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Product liability, environmental clean-up, employment law and criminal law are some of the areas in which successor liability may enter into play. [4] Thus, it is an important component of the legal system that supports the structural change needed in dynamic business sectors while also protecting individual and societal interests.
The UATRA is meant to be a successor to the Uniform Comparative Fault Act as a way to apportion liability in negligence cases. The UATRA was designed to overcome the low popularity of the Uniform Comparative Fault Act by modifying the usage of joint and several liability among multiple tortfeasors. [1]
The goal of the uniform law is to standardize the law of trusts to a greater extent, given their increased use as a substitute for the "last will and testament" as the primary estate planning mechanism for the affluent. [3] Despite the uniform law, however, differences remain, as states still harbor rich differences in fiduciary law. Each state ...
The 2016 study of comparative corporate liability systems shows that successor liability is, in quite a few countries, an under-scrutinised area of law — in some jurisdictions, it may be the case that even cosmetic organisational changes can, from a corporate liability perspective, ‘wipe the slate clean.’ [1]
The Uniform Partnership Act (UPA), which includes revisions that are sometimes called the Revised Uniform Partnership Act (RUPA), is a uniform act (similar to a model statute), proposed by the National Conference of Commissioners on Uniform State Laws ("NCCUSL") for the governance of business partnerships by U.S. States. Several versions of UPA ...
In the case of a merger, the surviving organization is the legal successor to the others in respect to liability. [1] In the case of dissolution without assigning a legal successor, the funds and assets of the dissolved entity may be granted to other entities. The latter entities are not legal successors, but simply as grantees of the mentioned ...
The phrase refers to the lowest amount of liability car insurance coverage that drivers must carry according to state laws. You may have seen numbers listed on your policy, such as 30/60/15.
The de facto merger doctrine states that courts will look to substance over form when determining whether statutory merger law applies to a company's shareholders.Thus, where an asset acquisition leads to the same result as a statutory merger, these jurisdictions demand that shareholders are given the same rights as in the statutory merger.