25-21,286 Successor corporation; liability; limitation. - Nebraska Statutes

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Statutes > Nebraska > Chapter25 > 25-21_286

25-21,286. Successor corporation; liability;limitation.(1)Except as further limited in subsection (2) of this section, the cumulativesuccessor asbestos-related liabilities of a successor corporation are limitedto the fair market value of the total gross assets of the transferor determinedas of the time of the merger or consolidation. The successor corporation doesnot have responsibility for successor asbestos-related liabilities in excessof this limitation.(2) If the transferorhad assumed or incurred successor asbestos-related liabilities in connectionwith a prior merger or consolidation with a prior transferor, then the fairmarket value of the total gross assets of the prior transferor determinedas of the time of the earlier merger or consolidation shall be substitutedfor the limitation in subsection (1) of this section for purposes of determiningthe limitation of liability of a successor corporation. SourceLaws 2010, LB763, § 4.Effective Date: July 15, 2010

State Codes and Statutes

Statutes > Nebraska > Chapter25 > 25-21_286

25-21,286. Successor corporation; liability;limitation.(1)Except as further limited in subsection (2) of this section, the cumulativesuccessor asbestos-related liabilities of a successor corporation are limitedto the fair market value of the total gross assets of the transferor determinedas of the time of the merger or consolidation. The successor corporation doesnot have responsibility for successor asbestos-related liabilities in excessof this limitation.(2) If the transferorhad assumed or incurred successor asbestos-related liabilities in connectionwith a prior merger or consolidation with a prior transferor, then the fairmarket value of the total gross assets of the prior transferor determinedas of the time of the earlier merger or consolidation shall be substitutedfor the limitation in subsection (1) of this section for purposes of determiningthe limitation of liability of a successor corporation. SourceLaws 2010, LB763, § 4.Effective Date: July 15, 2010

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State Codes and Statutes

Statutes > Nebraska > Chapter25 > 25-21_286

25-21,286. Successor corporation; liability;limitation.(1)Except as further limited in subsection (2) of this section, the cumulativesuccessor asbestos-related liabilities of a successor corporation are limitedto the fair market value of the total gross assets of the transferor determinedas of the time of the merger or consolidation. The successor corporation doesnot have responsibility for successor asbestos-related liabilities in excessof this limitation.(2) If the transferorhad assumed or incurred successor asbestos-related liabilities in connectionwith a prior merger or consolidation with a prior transferor, then the fairmarket value of the total gross assets of the prior transferor determinedas of the time of the earlier merger or consolidation shall be substitutedfor the limitation in subsection (1) of this section for purposes of determiningthe limitation of liability of a successor corporation. SourceLaws 2010, LB763, § 4.Effective Date: July 15, 2010