Tex. Civ. Prac. & Rem. Code § 149.003 · Chapter 149. LIMITATIONS IN CIVIL ACTIONS OF LIABILITIES RELATING TO CERTAIN MERGERS OR CONSOLIDATIONS
LIMITATIONS ON SUCCESSOR ASBESTOS-RELATED LIABILITIES.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Except as further limited in Subsection (b), the cumulative successor asbestos-related liabilities of a corporation are limited to the fair market value of the total gross assets of the transferor determined as of the time of the merger or consolidation. The corporation does not have any responsibility for successor asbestos-related liabilities in excess of this limitation.
(b) If the transferor had assumed or incurred successor asbestos-related liabilities in connection with a prior merger or consolidation with a prior transferor, then the fair market value of the total assets of the prior transferor, determined as of the time of such earlier merger or consolidation, shall be substituted for the limitation set forth in Subsection (a) for purposes of determining the limitation of liability of a corporation.
Notes and commentary — not statutory text
History
Added by Acts 2003, 78th Leg., ch. 204, Sec. 17.01, eff. June 11, 2003.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/CP/htm/CP.149.htm
- Text hash
- sha256 e74ea21183b6ca005613b85abc8e802901fa169057ecded02acfc18da4b15bc1
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
Cited by 2 provisions
Provisions in this library whose text cites Tex. Civ. Prac. & Rem. Code § 149.003. Each shows the citation as that text prints it.
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