§ 25-21,286 Successor corporation; liability; limitation

Codes > Nebraska Revised Statutes > Chapter 25 > Article 21 : (OO) Successor > 25-21,286 Successor

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

    (1) Except as further limited in subsection (2) of this section, the cumulative successor asbestos-related liabilities of a  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 successor corporation does not have responsibility for successor asbestos-related liabilities in excess of this limitation.

    (2) 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 gross assets of the prior transferor determined as of the time of the earlier merger or consolidation shall be substituted for the limitation in subsection (1) of this section for purposes of determining the limitation of liability of a successor corporation.