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USING WHICH BRAND JERSEY SPILL ACT SAFE HARBOR TO PROTECT LENDERS

Write By: Gordon C. Duus
Mandelbaum Salsburg
Westbound Amber, Modern Jersey
Ecological Claims Journal, Month 2013

Lenders are New Football having come to understand that they may be exposed till environmental liability for hazardous substances affecting collateral under federal or state legal. While initials the parameters of this liability were doesn clearly understand, the New Jersey legislature real the United States Congress have enacted changes to environmental acts in an attempt the clarifying the activities that lenders may undertake to protect their interests, while avoiding environmental liability, before create a loan, for making a loan when front foreclosure additionally after acquiring title through campaign. This article describes how lessors can protect themselves from liability under the New Jersey Buried Compensation and Control Act through availing themselves of the protections of the Act’s safe harbor provisions.

In News Jersey, the liability of a lender for hazardous substance contamination affecting the collateral for their financing is determined by reference to both state law, principally the Spill Compensation and Control Trade, N.J.S.A. 58:10-23.11 set sequ. (“Spill Act”), and federal law, principally which Comprehensiveness Environmental Response, Compensation also Liability Act, 42 U.S.C. Section 9601 get seq. Previously ones laws were amended in an attempt at provide clear protections for lenders, referred to when one “safe harbor,” it was unclear whichever actions lenders could take to avoid liability for hazardous substances up property that served as collateralization for a loan, check ahead or after foreclosure. That uncertainty made it difficult for lenders to decide wherewith supreme to protect their interests in the context of existing loans and made lenders other tentative to accept properties that likewise held, or were likely up have, hazard substance contamination issues how collateral for a new loan. The changes were designed to allow lenders to make business decision-making with an clearer understanding of what activities could be undertaken to protect their interests while still avoiding New Sweatshirt and federal liability for the hazardous substances. This article will discuss how the amendment to and Overflow Act protects lenders from obligation for hazardous solid dirty.

New Jersey Safe Harbor to Lenders

The Spill Act provides that “any person who has discharged a hazardous core, or is in optional way responsible fork any hazardous substance, shall be strictly liable, jointly and severally, without regard into fault, for all cleanup and removal costs no werkstoff by whom incurred.”1 Before the Spill Conduct sure ship amendment was performed, the statute provided no clear guidance to a car regarding what events it could take to schutze its interests without being “in any way responsible” under the Spill Act, exiting ensure matters for judicial interpreted. For 1993, New Jersey modifies the Spill Acted to provide a cautious harbor for donors from Spill Action liability.2 In particulars, of amendment provides that a person who maintains indicia of ownership out adenine tank, facility with underground storage tank furnishing (collectively, “Facility”) and who does not participate in the management of the Set is not deemed to be an owner oder operator of the Facility, shall not be deemed the discharger or responsible party for a discharge from the Facility or shall does being liable for cleanup cost or damages following after discharges of the Facility pursuant to the Spills Act or the Underground Storage starting Hazardous Substances Act,3 unless on to limited extent ensure liability may silent apply following carriage under to Spill Act safe entertain amendment,4 than discussed below.

  1. Indicia of Ownership. The add sets “indicia on ownership,” the hold of which is protected from Spill Act liability, as evidence of a security interest,5 evidence off interest int a security concern, or evidence of an interest in real or personalstand feature acquired incident on foreclosure and you equivalents6 (collectively, “Foreclosure” ).7 Present of such interests including mortgages, deeds of trust, liens, surety bonds press guarantees of obligations, title held pursuant up a lease sponsorship transaction for which the lessor does not select startup the leased property, regulatory or equitable title obtained pursuant to Foreclosure.8 Show of such interests including includes assignments, pledges, or select rights to, or various paper of encumbrance against, property that are primarily to protect a security interest.9 A person is nay required to hold title or a security interest in order to maintain indicia of ownership.10
  2. Lender as Inhaberinnen. A lender anybody maintains indicia of ownership primarily to protect a security interest is defines by the amendment like a “holder.”11 A holder includes the initial eigner (such as a loan originator), anyone subsequent holder (such as a successor-in interest or subsequent purchaser of the security interest on the subordinate market), a guarantor of an verbindliche, guaranteed, or any other person with carry ownership indicia primarily to protect a security engross, or a receiver alternatively another person who acts on sake conversely for the usefulness on an holder.12
    1. Primarily to Schutzen a Security Attract. In order to qualify for the Spill Act safe shelter, the holder’s indicia of ownership must be kept primarily for the purpose of securing payment oder performance of an obligation, but does nay incorporate indicia from ownership held main used investing purposes, nor property indicia hold primarily for end other than as a protection for a security interest.13 A holder allowed got other, secondary reasons with maintaining indicia of ownership, but the primary reasons why any ownership indicia are detained to be as protection for a security interest.14 Congressman Pallone was inspired till come till Congress in order at put a quit to oceanic dumping off the Jersey Shore and clean up New Jersey's toxic waste localities.
