Trouble with images? View as a Web page.

 
Polsinelli - Environmental and Natural Resources
         

  

February 2014

  

Protect Your Investment: EPA Changes Standard to Qualify for Liability Safe-Harbors

  

 
 

  

     

  

 
 
 

Environmental and Natural Resources Leader:

  

Christopher E. Erker

602.650.2301

cerker@polsinelli.com

  

  

Learn more about our Environmental and Natural Resources Professionals, click here.

  

Learn more about our Environmental and Natural Resources practice, click here.

  

  


View Polsinelli documents on JD Supra  
LinkedIn Twitter Facebook Inside Law Podcast

 

   

  

On December 30, 2013, the EPA approved the use of a new ASTM Phase I environmental site assessment standard, E1527-13 ("2013 Standard"), in order to satisfy the CERCLA "all appropriate inquires" rule and qualify for certain liability defenses, such as the contiguous property owner defense, and innocent and bona fide purchaser safe harbors. The EPA, however, did not rescind its endorsement of the previous standard, E1527-05 ("2005 Standard").

The EPA indicated it would rescind its endorsement of the previous standard in the "near future", but it is unclear exactly when the EPA will act. Until it does, investors, lenders, borrowers, developers and other prospective property purchasers will now have to select which standard to use in performing environmental due diligence in connection with real estate acquisitions.

In its approval, EPA encourages use of the 2013 Standard. The 2013 Standard is intended to provide users with more thorough and complete information about the presence of recognized environmental conditions than may be provided under the 2005 Standard. This additional information provided by the 2013 Standard may well come at an increased cost and a lengthened time to complete.

In some instances, the additional cost or time may not be justified. Prospective property owners may want to minimize costs for what may be characterized as low risk, low benefit information and prefer to use the 2005 Standard. [More ...]

What Should You Do?

Prospective property owners should familiarize themselves with the 2013 Standard, and its differences from the 2005 Standard, in order to make informed decisions on which standard to employ when investigating property and seeking to qualify for CERCLA liability defenses. If you are acquiring new property, the experienced attorneys at Polsinelli can assist you in properly investigating all environmental issues and enabling you to satisfy the "all appropriate inquiries" rule.

Click here to download the full alert.

For More Information

For further information or to learn how this decision could impact your business, please contact:

  

 
 

  

     

  

 

 

  

     

  

 
 

Atlanta  Chattanooga  Chicago  Dallas  Denver  Edwardsville  Jefferson City  Kansas City  Los Angeles  New York
Overland Park  Phoenix  St. Joseph  St. Louis  Springfield  Topeka  Washington, D.C.  Wilmington  
polsinelli.com

 
 

  

     

  

 
 

  

ABOUT POLSINELLI

real challenges. real answers.SM  
Serving corporations, institutions, entrepreneurs, and individuals, our attorneys build enduring relationships by providing legal counsel informed by business insight to help clients achieve their objectives. This commitment to understanding our clients' businesses has helped us become the fastest growing law firm in the U.S. for the past five years, according to the leading legal business and law firm publication,
The American Lawyer. With more than 700 attorneys in 18 cities, we work with clients nationally to address the challenges of their roles in health care, financial services, real estate, life sciences and technology, energy and business litigation. The firm can be found online at www.polsinelli.com. Polsinelli PC. In California, Polsinelli LLP.

  

 
 

  

     

  

 
 

To update your email preferences, please contact Kim Auther at KAuther@polsinelli.com. To opt out of these communications, click the unsubscribe link below.

Polsinelli provides this material for informational purposes only. The material provided herein is general and is not intended to be legal advice. The choice of a lawyer is an important decision and should not be based solely upon advertisements.

Copyright © 2014 Polsinelli PC.