Tex. Civ. Prac. & Rem. Code § 149.005 · Chapter 149. LIMITATIONS IN CIVIL ACTIONS OF LIABILITIES RELATING TO CERTAIN MERGERS OR CONSOLIDATIONS
ADJUSTMENT.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Except as provided in Subsections (b), (c), and (d), the fair market value of total gross assets at the time of a merger or consolidation increases annually at a rate equal to the sum of:
(1) the prime rate as listed in the first edition of the Wall Street Journal published for each calendar year since the merger or consolidation; and
(2) one percent.
(b) The rate in Subsection (a) is not compounded.
(c) The adjustment of fair market value of total gross assets continues as provided under Subsection (a) until the date the adjusted value is exceeded by the cumulative amounts of successor asbestos-related liabilities paid or committed to be paid by or on behalf of the corporation or a predecessor, or by or on behalf of a transferor, after the time of the merger or consolidation for which the fair market value of total gross assets is determined.
(d) No adjustment of the fair market value of total gross assets shall be applied to any liability insurance otherwise included in the definition of total gross assets by Section 149.004(c).
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 7eec54e07de2a4b05bae80d61de3383e9247ff7da4d92d29ff2b34d8c734c098
- 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
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Civil Practice and Remedies Code
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.