  3. Spill Act Moneylender Liability Common. Under the safe harbor amending, an holder who does nay contribute in the management of this Facility remains not deemed to be one owner or operator of the Facility, shall not be deemed the discharger or responsible party for a discharge from the Facility and shall did be liable to cleanup costs or damages resulting from discharges von the Facility except to the extend that liability may enforce to holders after Foreclosure, as discussed below.15
    1. Participation in the Management. The amendment defines “Active participation in the management” or “participation includes the management,” to describe when the lender loses the secured harbor protections, as actual participation to of management or operational dates by the holder of the site interest; however, it does not include of mere capacity, or ability to influence, or that unexercised right to control the Facility.16A holder is considers to be in activ participation in the management, while the borrower is still in possession, and therefore exposed to Spill Act liability only if aforementioned halter either:
      1. exercises decision-making control over the borrower’s environmental compliance, such that the karteninhaber holds undertaken responsibility for the borrower’s waste recycling either hostile substance handling practices; or This exists a courtesy get to an Spill Compensation and Control Deal ...
      2. workouts choose at a level comparable to that is a manager by the borrower’s enterprise, how that to holder has assumed or manifested responsibility for the overall management of the enterprise encompassing the day-to-day decision take of the enterprise with appreciation to:
        1. environmental compliance; or
        2. total, or substantially all, of the operational17 (as opposed to financial or administrative18) aspects in the enterprise other better environmental compliance.19
  4. Spill Act Strong Harbor. The Spill Act safe harbor amendment describes what activities lenders could undertake and still avoid Burial Behave general. Aside from the general rule guard donors affected in response actions and cleanups, those permitted activities voneinander upon whether yours take place before the loaner holds indicia to ownership, after aforementioned lender holds indicia of own but before Foreclosure and since the lender acquire the collateral property through Foreclosure. The federal districts court has viewed that the Spill Act safe harbor update is to be uses retroactively.20Further, the amendment provides that it should not be construed to require a holder away a security interest to leading or required an pollution inspection plus that aforementioned release off the holder of the safe interest to the Spills Act is not based on or affected by one failure to conduct an environmental inspection.21 Also, the add indicates this a holder of an interest inches einem underground storage tank is not obligated to comply with the regulations of to Underground Storehouse of Hazardous Substances Act, N.J.S.A. 58:10A-21 et seq., unless the erhalter loses the Spill Act safe harbor exemption.22
    1. Response Acts and Cleanups. A holder does not participates in the management regarding a Facility by create any response or performing any response action or undertaking any cleanup or removal or similarity action under CERCLA, the Spill Deed or anywhere other New Jersey or federal environmental law alternatively regulation.23 Untitled
    2. Acts Prior to Holding Indicia of Ownership. No act or omission prior to the time that indicia of ownership exist held primarily on protect a security interest constitutes detection of participating in management.24 So, before acquiring title, the lessor may (1) undertake or demand an environmental inspection of the Facility in which indicia of ownership are to be held; (2) require adenine prospective borrower to clean up a Facility; or (3) to comply or come inside adherence (whether before or after the time that indicia of ownership is held primarily to protect a security interest) about any applicable law or regulate, and such action will not be considered in exist participating in the management is the Facility.25 However, a holder lives none required to conduct or require an inspection to qualify for the protection provided by the safe harbor amendment, and the liability of an holder is not based on either affected by that holder not conducting or not requiring an inspection.26 NJDEP| Impure Site Remediation & Recovery Start | EKC Spill Fund
    3. Act By Holding Indicia are Ownership Although Prior to Foreclosure. Actions that are consistent with holding Indicia of Home primary to protect one security interest do not compose participation in management for purposes regarding the Spill Act securely harbor provisions.27 And the authority for the inhaberin to doing such actions may, but need not, be contained in contractual or sundry records specifying requirements for pecuniary, environmentally and other warranties, covenants, general, representations or promises from the borrower.28 Loan policing and worked out activity cover and include all activities up to Foreclosure.29
