To amend the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to limit the liability under that Act of lending institutions acquiring facilities through foreclosure or similar means and corporate fiduciaries administering estates or trusts.

Summary

Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to provide that the definition of "owner or operator" (for purposes of liability) does not include: (1) a designated lending institution which acquires control of a facility pursuant to the terms of a security interest held by the person in such facility or in connection with a lease subject to Federal or State banking authorities; (2) a corporate fiduciary which operates or has legal title to a facility pursuant to the terms of an estate or trust; (3) an individual or institution that serves as an indenture trustee and acquires control of a facility as the result of default on a financing document between the trustee and the issuing entity; and (4) an individual fiduciary who has legal title to a facility for purposes of administering an estate or trust.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 4 April 1990

  Open at official source

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