Utah Code § 78B-4-602

Current through the 2024 Fourth Special Session

Section 78B-4-602 - Definitions

As used in this part:

(1) "Asbestos claim" means a claim, wherever or whenever made, for damages, losses, indemnification, contribution, or other relief arising out of, based on, or in any way related to asbestos, including:

(a) the health effects of exposure to asbestos, including a claim for:

(i) personal injury or death;

(ii) mental or emotional injury;

(iii) risk of disease or other injury; or

(iv) the costs of medical monitoring or surveillance;

(b) a claim made by or on behalf of a person exposed to asbestos, or a representative, spouse, parent, child, or other relative of the person; and

(c) a claim for damage or loss caused by the installation, presence, or removal of asbestos.

(2) "Corporation" means a corporation for profit, including a domestic corporation organized under the laws of this state or a foreign corporation organized under laws other than this state.

(3) "Successor" means a corporation that:

(a)

(i) assumes or incurs or has assumed or incurred successor asbestos-related liability;

(ii) is the successor corporation after a merger or consolidation; and

(iii) became a successor before January 1, 1972; or

(b) is a successor corporation of a corporation described in Subsection (3)(a).

(4)

(a) "Successor asbestos-related liability" means liability:

(i) whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, or due or to become due;

(ii) that is related in any way to an asbestos claim; and

(iii)

(A) is assumed or incurred by a corporation as a result of or in connection with a merger or consolidation, or the plan of merger or consolidation related to the merger or consolidation with or into another corporation; or

(B) that is related in any way to an asbestos claim based on the exercise of control or the ownership of stock of the corporation before the merger or consolidation.

(b) "Successor asbestos-related liability" includes liability that, after the time of the merger or consolidation for which the fair market value of total gross assets is determined under Section 78B-4-605, was or is paid or otherwise discharged, or committed to be paid or otherwise discharged, by or on behalf of the corporation, or by a successor of the corporation, or by or on behalf of a transferor, in connection with a settlement, judgment, or other discharge in this state or another jurisdiction.

(5) "Transferor" means a corporation from which successor asbestos-related liability is or was assumed or incurred.

Utah Code § 78B-4-602

Added by Chapter 237, 2012 General Session ,§ 2, eff. 5/8/2012.