Vote Smart's Synopsis:

Vote to pass a bill that establishes the successor asbestos-related liabilities of a corporation for all asbestos claims filed on or after July 1, 2010.

Highlights:

-Defines "successor asbestos-related liabilities" as any liabilities assumed by a corporation as a result of a merger or consolidation that are related in any way to asbestos claims (Sec. 1). -Defines "transferor" as "the corporation from which successor asbestos-related liabilities…were assumed or incurred" (Sec. 1). -Limits the successor asbestos-related liabilities of a corporation to "the fair market value of the total gross assets of the transferor" at the time of the merger, and specifies that if the transferor assumed or incurred successor asbestos-related liabilities during a prior merger or consolidation, then the fair market value of the total gross assets of the prior transferor shall be substituted for the purposes of determining the limitation of liability of a corporation (Sec. 1). -Specifies that the limitations shall apply to a corporation that has assumed successor asbestos-related liabilities and assumed the liabilities prior to January 1, 1972, and to any successors of that corporation (Sec. 1). -Exempts the following from the limitations (Sec. 1):

-Worker's compensation benefits paid by or on behalf of an employer to an employee; -Any claim against a corporation that does not constitute a successor asbestos-related liability; and -Any obligation under the National Labor Relations Act or a collective bargaining agreement.

Full Bill Text