Sec. 3. (a) As used in this chapter, "innocent successor corporation" means a corporation that:
(1) assumes;
(2) incurs;
(3) has assumed; or
(4) has incurred;
successor asbestos related liability and became a successor corporation due to a merger or consolidation with another corporation before January 1, 1972.
(b) The term includes a corporation into which an innocent successor corporation is at any time subsequently merged or consolidated.
(c) The term does not include a corporation that, after a merger, a consolidation, or the exercise of control or the ownership of stock of the corporation before the merger or consolidation, continues in the business of:
(1) mining asbestos;
(2) selling or distributing asbestos fibers; or
(3) manufacturing, distributing, removing, or installing asbestos containing products that are the same, or substantially the same, as those products previously manufactured, distributed, removed, or installed by the transferor corporation.
As added by P.L.134-2009, SEC.6.