Georgia § 51-15-4 - Determination of liability and limitation on liability.
Full text of Georgia Official Code of Georgia Annotated § 51-15-4 — Determination of liability and limitation on liability., with citation guidance and answers to common questions.
§ 51-15-4. Determination of liability and limitation on liability.
Except as further limited in subsection (b) of this Code section, 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. If the transferor had assumed or incurred successor asbestos related liabilities in connection with a prior merger or consolidation with a prior transferor, the fair market value of the total assets of the prior transferor, determined as of the time of the earlier merger or consolidation, shall be substituted for the limitation set forth in subsection (a) of this Code section for the purpose of determining the limitation of liability of a corporation. (Code 1981, § 51-15-4 , enacted by Ga. L. 2007, p. 4, § 2/SB 182.)
Frequently Asked Questions About Georgia § 51-15-4
What does Official Code of Georgia Annotated § 51-15-4 cover?
Section 51-15-4 ("Determination of liability and limitation on liability.") is part of the Official Code of Georgia Annotated, the codified statutory law of Georgia. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Georgia § 51-15-4?
A common citation format is "Official Code of Georgia Annotated § 51-15-4" (Georgia). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Georgia law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Georgia official source linked on this page or consult a licensed Georgia attorney.
How does Georgia § 51-15-4 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Georgia can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Georgia.