Oklahoma – SB 15a creates the Innocent Successor Asbestos-Related Liability Fairness Act

September 16, 2013

Senate Bill 15a (Chapter 22) signed by the governor and effective September 10 creates the Innocent Successor Asbestos-Related Liability Fairness Act to protect successor companies that have purchased companies with an earlier asbestos exposure. The cumulative successor asbestos-related liabilities of an innocent successor corporation are limited to the fair market value of the total gross assets of the transferor at the time of the merger or consolidation.  The bill text can be accessed at http://webserver1.lsb.state.ok.us/cf_pdf/2013-14%20ENR/SB/SB15X%20ENR.PDF