§ 34-31-8-3 Innocent successor corporation defined

Codes > Indiana Code > Title 34 > Article 31 : Chapter 8 > 34-31-8-3 Innocent

34-31-8-3 “Innocent successor corporation” defined

    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.