulative successor asbestos-related liabilities of an innocent
successor corporation 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. The innocent successor corporation
does not have any responsibility for successor asbestos-related
liabilities in excess of this limitation.
B. 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 assets of the prior transferor, determined as of the time
of such earlier merger or consolidation, shall be substituted for
the limitation set forth in subsection A of this section for
purposes of determining the limitation of liability of an innocent
successor corporation.
Except as further limited in subsection B of this section, the
cumulative successor asbestos-related liabilities of an innocent
successor corporation 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. The innocent successor corporation
does not have any responsibility for successor asbestos-related
liabilities in excess of this limitation.
B. 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 assets of the prior transferor, determined as of the time
of such earlier merger or consolidation, shall be substituted for
the limitation set forth in subsection A of this section for
purposes of determining the limitation of liability of an innocent
successor corporation.
Status: in_force · Read it on the official government site
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