Legislature(2001 - 2002)

2002-06-21 House Journal

Full Journal pdf

2002-06-21                     House Journal                      Page 3950
HB 499                                                                                            
The following was enrolled, signed by the Speaker and Chief Clerk,                                  
President and Secretary of the Senate, and the engrossed and enrolled                               
copies were transmitted to the Office of the Governor at 3:30 p.m.,                                 
June 4, 2002:                                                                                       
     CS FOR HOUSE BILL NO. 499(JUD)                                                                 
     "An Act declaring legislative intent to reject the continuity of                               
     enterprise exception to the doctrine of successor liability adopted                            
     in Savage Arms, Inc. v. Western Auto Supply, 18 P.3d 49 (Alaska                                
     2001) as it relates to products liability; providing that a successor                          
     corporation or other business entity that acquires assets of a                                 
     predecessor corporation or other business entity is subject to                                 
     liability for harm to persons or property caused by a defective                                
     product sold or otherwise distributed commercially by the                                      
     predecessor only if the acquisition is accompanied by an                                       
     agreement for the successor to assume the liability, results from a                            
     fraudulent conveyance to escape liability for the debts or liabilities                         
     of the predecessor, constitutes a consolidation or merger with the                             
     predecessor, or results in the successor's becoming a continuation                             
     of the predecessor; defining 'business entity' that acquires assets to                         
     include a sole proprietorship; and applying this Act to the sale,                              
     lease, exchange, or other disposition of assets by a corporation, a                            
     limited liability company, a partnership, a limited liability                                  
     partnership, a limited partnership, a sole proprietorship, or other                            
     business entity that occurs before, on, or after the effective date of                         
     this Act."