Oklahoma § 76-106 - Establishing fair market value of total gross assets

§ 76-106. Establishing fair market value of total gross assets

ESTABLISHING FAIR MARKET VALUE OF TOTAL GROSS ASSETS. A. An

innocent successor corporation may establish the fair market value

of total gross assets for the purpose of the limitations under

Section 5 of this act through any method reasonable under the

circumstances, including:

1. By reference to the going concern value of the assets or to

the purchase price attributable to or paid for the assets in an

arm's-length transaction; or

2. In the absence of other readily available information from

which fair market value can be determined, by reference to the value

of the assets recorded on a balance sheet.

B. Total gross assets include intangible assets.

Oklahoma Statutes - Title 76. Torts

C. To the extent total gross assets include any liability

insurance issued to the transferor whose assets are being valued for

the purposes of this section, the applicability, terms, conditions,

and limits of such insurance shall not be affected by this act, nor

shall the Innocent Successor Asbestos-Related Liability Fairness Act

otherwise affect the rights and obligations of a transferor,

successor, or insurer under any insurance contract and/or any

related agreements, including, without limitation, rights and

obligations under preenactment settlements between a transferor or

successor and its insurers resolving liability insurance coverage,

and the rights of an insurer to seek payment for applicable

deductibles, retrospective premiums or self-insured retentions or to

seek contribution from a successor for uninsured or self-insured

periods or periods where insurance is uncollectible or otherwise

unavailable. Without limiting the foregoing, to the extent total

gross assets include any such liability insurance, a settlement of a

dispute concerning any such liability insurance coverage entered

into by a transferor or successor with the insurers of the

transferor before the effective date of the Innocent Successor

Asbestos-Related Liability Fairness Act shall be determinative of

the total coverage of such liability insurance to be included in the

calculation of the transferor's total gross assets.

Added by Laws 2013, 1st Ex.Sess., c. 22, § 6, emerg. eff. Sept. 10,

2013.

NOTE: Text formerly resided under repealed Title 76, § 76, which

was derived from Laws 2009, c. 228, § 70, which was held

unconstitutional by the Oklahoma Supreme Court in the case of

Douglas v. Cox Retirement Properties, Inc., 2013 OK 37, 302 P.2d 789

(Okla. 2013).