Utah Code 78B-4-602. Definitions

As used in this part:

(1)

“Asbestos claim” means a claim, wherever or whenever made, for damages, losses, indemnification, contribution, or other relief arising out of, based on, or in any way related to asbestos, including:

Terms Used In Utah Code 78B-4-602

Asbestos claim: means a claim, wherever or whenever made, for damages, losses, indemnification, contribution, or other relief arising out of, based on, or in any way related to asbestos, including:

(a)

the health effects of exposure to asbestos, including a claim for:

(i)	personal injury or death;

(ii)	mental or emotional injury;

(iii)

risk of disease or other injury; or

(iv)	the costs of medical monitoring or surveillance;

(b)	a claim made by or on behalf of a person exposed to asbestos, or a representative, spouse, parent, child, or other relative of the person; and

(c)

a claim for damage or loss caused by the installation, presence, or removal of asbestos. See Utah Code 78B-4-602

Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.

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 the laws of this state or a foreign corporation organized under laws other than this state. See Utah Code 78B-4-602

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}

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.

Person: means :Utah Code 68-3-12.5

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.

State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5

Successor: means a corporation that:

(a)

(i)	assumes or incurs or has assumed or incurred successor asbestos-related liability;

(ii)	is the successor corporation after a merger or consolidation; and

(iii)

became a successor before January 1, 1972; or

(b)

is a successor corporation of a corporation described in Subsection (3)(a). See Utah Code 78B-4-602

Successor asbestos-related liability: includes liability that, after the time of the merger or consolidation for which the fair market value of total gross assets is determined under Section 78B-4-605, was or is paid or otherwise discharged, or committed to be paid or otherwise discharged, by or on behalf of the corporation, or by a successor of the corporation, or by or on behalf of a transferor, in connection with a settlement, judgment, or other discharge in this state or another jurisdiction. See Utah Code 78B-4-602

Transferor: means a corporation from which successor asbestos-related liability is or was assumed or incurred. See Utah Code 78B-4-602

(a)

the health effects of exposure to asbestos, including a claim for:

(i)	personal injury or death;

(ii)	mental or emotional injury;

(iii)

risk of disease or other injury; or

(iv)	the costs of medical monitoring or surveillance;

(b)	a claim made by or on behalf of a person exposed to asbestos, or a representative, spouse, parent, child, or other relative of the person; and

(c)	a claim for damage or loss caused by the installation, presence, or removal of asbestos.

(2)	“Corporation” means a corporation for profit, including a domestic corporation organized under the laws of this state or a foreign corporation organized under laws other than this state.

(3)

“Successor” means a corporation that:

(a)

(i)	assumes or incurs or has assumed or incurred successor asbestos-related liability;

(ii)	is the successor corporation after a merger or consolidation; and

(iii)

became a successor before January 1, 1972; or

(b)	is a successor corporation of a corporation described in Subsection (3)(a).

(4)

(a)

“Successor asbestos-related liability” means liability:

(i)	whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, or due or to become due;

(ii)	that is related in any way to an asbestos claim; and

(iii)

(A)	is assumed or incurred by a corporation as a result of or in connection with a merger or consolidation, or the plan of merger or consolidation related to the merger or consolidation with or into another corporation; or

(B)	that is related in any way to an asbestos claim based on the exercise of control or the ownership of stock of the corporation before the merger or consolidation.

(b)

“Successor asbestos-related liability” includes liability that, after the time of the merger or consolidation for which the fair market value of total gross assets is determined under Section 78B-4-605, was or is paid or otherwise discharged, or committed to be paid or otherwise discharged, by or on behalf of the corporation, or by a successor of the corporation, or by or on behalf of a transferor, in connection with a settlement, judgment, or other discharge in this state or another jurisdiction.

(5)	“Transferor” means a corporation from which successor asbestos-related liability is or was assumed or incurred.

Enacted by Chapter 237, 2012 General Session

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