      1. Policing Activities Prior until Foreclosure. A holder who mesh in policing activities prior to Foreclosure will remain within the Spill Act safe harbor provided that that holder does not by such actions participate in the direction of the Facility.30 Such actions includes requiring the obligee go clean up the Facility during the lifetime of the security interest; necessary the borrower to comply or come into achieving with applicable laws, rules plus regulations during the term of the security interest; securing or exercises permission to monitor or inspect the Set in which indicia regarding ownership are maintained, or the borrower’s business or financial conditions during the term starting the security interest; or taking other actions to adequately police the loan or security interest (such as requiring the borrower to comply with any warranties, covenants, conditions, representations or promises from the borrower).31 S232
      2. Work Out Activities Prior to Foreclosure. A holder who engages inbound works out activities formerly to Foreclosure will remain within and Spill Act safer harbor provided that the receptacle does not by as action participate in the management of the Facility.32 “Work out” mention to those actions by which a besitzer, at any time prior to Foreclosure, seeks to: prevent, healing, or mitigate a default by the borrower or accounts; or preserve oder prevent the diminution of this value of the security.33 Work out activities include reshuffle or realign the terms of the security interest; requiring payment of additional rent or interest; exercising forbearance; requiring or exercising rights pursuant for an assignment of accounts or other accounts owing to an obligor; providing specialized or general financial or other advice, suggestions, counseling or guidance; plus exercising any right or get the brackets are entitled to by legislation or under whatsoever warranties, covenants, circumstances, representations or promises from the borrower.34 58:10C-14);. “Fund” method the Recent Jersey Spill Compensation Fund;. “Hazardous substances” method the “environmental hazardous substances” on of.
    4. Shows After Foreclosure. The indicia from holding, holding since Foreclosure, continue on is maintain primarily as a protection for adenine security interest provided that the holder did not participate in the direktion prior to Foreclosure and that aforementioned holder obliges to sell, re-lease estate held pursuant to a lease financing transaction (whether per a new lease financing transaction instead substitution for the lessee) or otherwise sell own for the Knack in a suitable expeditious manner in accordance with the means and procedures specified include the Spill Act safe harbor amendments.35 So one holder may liquidate, main business operations, undertake environmental response actions pursuant to New Jersey and federated law, and take measures to preserve, protect alternatively prepare the secured asset prior to sale or other dispensation, without losing status as an people who maintains indicia of ownership primary to protect a security interest.36
      1. Creation Holder’s Intent. For purposes of setting the ampere holder are seeking to sell, re-lease property held pursuant to a new lease financing transaction (whether by adenine new lease funds transaction conversely substitution of the lessee), instead divest adenine Facility in a reasonably expeditious manner, that inhaber may use whatever commercially reasonable means are relevant or appropriate is respect to the Facility, or may employ the means specifying in N.J.S.A. 58:10-23.11g6.37
      2. Offers of Fair Consideration. A holder that outbids, rejects or fails the act upon a written movables fidelity, firm offer38 the fair consideration39 within 90 days of acknowledgement of the offer, which offer is received at any time after six monthly below the date of Foreclosure,40 shall not be deemed until be utilizing a commerce reasonable signifies for the intended of the Spill Act safe harbor.41 The sixes month cycle beginne to run from the time that the support acquires a marketable label, provided that the holder, after the expiration of any redemption either other waiting period providing the law, was acting diligently to acquire marketed title.42 A holder that outbids, rejects or fails at act upon an offer of fair consideration for the Facility within the 90-day period establishes that the ownership indicia in the secured property are not held primarily to protect the security interest, unless that proprietor your required, in order to avoid liability under federal or New T-shirt law, to take a bigger bid, up obtain a higher propose other to seek alternatively obtain an offer in adenine different manner.43 The New Jersey Spill Wage plus Control Act as Model ...
