Asbestos defendants who file for reorganization under the U.S. Bankruptcy Code and seek to establish a personal injury trust for the payment of claims may transfer their liability insurance recovery rights to the trust even if the insurance policies include provisions barring the transfer of such rights, the U.S. Court of Appeals for the Third Circuit has ruled in a precedential opinion.
Insurance Liabilities May Be Transferred to Trusts in Asbestos Claims
The Legal Intelligencer
May 3, 2012
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