On September 22, 2023, Governor Hochul signed into law a bill that significantly amended the state Property Condition Disclosure Act (PCDA). The changes become effective on March 20, 2024. A The PCDA amends the traditional rule of caveat emptor which provides that a seller as no duty to disclose any information about a residential or …
Governor Hochul Signs Bill Amending the Property Condition Disclosure Act Read More »
Update: EPA has created a frequently-asked questions about covid-19 webpage that is available Here. The federal Environmental Protection Agency has issued a Memo announcing that it will temporarily exercise enforcement discretion for certain civil violations where the non-compliance was a result of the COVID-19 pandemic. Contrary to news articles in such publications as E&E News, The …
Regulatory reform is at the centerpiece of the Trump Administration’s plan to stimulate economic growth. During the presidential campaign, candidate Trump vowed to rollback a variety of Obama Administration Climate Change Initiatives but said little about EPA remedial programs such as the federal Comprehensive Environmental Response, Compensation and Liability Act (CERCLA or superfund). Based on …
Remedial Program Reform Proposals for EPA Administrator Pruitt Read More »
We have previously reported on instances where banks have incurred cleanup costs in connection with properties they have sold. For some examples, click here, here, here, here and here The latest installment of this saga involves Bank of America (BOA) which agreed to pay $1.4MM as part of a settlement involving a dry cleaner property that a …
Lender that Sold Contaminated Property Agrees to $1.4MM Settlement Read More »
On February 5th, New York City Mayor Bill de Blasio signed into law Int. No. 126-A (Local Law 12) requiring the Department of Education (DOE) promptly notify parents and other community groups of sampling results identifying elevated levels of in any public school or any proposed public school owned or leased by the DOE. The …
Pete Seeger’s popular song from the 1960s “Where have all the Flowers Gone?” has the haunting recurring lyrics “When will they ever learn”. This song came to mind when we came across another case of a bank taking title to contaminated property without doing any environmental due diligence. In this case, Suburban Bank and Trust …
In a prior post, we discussed how the EB-5 visa immigrant investor program was becoming an important source of construction funding. Since then, the EB-5 immigrant investor program has continued to undergo explosive growth. The popularity of EB-5 is partially because traditional forms of project financing remains difficult to obtain. However, the EB-5 program is …
EB-5 Program Can Provide Alternative Source of Funding for Brownfield Projects Read More »
The use of reps and warranties insurance (RWI) is becoming an increasingly popular risk allocation tool in corporate transactions. According to trade press reports, the volume of RWI doubled from 2011 to 2012, with the value of the insurance bound last year exceeding $4 billion. RWI covers losses related to breaches or inaccuracies in reps …
Rep and Warranty Insurance Becoming More Common in M&A Deals Read More »
[Updated to reflect April 3, 2014 settlement] In what may be one of the most significant cases involving the application of fraudulent conveyance laws and environmental liability, the bankruptcy court for the Southern District of New York held that Kerr-McGee had engaged in a fraudulent transfer when it spun off various assets in 2005 into …
Bankruptcy Court Finds Kerr-McGee Engaged in Fraudulent Transfer in Tronox Spinoff Read More »
The New York State Department of Environmental Conservation (NYSDEC) recently announced that it had added approximately 1,950 sites to its Environmental Site Remediation Database Search database of sites that are subject to one of the agency’s remedial programs. The NYSDEC said it was adding these additional sites to facilitate real estate transactions and address the …
NYSDEC Adds New Categories of Sites To Database To Chagrin of Some Property Owners Read More »