Bill No.: HB0110                  Drafter: MRW

LSO No.:  11LSO-0239              Effective Date:  7/1/2011

Enrolled Act No.:  HEA0040

Chapter No.:       117

Prime Sponsor:     Joint Minerals, Business and Economic Development Interim Committee

Catch Title:       Successor Corporation Asbestos-Related Liability Act-2.

Summary/Major Elements:

● Under current law, there are not specific limitations on the potential liability of a corporation which purchases or merges with another corporation that may have asbestos related claims against it.

● This act limits liability for asbestos claims against successor corporations to the fair market value of the total gross assets of the transferor determined as of the time of the merger or at the time of an earlier merger or transfer, if the transferor had assumed or incurred successor asbestos-related liability in connection with that earlier transfer.

● This act provides guidelines for establishing and adjusting the fair market value of a successor corporation for purposes of asbestos-related liability.

● This act specifies that it shall not apply to workers compensation benefits, any claim that does not constitute a successor asbestos-related liability or any obligation under the National Labor Relations Act, among other claims.

● This act provides direction to Wyoming courts on construing the provisions of the act and provides applicability of the act to asbestos claims filed on or after July 1, 2011.