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2021 Utah Code
Title 78B - Judicial Code
Chapter 6 - Particular Proceedings
Part 20 - Asbestos Bankruptcy Trust Claims Transparency Act
Section 2002 - Legislative findings -- Purpose.
Universal Citation: UT Code § 78B-6-2002 (2021)
Effective 5/10/2016
78B-6-2002. Legislative findings -- Purpose.
Enacted by Chapter 385, 2016 General Session
78B-6-2002. Legislative findings -- Purpose.
- (1) The Legislature finds that:
- (a) approximately 100 employers have declared bankruptcy at least partially due to asbestos-related liability;
- (b) these bankruptcies have resulted in a search for more solvent companies by claimants, resulting in over 10,000 companies being named as asbestos defendants, including many small- and medium-sized companies, in industries that cover 85% of the United States economy;
- (c) scores of trusts have been established in asbestos-related bankruptcy proceedings to form a multi-billion dollar asbestos bankruptcy trust compensation system outside of the tort system, and new asbestos trusts continue to be formed;
- (d) asbestos claimants often seek compensation from solvent defendants in civil actions and trusts or claims facilities formed in asbestos-related bankruptcy proceedings;
- (e) there is limited coordination and transparency between these two paths to recovery, which has resulted in the suppression of evidence in asbestos actions and potential fraud; and
- (f) justice is promoted by transparency with respect to asbestos bankruptcy trust claims in civil asbestos actions.
- (2) This part is enacted to:
- (a) provide transparency with respect to asbestos bankruptcy trust claims in civil asbestos actions; and
- (b) reduce the opportunity for fraud or suppression of evidence in asbestos actions.
Enacted by Chapter 385, 2016 General Session
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