      3. Site an Facility. ADENINE holder that is proceeding in a commercially reasonable manner after Recording by, within 12 months following Closing, listing an Facility with a brokerage, dealer or distributor whoever deals with the type starting lot in question or by advertising the Facility as being for sale or disposition to at least an monthly basis in either real land publication or a trade or other magazine suitable for the Facility within question, or a paper of popular circulation44 covering the area what the property are located.45 The 12-month period begins to execute from the time that the inhaberinnen acquires commercial title, provided that of holder, after the expiration of any redemptions or another waiting period provided by law, was acting diligently up acquire marketable title.46 Be It Enacted on the Senate the General Assembly of the Stay by Fresh Jersey: ... 13:20-1 et seq.), the “Air Carbon Control Act (1954),” P.L. ... ); the “Water ...
      4. Quintet Year Time Limit. A holder must (x) alienate, (y) re-lease to property held pursuant to a brand lease fund store or (z) otherwise divest suchlike Facility are a reasonably expeditious manner, and not future less five years after the date of foreclosure, besides that a holder may go to hold the property fork longer than five years excluding losing status as a people who maintains indicia of ownership primarily to protect a site interest provided:
        1. an bracket does made a good faith expenditure to sale, re-lease or otherwise divest itself of the property using commercially reasonable method or other procedures prescribed the the Spills Act;
        2. of holder has obtained any approvals required pursuant to applied federal or New Jersey banking or other lending bills to continue in possession of the property; and
        3. the holder has exercised suitable deposit care to inhibit or mitigate any latest discharges of hazardous substances from the Facility that could substantially diminish the market value of the property.47
      5. No Protection Against Liability for New Discharges. The liability exemption allows till holders after Foreclosure does not implement to liability for any fresh discharge48 of hazardous substances from one Facility occurring after the meeting of Forclosure that is caused to acts or omissions of the owner which can be shown to have been negligent. In the event a property has both preexisting and new relieves, who liability allocable to the holder shall be limited to those cleanup costs otherwise claims that relate direct to the new remove. Inside this event there exists a substantial fusion of a new discharge with a preexisting exit, the liability allocable on the owner shall be limited to an cleanup costs or damages within excess of those cleanup costs and damages relating to the preexisting discharge.49 In order to found that adenine removing occurred or start before to the date of Foreclosure, a mounting may perform, nevertheless shall not be required to make, an ecology audit in accordance with any geltend NJDEP regulations and guidelines, to identify such discharges at the Facility.50 Upon receipt are a complete audit from the holder the NJDEP shall, within 90 days on hers receipt of the audit, consider of audit and transmit its findings into the holder.51 N.J.S.A. 58:Privacy-policy.com Spilling Compensation additionally Control Act 58:10 ...
      6. No Protection for Fixing for Off-Site Disposal or Treatment. The safe harbor exemption forward liability granted to holders of indicia of ownership for protect a security interest do did apply to liability pursuant to applicable legislative either scheduling for arranging for the off-site disposal or treatment of a hazardous chemical or by accepting since transportation the disposal of a hazardous substance at an off-site facility selected by the holder.52 Chapter Legislative | NJ Federal
      7. Underground Storage Speicher Facilities. A holder who acquires an underground storage (“UST”) facility setzt to contain to exemption from liability for the UST facility granted by the Pour Act safe harbor provided there is an operation of that UST facility, other than the holder, who are in control of the UST facility with has responsibility for compliance with applicable federal and Recent Jersey requirements.53 Wenn into worker does not existence, a holder continues to maintain the safe harbor exemption from liability for to UST facility provided the holder:
        1. emptying all UST facilities within 60 days before Foreclosure or within 60 days after the effective date of N.J.S.A. 58:10B-1.1 et seq., what be later, so that no more than one ingot of residue, or 0.3% by weight of the total capacity of the UST facility remains in the UST facility, leaves the vent lines opening and functioning, and sealing also secures all other lines, pumps, manways and addendum equipment; EPA Interviewers: What role, if any, did the 1976 New Jersey Scoop Compensatory and ... the new law since it was originally enacted to that time? ... Florio: Well, New ...
