Section 34A-15-5 - Conditions of limitations--Efforts to resell property.
34A-15-5. Conditions of limitations--Efforts to resell property. No lender-owner or representative may, by virtue of becoming the owner of real or personal property, be liable for any third-party liability arising from contamination or pollution emanating from the property during the period of ownership so long as, and to the extent that:
(1) The lender-owner or representative does not knowingly cause new contamination or pollution or does not knowingly allow others to cause new contamination or pollution;
(2) The lender-owner has caused an environmental professional to conduct a visual inspection of the property and a record search of the recorded chain of title documents regarding the real property for the prior fifty years to determine the presence and condition of hazardous wastes or substances, obvious contamination, or pollution; and
(3) The lender-owner found by the enforcing agency to be in noncompliance with federal or state laws, takes steps to assure compliance with applicable laws.
This section applies to a lender-owner or representative as long as he makes reasonable efforts to resell the property.
Source: SL 1992, ch 261, § 5.