Active remediation is a form of environmental remediation that involves using direct action techniques to remove, contain, or neutralize pollutants from a contaminated site.
The Asset Conservation, Lender Liability, and Deposit Insurance Protection Act of 1996 (ALDA) is a federal statute aimed at providing certain protections to lenders from liability for the environmental cleanup of properties serving as collateral, alongside mechanisms for asset conservation and deposit insurance in the banking sector.
Brownfield sites are areas of land previously used for industrial purposes or certain commercial uses that may be contaminated by hazardous waste or pollution. Cleaning and redeveloping these sites is essential for community health and environmental sustainability.
The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) is a federal law aimed at the cleanup of sites contaminated with hazardous substances and pollutants. Also known as Superfund, it imposes strict joint and several liability on potentially responsible parties (PRPs) for site remediation.
The landmark 1990 court decision regarding a lender’s exposure to liability for environmental cleanup if the lender acquires the property by foreclosure.
In situ, a Latin term meaning 'in place' or 'onsite,' refers to processes or treatments that are carried out directly at the location of interest. In real estate, this often pertains to remediation efforts carried out at the contaminated site, without the need to transport pollutants offsite.
Leaking Underground Storage Tanks (LUSTs) are a major environmental concern, as they can release hazardous substances into the ground, posing risks to both the environment and human health.
Natural Attenuation is a passive method of remediating contaminated property through natural processes such as biological degradation, chemical stabilization, dilution, evaporation, and natural sorption.
The act of clearing up a contaminated site, involving specialized techniques and compliance with regulatory standards. Often referred to as 'remediation.'
Remediation involves corrective actions aimed at cleaning up environmentally contaminated sites. The goal is to either eliminate or reduce contamination to acceptable levels using various methods such as containment, excavation, and physical, chemical, or biological treatments.
Strict liability is a legal doctrine that holds an owner responsible for the cleanup of a contaminated site, regardless of whether the owner was negligent. This implies that any property involvement with contaminants could entail cleanup costs even if the current owner did not cause the contamination.
SUPERFUND is the commonly used name for CERCLA, the federal environmental cleanup law. It mandates the cleanup of contaminated sites and holds responsible parties accountable for the costs.
The Superfund Amendments and Reauthorization Act (SARA) of 1986 significantly amended the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA, or Superfund). SARA addresses the cleanup of hazardous waste sites, enhances the enforcement of cleanup responsibly, and increases funding for the Superfund program.
