To amend the Comprehensive Environmental Response, Compensation, and Liability Act and the Solid Waste Disposal Act to limit the liabilities under these Acts of both fiduciaries and lending institutions, including finance lessors, guarantors, and others directly or indirectly holding indicia of ownership primarily to protect a security interest in property which is subject to either Act.

Summary

Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to exclude from the definition of "owner or operator," for purposes of limiting liability for releases of hazardous substances, a person who, without participating in the management of a vessel or facility, holds indicia of ownership primarily to protect a security interest in such vessel or facility. Defines "indicia of ownership" as an interest in property acquired: (1) for securing payment of a loan or indebtedness or the performance of an obligation; (2) evidencing ownership under a lease financing transaction where the lessor does not initially select or ordinarily control the daily operation or maintenance of the property; or (3) in the course of protecting a security interest or right of reimbursement or subrogation under a guaranty. Makes liable for any release or threatened release of a hazardous substance attributable to their activities: (1) a holder of a security interest who takes certain actions concerning transfer, protection, or abandonment of property; and (2) a fiduciary or trustee who acquires ownership or control of a property. Makes conforming amendments to the Solid Waste Disposal Act.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 June 1993

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• Introduced in House (PDF)

  Introduced in House · EN · 18 June 1993

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• Introduced in House

  summary · EN · 18 June 1993

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