Tex. Civil Practice and Remedies Code § 149.003
This is the official text of Tex. Civil Practice and Remedies Code § 149.003, part of Texas’s Civil Practice and Remedies Code — sets procedural rules and available remedies for civil lawsuits.
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§ 149.003. LIMITATIONS ON SUCCESSOR ASBESTOS-RELATED LIABILITIES.
Official statutory text
(a) Except as further limited in Subsection (b), the cumulative successor asbestos-related liabilities of a 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 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) for purposes of determining the limitation of liability of a corporation.
(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) for purposes of determining the limitation of liability of a corporation.
Status: in_force · Read it on the official government site
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