North Dakota § 32-46-05 - Adjustment
Full text of North Dakota North Dakota Century Code § 32-46-05 — Adjustment, with citation guidance and answers to common questions.
§ 32-46-05. Adjustment
1. Except as provided in subsections 2 through 4, the fair market value of total gross assets at the time of the merger or consolidation increases annually at a rate equal to the sum of: a. The prime rate as listed in the first edition of the Wall Street Journal published for each calendar year since the merger or consolidation, unless the prime rate is not published in that edition of the Wall Street Journal, in which case any reasonable determination of the prime rate on the first day of the year may be used; and b. One percent. 2. The rate found in subsection 1 may not be compounded. 3. The adjustment of the fair market value of total gross assets continues as provided in subsection 1 until the date the adjusted value is first exceeded by the cumulative amounts of successor asbestos-related liabilities paid or committed to be paid by or on behalf of the innocent successor 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. 4. An adjustment of the fair market value of total gross assets may not be applied to any liability insurance that may be included in the definition of total gross assets by subsection 3 of section 32-46-04.
Frequently Asked Questions About North Dakota § 32-46-05
What does North Dakota Century Code § 32-46-05 cover?
Section 32-46-05 ("Adjustment") is part of the North Dakota Century Code, the codified statutory law of North Dakota. 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 North Dakota § 32-46-05?
A common citation format is "North Dakota Century Code § 32-46-05" (North Dakota). 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 North Dakota law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the North Dakota official source linked on this page or consult a licensed North Dakota attorney.
How does North Dakota § 32-46-05 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in North Dakota 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 North Dakota.