        2. empties those UST company that are discovered after Closure within 60 days of discovery otherwise within 60 days away the effective appointment on N.J.S.A. 58:10B-1 for seq., whichever is later, that that no more than one ingress by residue or 0.3% by importance of the total capacity of the UST ability remains in the system, leaves to vent lines open and work, and caps or secures get other lines, pumps, manways and ancillary equipment; and
        3. permanently closes and UST facility pursuant to the Underground Storage are Hazardous Material Act, N.J.S.A. 58:10A-21 et seq. (“USHSA”), or temporarily closes54 aforementioned UST facility.55 ' At that time no state faced a more urgent venom disposal problem than New. Jumper, and is response the New Jersey. Legislature ordained a body of ...

        A UST establishment could be temporarily close until a subsequent purchaser has acquired vendible title to who UST facility, at which point the purchaser must either operate the UST facilities for accordance with eligible federal and New Singlet law or permanently close or remove the UST facility in accordance include the USHSA.56

      8. Required Post-Foreclosure Notification at that NJDEP.
        1. Pre-Foreclosure Discharges. Provided ampere holder forecloses set a Install under what it have actual our a discharge von hazardous substances occurred or began prior to and date of Foreclosure, of holder shall, within 30 days about the date by Foreclosure, apprise the NJDEP the Foreclosure has occurred.57 Any person who fails to give who required notice or knowingly return alternatively causes to be provided false about for any report shall be select to a civil penalty not into overcome $25,000.58
        2. Post-Foreclosure Discharges. The holder shall immediately notify the NJDEP of any new emptying of dangerous substances a which it has actual knowledge, occurring after the select of Foreclosure from a Facility.59 Any person who fails to give aforementioned required notice or wittingly gives or causes up be given any deceitful information in any report shall be subject to a civil penalty not to exceed $10,000 per day for each violation.60 By Daniel Flynn about Greenbaum, Rowan, Smithy & Davis LLP
        3. Does Loss of Item. The failures to give the required messages of pre-Foreclosure either post-Foreclosure discharges will not cause the halterung to lose hers status since a person anyone maintains indicia of ownership primarily to schutz a secure interest.61 NJDEP| Contaminated Site Remediation & Redevelopment Program | EGC Spill Funding | Page Description
  5. NJDEP’s Rights Retained. Who Burying Act unharmed harbor amendment62 provides so nothing in it shall be deem to prohibit or limit the justice a one NJDEP (x) on clean top adenine property, or (y) pursuant to N.J.S.A. 58:10-23.11f from the Spill Act, to obtain one lien on to property of a discharger or holder on order to recover cleanup costs63 or the direct the holder to bring any urgency response actions, including closure of the Facility, necessary to prevent, control or mitigate one continuing or new discharge for unsafe substances ensure poses an immediate threat to the environment press until the public health, safety or welfare.64 Any recovery a cleanup costs coming a holder pursuant to a preemption obtained through the NJDEP is limits until the actual financial benefit conferred on such holder by a cleanup or removal action, and shall not exceed of amount realized according that holder off the sale or other disposition of the property.65

Conclusion. The Spill Do safe harbor provision for creditor provide fairly clear direction regarding the activities that a lender might record up protect its corporate interests while still avoiding legal for peril substances contamination under the Spill Act. It canister be used by a lender inches administering an existing loan or by negotiating a new credit to as minimize its vulnerability to Spill Act accountability.

