Pennsylvania § 8368.3 - Liability.
Full text of Pennsylvania Pennsylvania Consolidated Statutes § 8368.3 — Liability., with citation guidance and answers to common questions.
§ 8368.3. Liability.
(a) Limitation.--Except as provided under subsection (c), the cumulative successor asbestos-related liability of a successor business entity shall be limited to the fair market value of the total gross assets of the transferor as of the time of the merger or consolidation with the successor business entity.
(b) Responsibility.--A successor business entity shall have no responsibility for successor asbestos-related liabilities in excess of the limitation under subsection (a).
(c) Exception.--If a transferor assumed or incurred successor asbestos-related liability in connection with a prior merger or consolidation with a prior transferor, the fair market value of the total assets of the prior transferor as of the time of the prior merger or consolidation shall be substituted for the limitation under subsection (a) for purposes of determining the liability of the successor business entity.
Cross References. Section 8368.3 is referred to in section 8368.5 of this title.
Frequently Asked Questions About Pennsylvania § 8368.3
What does Pennsylvania Consolidated Statutes § 8368.3 cover?
Section 8368.3 ("Liability.") is part of the Pennsylvania Consolidated Statutes, the codified statutory law of Pennsylvania. 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 Pennsylvania § 8368.3?
A common citation format is "Pennsylvania Consolidated Statutes § 8368.3" (Pennsylvania). 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 Pennsylvania law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Pennsylvania official source linked on this page or consult a licensed Pennsylvania attorney.
How does Pennsylvania § 8368.3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Pennsylvania 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 Pennsylvania.