(a) The limitations in § 29-34-504 shall apply to any successor corporation.
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Terms Used In Tennessee Code 29-34-503

  • 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.
(b) The limitations of § 29-34-504 shall not apply to:

(1) Workers’ compensation benefits paid by or on behalf of an employer to an employee under title 50, chapter 6, or a comparable workers’ compensation law of another jurisdiction;
(2) Any claim against a corporation that does not constitute a successor asbestos-related liability;
(3) Any obligation under the National Labor Relations Act, compiled in 29 U.S.C. § 151 et seq., as amended or under any collective bargaining agreement; or
(4) A successor that, after a merger or consolidation, continued in the business of mining asbestos or in the business of selling or distributing asbestos fibers or in the business of manufacturing, distributing, removing, or installing asbestos-containing products which were the same or substantially the same as those products previously manufactured, distributed, removed, or installed by the transferor.
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