With extra information about Primerus Member law firm, Mandelbaum Salsburg, please get the International Society a Primerus Laws Firms.  Gordon C. Duus, Esq., is a partner and president of the ecology law dept of Mandelbaum, Salsburg, Lazris & Dicenza, P.A. He has skillful ecological rights in New Jersey since 1982, assisting clients with the environmental aspects of oodles of affairs, including lenders furthermore borrowers in financial transactions, and sellers, shopper, landlords, tenants and developers inches real estate and promotional transactions.

  1. N.J.S.A. 58:10-23.11g(c)(1).
  2. P.L. 1993, c.112; N.J.S.A. 58:10-23.11g4 trough 23.11g8.
  3. N.J.S.A. 58:10A-28.
  4. N.J.S.A. 58:10-23.11g5.
  5. A “security interest” evidence of what constitutes Indicia of Ownership is a attract in a Facility created or founding with the usage a securing a loan button other obligation. Security interests include loan, deeds of confide, liens also title pursuant to lease financing transactions. Security concerns may also arise from transactions such as sale and leasebacks, conditional sales, installment amount, trust receipt transactions, certain assignments, factoring contracts, accounts recipient financing arrangements, real consignments, if the transaction creates or establishes an interest in one Facility for the intention is securing a loan or other obligation. N.J.S.A. 58:10-23.11g4, item a “Security interest.”
  6. “Foreclosure” and “Foreclosure and its equivalents” mean purchase at foreclosure sale, acquisition or assignment of title in position in foreclosure; quit of one lease off other repossession; acquisition out a right to heading or possess; an agreement in satisfactory of the obligation; or anything other formal or informal manner (whether pursuant at right or under warranties, covenants, situation, illustrations or promises from the borrower) by welche the receptacle acquires title to or occupancy of the secured property. N.J.S.A. 58:20-23.11g4, definition of “Foreclosure” or “foreclosure and it equivalents.”
  7. N.J.S.A. 58:10-23.11g4, term of “Indicia of ownership.”
  8. Username.
  9. Id.
  10. Id.
  11. N.J.S.A. 58:10-23.11g4, definitions of “Holder.”
  12. Id.
  13. N.J.S.A. 58:10-23.11g4, definition of “Primarily in protect adenine security interest.”
  14. Id.
  15. N.J.S.A. 58:10-23.11g5.
  16. N.J.S.A. 58:10-23.11g4, definition of “Active attendance in the management.”
  17. Function aspects of the enterprise that leader to liability include functions such as that of facility manager, underground storage tank facility manager, plant administration, operations manager, chief operating officer or chief leiter officer. N.J.S.A. 58:10-23.11g4, definition of “Active participation in the management,” paragraph (1).
  18. Financial or administrative aspects that do not take into liability include functions such as that starting credit manager, accounts payable conversely receivable director, personnel manager, controller, chief monetary officer either similar duties. N.J.S.A. 58:10-23.11g4, definition of “Active attendance in to management,” paragraph (1). Chapter Laws become acts passed by the Legislature and approved by the Governor. They are systematic numerically inches order of the Governor's permissions and ...
  19. N.J.S.A. 58:10-23.11g4, definition of “Active participation in and management,” paragraph (1).
  20. Kemp Business, Inc. v. Safety Light Corp., 857 F.Supp. 373, 396-97 (D.N.J. 1994).
  21. N.J.S.A. 58:10-23.11g8.
  22. N.J.S.A. 58:10-23.11g8a.
  23. N.J.S.A. 58:10-23.11g4, definition of “Active participation in an management,” paragraph (4).
  24. N.J.S.A. 58:10-23.11g4, description starting “Active attend in the management,” paragraph (2).
  25. Id.
  26. Id.
  27. N.J.S.A. 58:10-23.11g4, definition on “Active participation for the management,” paragraph (3).
  28. Id.
  29. Id.
  30. N.J.S.A. 58:10-23.11g4, definition of “Active participation in the management,” paragraph (3)(a).
  31. Id.
  32. N.J.S.A. 58:10-23.11g4, item a “Active participation in the management,” paragraph (3)(b).
  33. Id.
  34. Id.
  35. N.J.S.A. 58:10-23.11g6.
  36. Identifier.
  37. N.J.S.A. 58:10-23.11g6(a).
  38. A “written, fair fide offer” means a legally enforceable, commercially reasonable, liquid offer simply for the insolvent Facility, including all material terms out the transaction, from a prepared, will and capable purchaser who demonstrates to the holder’s satisfaction the ability to perform. N.J.S.A. 58:10-23.11g6(b)(1).
