Establishes a 12-year statute of repose for products with a useful life of 10 years or less, unless the product is specifically warranted a useful life longer than 12 years. Establishes a 20-year statute of repose for airplanes or vessels in commercial activity, unless the manufacturer specifically warranted a useful life longer than 20 years. The reform does not apply to cases involving improvements to real property including elevators and escalators, cases involving a latent injury, and cases where the manufacturer, acting though its officers, directors or managing agents, took affirmative steps to conceal a known defect in the product.
