2002-04-30                     Senate Journal                      Page 3037
HB 499                                                                                            
CS FOR HOUSE BILL NO. 499(JUD) BY THE HOUSE                                                         
JUDICIARY COMMITTEE, entitled:                                                                      
                                                                                                    
      "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."                                  
                                                                                                    
was read the first time and referred to the Labor and Commerce and                                  
Judiciary Committees.