2002-05-06                     Senate Journal                      Page 3180
HB 499                                                                                            
The Labor and Commerce Committee considered 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                           

2002-05-06                     Senate Journal                      Page 3181
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." Signing no recommendation: Senator                                 
Stevens, Chair, Senators Austerman, Davis, Torgerson.                                               
                                                                                                    
The following previously published fiscal information applies:                                      
 Fiscal Note No. 1, zero, Department of Community and Economic                                      
  Development                                                                                       
                                                                                                    
The bill was referred to the Judiciary Committee.