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February 2013


February 4, 2013 | Posted by Kerri Folb 2/4/2013 | Permalink
On December 5, 2012, the EPA issued new guidance on its treatment of tenants under the bona fide prospective purchaser (“BFPP”) provisions of the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”). The BFPP provisions offer protection against CERCLA liability in certain situations. CERCLA provides that the BFPP provisions apply to a person or tenant of a person that “acquires ownership” of a facility and meets certain other requirements. In the past, a tenant would be considered a BFPP only as long as the owner remained a BFPP. EPA now has the discretion to extend the BFPP protection to tenants where the owner is not a BFPP or loses its BFPP status. read more