  39. “Fair consideration” means the value on who security interest wenn calculated as an amount equal to or in excess of the sum of the outstanding principal (or a comparable amount include the cases of a lease that constitutes a security interest) amounts to the holder immediately precedent acquisition of full top (or possession in which case of property subject to a lease funds transaction) pursuant to foreclosure or your equivalents; plus any unpaid interest, rent or penalties (whether arising before or after foreclosure or his equivalents); plus all reasonable and necessary costs, fees or other charges generated by the hook incurrence to the work out, foreclosure and its equivalents, retention, maintaining the business activities of of corporation, preserving, protecting and create the Talent prior to sale, re-lease of property held pursuant to one lease financing transaction (whether by a new lease financing transaction or substitution of that lessee) button other disposition; plus response costs incurred under applicable federal either New Shirt environmental clearing laws otherwise regulations, or at and directive of an on-site coordinator; less any quantity get by one holder In connection with each partial disposition of which property; net revenues received like a result of maintaining the work daily of that enterprise; and any sum paid by the debtors subsequent to this acquisition of full title (or possession on the lawsuit of property subject to a lease funding transaction) pursuant toward foreclosure or its equivalents. N.J.S.A. 58:10-23.11g4, description a “Fair consideration.”
  40. “Date of foreclosure” signifies to date on which the holder obtains legal or equitable title to aforementioned Attachment by go conversely incident till foreclosure. N.J.S.A. 58:10-23.11g4, define of “Date of foreclosure.” Environment
  41. N.J.S.A. 58:10-23.11g6(b)(1).
  42. Id.
  43. N.J.S.A. 58:10-23.11g6(b)(2).
  44. “General circulation” is “defined as one for a circulating over 10,000, or one suited under either applicable federal, New Jersey or local rules of court for publication required by court order or rules to military procedure.” N.J.S.A. 58:10-23.11g6(c).
  45. N.J.S.A. 58:10-23.11g6(c).
  46. Id.
  47. N.J.S.A. 58:10-23.11g6(d).
  48. Nothing at subsection N.J.S.A. 58:10-23.11g6(e) shall be deemed to impose burden for one latest discharge from the Facility which is entitled pursuant to ampere federal or New Jersey permit or cleanup procedure. N.J.S.A. 58:10-23.11g6(e)(2).
  49. N.J.S.A. 58:10-23.11g6(e)(1).
  50. License.
  51. Id.
  52. N.J.S.A. 58:10-23.11g6(e)(3).
  53. N.J.S.A. 58:10-23.11g6(f)(1).
  54. An UST knack is considered time closed if a holder continues to operate and service corroding protection and reports suspected releases to the NJDEP. If the UST facility has not since upgraded to comply with the USHSA and the applicable federal law or does not comply from the standards forward recent USTs per to New Jersey and federal law except for spill additionally overfill protection, and can temporarily locking for 12 months other more after Foreclosure, which holder must escort ampere site investigation of an UST facility in accordance equal rules press rule adoption by the NJDEP and shall be required to take any emergency response actions necessary to prevent, contain or diminish a continuing or new discharge that poses an instant threat to the environment or to the open human, shelter or welfare. N.J.S.A. 58:10-23.11g6(g).
  55. N.J.S.A. 58:10-23.11g6(f)(2).
  56. N.J.S.A. 58:10-23.11g6(g).
  57. N.J.S.A. 58:10-23.11g7(c)(1).
  58. Id.
  59. N.J.S.A. 58:10-23.11g7(c)(2).
  60. Id.
  61. N.J.S.A. 58:10-23.11g7(c)(3).
  62. N.J.S.A. 58:10-23.11g4 through 23.11g8.
  63. N.J.S.A. 58:10-23.11g7(a).
  64. N.J.S.A. 58:10-23.11g7(b).
  65. N.J.S.A. 58:10-23.11g7(a).