Utah Code 78B-4-606. Adjustment
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(1) Subject to Subsections (2) through (4) , the fair market value of total gross assets at the time of the merger or consolidation shall increase annually at a rate equal to the sum of:
Terms Used In Utah Code 78B-4-606
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- 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
(1)(a) the prime rate as listed in the first edition of the Wall Street Journal published for each calendar year since the merger or consolidation, unless the prime rate is not published in that edition of the Wall Street Journal, in which case any reasonable determination of the prime rate on the first day of the calendar year may be used; and(1)(b) 1%. - 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
(2) The rate found in Subsection (1) may not be compounded.
(3) The adjustment of the fair market value of total gross assets shall continue as provided in Subsection (1) until the date the adjusted value is first exceeded by the cumulative amounts of successor asbestos-related liability paid or committed to be paid by or on behalf of the successor corporation or a predecessor or by or on behalf of a transferor after the time of the merger or consolidation for which the fair market value of total gross assets is determined.
(4) An adjustment of the fair market value of total gross assets may not be applied to any liability insurance that may be included in the definition of total gross assets by Subsection 78B-4-605(3) .