Terms Used In Indiana Code > Title 34 > Article 31 > Chapter 8 - Limited Liability Concerning Asbestos Related Claims

• asbestos claim: means any claim for damages, losses, indemnification, contribution, or other relief concerning asbestos, including:

  Indiana Code 34-31-8-1

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• corporation: means a corporation for profit, including a domestic corporation organized under Indiana law or a foreign corporation organized under the law of a jurisdiction other than Indiana. See Indiana Code 34-31-8-2
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• innocent successor corporation: means a corporation that:

  Indiana Code 34-31-8-3

• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• successor asbestos related liability: means any liability that is related to an asbestos claim that was assumed or incurred by a corporation as a result of:

  Indiana Code 34-31-8-4

• transferor corporation: means a corporation from which a successor asbestos related liability was assumed or incurred. See Indiana Code 34-31-8-5
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5