Pennsylvania — Statute

8368.5 – Adjustment Of Fair Market Value | Pennsylvania Law

Learn about Pennsylvania's law on annual fair market value adjustments for assets, including rate calculations and exceptions, especially for asbestos liabilities.

Legal Content

Pennsylvania State Law

8368.5 – Adjustment Of Fair Market Value

Pennsylvania Title 42 - Judiciary and Judicial Procedure § 8368.5

Summary

Pennsylvania's Section 8368.5 outlines how the fair market value of a transferor's total gross assets increases annually, with specific exceptions. The adjustment is based on the prime rate plus 1%, and the process stops upon settlement or when cumulative payments exceed the adjusted value. Notably, liabilities related to insurance are excluded from these adjustments.

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Explain Like I'm 5

In simple terms: Learn about Pennsylvania's law on annual fair market value adjustments for assets, including rate calculations and exceptions, especially for asbestos liabilities.. This means people must follow this rule, and breaking it can lead to criminal penalties.