Terms Used In Utah Code 78B-4-603

• 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.
• 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.
• Successor: means a corporation that:
       (3)(a)

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

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

            (3)(a)(iii) became a successor before January 1, 1972; or
       (3)(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