2002-05-11                     Senate Journal                      Page 3340
HB 499                                                                                            
The Judiciary 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 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 Taylor, Chair, Senator Ellis. Signing do                                 
pass: Senator Cowdery.                                                                              
                                                                                                    
The following previously published fiscal information applies:                                      
 Fiscal Note No. 1, zero, Department of Community and Economic                                      
  Development                                                                                       
                                                                                                    
The bill was referred to the Rules Committee.