Terms Used In Utah Code > Title 78B > Chapter 4 > Part 6 - Successor Corporation Asbestos-Related Liability Act

• Asbestos claim: means a claim, wherever or whenever made, for damages, losses, indemnification, contribution, or other relief arising out of, based on, or in any way related to asbestos, including:
       (1)(a) the health effects of exposure to asbestos, including a claim for:

            (1)(a)(i) personal injury or death;

            (1)(a)(ii) mental or emotional injury;

            (1)(a)(iii) risk of disease or other injury; or

            (1)(a)(iv) the costs of medical monitoring or surveillance;
       (1)(b) a claim made by or on behalf of a person exposed to asbestos, or a representative, spouse, parent, child, or other relative of the person; and
       (1)(c) a claim for damage or loss caused by the installation, presence, or removal of asbestos. See Utah Code 78B-4-602
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• 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.
• Corporation: means a corporation for profit, including a domestic corporation organized under the laws of this state or a foreign corporation organized under laws other than this state. See Utah Code 78B-4-602
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• 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.
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• 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.
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• 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
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.