149.003 – LIMITATIONS ON SUCCESSOR ASBESTOS-RELATED
Texas Civil Practice and Remedies Code § 149.003
Summary
This law limits the asbestos-related liabilities of a corporation that merges or consolidates with another. Specifically, the liability is capped at the fair market value of the transferor's total gross assets at the time of the merger, protecting the successor corporation from excess liabilities.
Liability capped at fair market value of transferor's assets.
Applies to corporations involved in mergers or consolidations.
Successor corporations are shielded from excess asbestos-related liabilities.
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In simple terms: Learn about Texas's LIMITATIONS ON SUCCESSOR ASBESTOS-RELATED law, including definitions, penalties, and legal implications.. This means people must follow this rule, and breaking it can lead to criminal penalties.
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