Environmental cleanup liability in real estate transactions: are you at risk?

Article Abstract:

The emphasis on environmental concerns and legislation has exposed real estate buyers and lenders to new risks. This has caused buyers and lenders to conduct environmental due-diligence investigations to minimize these risks and avoid cleanup liability. However, due diligence does not guarantee the total elimination of environmental risks. Meanwhile, the Superfund Amendments and Reauthorization Acts and EPA policies require the checking of government records to establish the environmental condition of sites.

REAL ESTATE, Management, Real estate industry, Environmental aspects

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Understanding and avoiding personal liability for environmental violations

Article Abstract:

Corporate officers can be held criminally liable for environmental offenses under the responsible corporate officer doctrine if they do not exercise their capacity to prevent or rectify breaches of environmental law. Although more stringent enforcement of these laws and regulations has led to an increase in prosecution and conviction of juristic persons since the EPA's inception in 1970, officers can avoid personal liability through knowledge of the criminal enforcement provisions of environmental laws.

Criminal liability of juristic persons, Juristic persons criminal liability, Offenses against the environment, Environmental crimes, Administrative responsibility

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Mothballed no more

Article Abstract:

The details of the Sarbanes-Oxley Act and the Financial Accounting Standards Board (FASB) Interpretation No. 47 (FIN47) are presented. It allows public companies to recognize cleanup or disposal costs associated with facilities or equipments, which includes even those facilities which are no longer in use ('mothballed'). An analysis on the measurement of environmental liabilities, is also presented.

United States, Legal issues & crime, Product standards, safety, & recalls, Government regulation (cont), Government regulation, Legal/Government Regulation, Standards, Economic aspects, Refuse and refuse disposal, Waste disposal, Financial Accounting Standards Board, Facility management, Facilities management, Facility management systems

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