Terms Used In West Virginia Code 55-7I-4

• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• 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) A domestic corporation organized under the laws of this state. See West Virginia Code 55-7I-2

• 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.
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• Successor: means a corporation that assumes or incurs, or has assumed or incurred, successor asbestos-related liabilities. See West Virginia Code 55-7I-2
• Successor asbestos-related liabilities: means any liabilities, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated, or due or to become due, that are related in any way to asbestos claims that were assumed or incurred by a corporation as a result of or in connection with a merger or consolidation, or the plan of merger or consolidation related to the merger or consolidation, with or into another corporation or that are related in any way to asbestos claims based on the exercise of control or the ownership of stock of the corporation before the merger or consolidation. See West Virginia Code 55-7I-2
• Transferor: means a corporation from which successor asbestos-related liabilities are or were assumed or incurred. See West Virginia Code 55-7I-2