North Dakota Code 32-46-02 – Applicability
Current as of: 2023 | Check for updates
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1. The limitations in section 32-46-03 apply to an innocent successor corporation.
Terms Used In North Dakota Code 32-46-02
- 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.
- 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.
2. The limitations of section 32-46-03 do not apply to:
a. Workers’ compensation benefits paid by or on behalf of an employer to an employee under the provisions of title 65, or a comparable workers’ compensation law of another jurisdiction; b. A claim against a corporation that does not constitute a successor asbestos-related liability; or
c. An obligation under the National Labor Relations Act [29 U.S.C. § 151 et seq.], or under a collective bargaining agreement.