VA HB629 | 2010 | Regular Session
Status
Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on January 12 2010 - 25% progression, died in chamber
Action: 2010-03-08 - Senate: Passed by indefinitely in Commerce and Labor (13-Y 2-N)
Text: Latest bill text (Prefiled) [HTML]
Status: Introduced on January 12 2010 - 25% progression, died in chamber
Action: 2010-03-08 - Senate: Passed by indefinitely in Commerce and Labor (13-Y 2-N)
Text: Latest bill text (Prefiled) [HTML]
Summary
Successor corporations; asbestos-related liability. Limits the cumulative successor asbestos-related liabilities of a corporation to the fair market value of the total gross assets of the transferor determined as of the effective date and time of the merger or consolidation, and states that the corporation is not responsible for successor asbestos-related liabilities in excess of this limit, as the limit may be adjusted. The limitation does not apply to workers' compensation benefits, claims not constituting successor asbestos-related liability, or obligations under the National Labor Relations Act or collective bargaining agreements. Further, the limitation applies only to a corporation that assumed or incurred certain asbestos-related liabilities prior to January 1, 1972, and to any successors of that corporation. A corporation may establish the fair market value of total gross assets by reference to the going-concern value of the assets or to the purchase price attributable to or paid for the assets in an arm's-length transaction, by reference to the value of the assets recorded on a balance sheet if there is no other readily available information from which fair market value can be determined, or any other method reasonable under the circumstances. The limitation applies to all asbestos claims filed on or after July 1, 2010.
Title
Successor corporations; applicability of limitations on asbestos-related liabilities.
Sponsors
Roll Calls
2010-03-08 - Senate - Senate: Passed by indefinitely in Commerce and Labor (13-Y 2-N) (Y: 13 N: 2 NV: 0 Abs: 0) [PASS]
2010-02-09 - House - House: VOTE: --- PASSAGE #2 (49-Y 48-N) (Y: 51 N: 48 NV: 2 Abs: 0) [PASS]
2010-02-09 - House - House: VOTE: --- RECONSIDER (54-Y 43-N) (Y: 56 N: 43 NV: 2 Abs: 0) [PASS]
2010-02-09 - House - House: VOTE: --- DEFEATED (49-Y 49-N) (Y: 51 N: 49 NV: 1 Abs: 0) [PASS]
2010-02-08 - House - House: VOTE: --- ENGROSSMENT (50-Y 43-N) (Y: 52 N: 43 NV: 6 Abs: 0) [PASS]
2010-02-02 - House - House: Reported from Commerce and Labor (11-Y 9-N) (Y: 11 N: 9 NV: 2 Abs: 0) [FAIL]
2010-02-09 - House - House: VOTE: --- PASSAGE #2 (49-Y 48-N) (Y: 51 N: 48 NV: 2 Abs: 0) [PASS]
2010-02-09 - House - House: VOTE: --- RECONSIDER (54-Y 43-N) (Y: 56 N: 43 NV: 2 Abs: 0) [PASS]
2010-02-09 - House - House: VOTE: --- DEFEATED (49-Y 49-N) (Y: 51 N: 49 NV: 1 Abs: 0) [PASS]
2010-02-08 - House - House: VOTE: --- ENGROSSMENT (50-Y 43-N) (Y: 52 N: 43 NV: 6 Abs: 0) [PASS]
2010-02-02 - House - House: Reported from Commerce and Labor (11-Y 9-N) (Y: 11 N: 9 NV: 2 Abs: 0) [FAIL]
History
| Date | Chamber | Action |
|---|---|---|
| 2010-03-08 | Senate: Passed by indefinitely in Commerce and Labor (13-Y 2-N) | |
| 2010-02-10 | Senate: Referred to Committee on Commerce and Labor | |
| 2010-02-10 | Senate: Constitutional reading dispensed | |
| 2010-02-09 | House: VOTE: --- PASSAGE #2 (49-Y 48-N) | |
| 2010-02-09 | House: Passed House (49-Y 48-N) | |
| 2010-02-09 | House: VOTE: --- RECONSIDER (54-Y 43-N) | |
| 2010-02-09 | House: Reconsideration of defeated action agreed to by House (54-Y 43-N) | |
| 2010-02-09 | House: VOTE: --- DEFEATED (49-Y 49-N) | |
| 2010-02-09 | House: Read third time and defeated by House (49-Y 49-N) | |
| 2010-02-08 | House: VOTE: --- ENGROSSMENT (50-Y 43-N) | |
| 2010-02-08 | House: Read second time and engrossed (50-Y 43-N) | |
| 2010-02-04 | House: Read first time | |
| 2010-02-02 | House: Reported from Commerce and Labor (11-Y 9-N) | |
| 2010-01-12 | House: Referred to Committee on Commerce and Labor | |
| 2010-01-12 | House: Prefiled and ordered printed; offered 01/13/10 10100988D |
