Illinois General Assembly - Bill Status for SB3056
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 Bill Status of SB3056  94th General Assembly


Short Description:  SUCCESSOR ASBESTOS-RELATED ACT

Senate Sponsors
Sen. Rickey R. Hendon - Kirk W. Dillard, Dave Syverson and Pamela J. Althoff

Last Action
DateChamber Action
  1/9/2007SenateSession Sine Die

Statutes Amended In Order of Appearance
New Act


Synopsis As Introduced
Creates the Successor Asbestos-Related Liability Fairness Act. Limits the cumulative successor asbestos-related liabilities of a corporation to the fair market value of the total gross assets of the transferor determined as of the time of the merger or consolidation. Provides that a corporation is not responsible for successor asbestos-related liabilities in excess of that limitation. Provides guidelines for establishing the fair market value of the total gross assets for the purpose of the liability limitation.

Senate Committee Amendment No. 1
Replaces everything after the enacting clause. Creates the Successor Asbestos-Related Liability Fairness Act. Contains a short title only.

Actions 
DateChamber Action
  1/20/2006SenateFiled with Secretary by Sen. Rickey R. Hendon
  1/20/2006SenateChief Co-Sponsor Sen. Kirk W. Dillard
  1/20/2006SenateFirst Reading
  1/20/2006SenateReferred to Rules
  2/1/2006SenateAssigned to Commerce & Economic Development
  2/1/2006SenateAdded as Co-Sponsor Sen. Dave Syverson
  2/2/2006SenateAdded as Co-Sponsor Sen. Pamela J. Althoff
  2/14/2006SenateSenate Committee Amendment No. 1 Filed with Secretary by Sen. Rickey R. Hendon
  2/14/2006SenateSenate Committee Amendment No. 1 Referred to Rules
  2/15/2006SenateSenate Committee Amendment No. 1 Rules Refers to Commerce & Economic Development
  2/16/2006SenateSenate Committee Amendment No. 1 Adopted
  2/16/2006SenateDo Pass as Amended Commerce & Economic Development; 009-000-000
  2/16/2006SenatePlaced on Calendar Order of 2nd Reading February 22, 2006
  2/27/2006SenateSecond Reading
  2/27/2006SenatePlaced on Calendar Order of 3rd Reading February 28, 2006
  3/2/2006SenateRule 2-10 Third Reading Deadline Extended to January 9, 2007
  6/4/2006SenatePursuant to Senate Rule 3-9(b) / Referred to Rules
  1/9/2007SenateSession Sine Die

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