Ark. Code § 16-120-602

Current with legislation from 2024 effective through May 3, 2024.

Section 16-120-602 - Legislative findings

The General Assembly finds that:

(1) Asbestos-related claims threaten the continued viability of uniquely situated companies that have never manufactured, sold, or distributed asbestos or asbestos products and are liable only as successor corporations;

(2) The viability of these businesses is threatened due solely to their status as successor corporations by merger or consolidation based on actions taken prior to the 1972 adoption of asbestos regulations by the United States Occupational Safety and Health Administration;

(3) Over twenty (20) other states have enacted legislation similar to this subchapter to provide limits on successor asbestos-related liabilities for innocent successors; and

(4) The public interest as a whole is best served by limiting the successor asbestos-related liabilities of innocent successors so that they may remain viable.

Ark. Code § 16-120-602

Added by Act 2015, No. 1241,§ 1, eff. 1/1/2020.