The following words and phrases when used in this subchapter shall have the meanings given to them in this section unless the context clearly indicates otherwise:

"Asbestos claim." A claim, wherever or whenever made, for damages, losses, indemnification, contribution or other relief arising out of, based on or in any way related to asbestos, including property damage caused by the installation, presence or removal of asbestos, the health effects of exposure to asbestos, including a claim for personal injury, death, mental or emotional injury, risk of disease or other injury or the costs of medical monitoring or surveillance. The term includes a claim made by or on behalf of any person exposed to asbestos or a representative, spouse, parent, child or other relative of that individual.

"Asbestos-related liability." Any liability, whether known or unknown, asserted or unasserted, absolute or contingent, accrued or unaccrued, liquidated or unliquidated or due or to become due or related in any way to an asbestos claim.

"Business entity." A for-profit corporation, limited liability company, partnership, limited liability partnership or Subchapter S corporation formed or organized under the laws of this Commonwealth or another jurisdiction.

"Successor asbestos-related liability." Any asbestos-related liability that was assumed or incurred by a business entity as a result or in connection with a merger or consolidation, or a plan of merger or consolidation related thereto, with or into another business entity formed or organized under the laws of this Commonwealth or another jurisdiction or which are related in any way to asbestos claims based on the exercise of control or the ownership of stock of the business entity prior to the merger or consolidation. The term shall include liabilities which, after the time of the merger or consolidation with a transferor for which the fair market value of the total gross assets of the successor business entity are determined under section 8368.4 (relating to fair market value), were paid, committed to be paid or discharged by or on behalf of the business entity, successor business entity or transferor in connection with a settlement, judgment or discharge in this Commonwealth or another jurisdiction.

"Successor business entity." Any of the following:

(1) A business entity that has merged or consolidated with a transferor prior to January 1, 1972, and that has assumed or incurred successor asbestos-related liabilities.

(2) A business entity that is a successor of a business entity that has merged or consolidated with a transferor prior to January 1, 1972, and that has assumed or incurred successor asbestos-related liabilities.

"Transferor." A business entity from which successor asbestos-related liabilities are or were assumed or incurred.