(a) Limitation.--Except as provided under subsection (c), the cumulative successor asbestos-related liability of a successor business entity shall be limited to the fair market value of the total gross assets of the transferor as of the time of the merger or consolidation with the successor business entity.

(b) Responsibility.--A successor business entity shall have no responsibility for successor asbestos-related liabilities in excess of the limitation under subsection (a).

(c) Exception.--If a transferor assumed or incurred successor asbestos-related liability in connection with a prior merger or consolidation with a prior transferor, the fair market value of the total assets of the prior transferor as of the time of the prior merger or consolidation shall be substituted for the limitation under subsection (a) for purposes of determining the liability of the successor business entity.