Due Diligence
Managing Lender Liability: A Historical Overview and Practice Commentary for Moving Forward
CERCLA’s strict liability for environmental cleanup costs on owners or operators of contaminated sites contains limited defenses and exceptions. One such exception is the “safe harbor” that shields lenders from liability provided they do not undertake certain activities with respect to the site. But the applicability of this “safe harbor” is not altogether straightforward, and…
EPA Phases Out ASTM E1527-13 Standard for “All Appropriate Inquiries” Rule
The U.S. Environmental Protection Agency issued a final rule on December 15, 2022, allowing for the use of ASTM International’s E1527-21 standard for Phase I Environmental Site Assessments (ESAs) to satisfy the requirements of the All Appropriate Inquiries Rule (AAI Rule). The final rule will go into effect on February 13, 2023. The notice accompanying…
ASTM Publishes New Phase I Environmental Site Assessment Standard
In November 2021, ASTM International published the new Phase I environmental site assessment standard, denominated E1527-21, to replace to prior E1527-13 standard that has been in use for the past eight years. The new standard provides clarity and guidance on the best practices for preparing Phase I reports, which identify environmental conditions on properties…
Environmental Issues in Bankruptcy Sales
The economic distress ensuing from COVID-19 will likely result in more frequent sales of business assets and real estate under Section 363 of the Bankruptcy Code. Section 363 sales provide an expedited process to raise revenue and are designed to enable an asset purchaser to take assets “free and clear of any interest.” However, the…
National Flood Insurance Program Temporarily Reauthorized until December 21, 2018
In recent years, the unpredictability of the National Flood Insurance Program (“NFIP”), administered by the Federal Emergency Management Agency (“FEMA”) has given rise to increasing uncertainty and frustration for coastal and waterfront markets located within Special Flood Hazard Areas. The NFIP program, which provides flood insurance for approximately 5 million residential and commercial properties, requires…