Tools For Limiting Environmental Liability

Law360, New York (November 5, 2012, 3:11 PM EST) -- It is commonly known that federal and state Superfund laws impose no-fault cleanup liability on the current owners and operators of a site. The law provides defenses for “innocent” or “bona fide” purchasers, that is, those who made the appropriate inquiry before buying and didn’t identify a risk that contaminants had been released and did not contribute to the problem. The potential for these defenses has made Phase I and II environmental site assessments routine elements of due diligence in transactions involving real property.

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