S.Amdt. 2840
What it does: 3 changes: replaces text, inserts text, adds a section
Sen. John Ensign (R-NV)What it changes
3 changes to S.Amdt. 2746
Change 1: Rewrites page 298, lines 16–17
ReplacesRemoves page 298, lines 16–17.
Inserted: (A) the trust qualifies as a trust under section 201 of that Act; and
Inserted: (B) the trust does not file an election under section 410 of that Act.
Original wording
On page 298, strike lines 16 and 17, and insert the following:
Change 2: Inserts “or for electing to opt out under section 410 of the Fairness in Asbestos Injury Resolutio…” before the period
InsertsPage 301, line 24Inserted: or for electing to opt out under section 410 of the Fairness in Asbestos Injury Resolution Act of 2006
Original wording
On page 301, line 24, insert “or for electing to opt out under section 410 of the Fairness in Asbestos Injury Resolution Act of 2006 ” before the period.
Change 3: Adds SEC. 410. OPT-OUT RIGHTS OF CERTAIN TRUSTS AND EFFECT OF OPT-OUT on page 375, line 23
Adds a sectionInserted: SEC. 410. OPT-OUT RIGHTS OF CERTAIN TRUSTS AND EFFECT OF OPT-OUT.
Inserted: (a) Opt-Out Rights.--Any trust defined under section 201(8) that has been established or formed under a plan of reorganization under chapter 11 of title 11, United States Code, confirmed by a duly entered order or judgment of a court, which order or judgment is no longer subject to any appeal or judicial review on the date of enactment of this Act, may elect not to be covered by this Act by filing written notice of such election to the Administrator not later than 90 days after the date of enactment of this Act.
Inserted: (b) Effect of Opt-Out.--
Inserted: (1) In general.--Neither this Act nor any amendment made by this Act shall apply to--
Inserted: (A) any trust that makes an election under subsection (a); or
Inserted: (B) any claim or future demand that has been channeled to that trust.
Inserted: (2) Assets and other rights and claims.--A trust that makes an election under subsection (a) shall retain all of its assets. The contractual and other rights of a trust making an election under subsection (a) and claims against other persons (whether held directly or indirectly by others for the benefit of the trust), including the rights and claims of the trust against insurers, shall be preserved and not abrogated by this Act.
Original wording
On page 375, after line 23, insert the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 2840. Mr. ENSIGN submitted an amendment intended to be proposed to amendment SA 2746 proposed by Mr. Frist (for Mr. Specter (for himself and Mr. Leahy)) to the bill S. 852, to create a fair and efficient system to resolve claims of victims for bodily injury caused by asbestos exposure, and for other purposes; which was ordered to lie on the table; as follows:
On page 298, strike lines 16 and 17, and insert the following:
“(A) the trust qualifies as a trust under section 201 of that Act; and
“(B) the trust does not file an election under section 410 of that Act.”.
On page 301, line 24, insert “or for electing to opt out under section 410 of the Fairness in Asbestos Injury Resolution Act of 2006 ” before the period.
On page 375, after line 23, insert the following:
SEC. 410. OPT-OUT RIGHTS OF CERTAIN TRUSTS AND EFFECT OF OPT-OUT.
(a) Opt-Out Rights.--Any trust defined under section 201(8) that has been established or formed under a plan of reorganization under chapter 11 of title 11, United States Code, confirmed by a duly entered order or judgment of a court, which order or judgment is no longer subject to any appeal or judicial review on the date of enactment of this Act, may elect not to be covered by this Act by filing written notice of such election to the Administrator not later than 90 days after the date of enactment of this Act.
(b) Effect of Opt-Out.--
(1) In general.--Neither this Act nor any amendment made by this Act shall apply to--
(A) any trust that makes an election under subsection (a); or
(B) any claim or future demand that has been channeled to that trust.
(2) Assets and other rights and claims.--A trust that makes an election under subsection (a) shall retain all of its assets. The contractual and other rights of a trust making an election under subsection (a) and claims against other persons (whether held directly or indirectly by others for the benefit of the trust), including the rights and claims of the trust against insurers, shall be preserved and not abrogated by this Act.
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Senate amendment submitted
February 14, 2006