Bona Fide Purchaser

News & Analysis as of

Ashley II Holdings Require Caution

On April 4, 2013, the Fourth Circuit Court of Appeals issued a much anticipated decision in PCS Nitrogen, Inc. v. Ashley II of Charleston LLC, No. 11-1662 (4th Cir. April 4, 2013) (Ashley II). ...more

Fourth Circuit Restricts “Bona Fide Prospective Purchaser” Defense

On April 4, 2013, the Fourth Circuit issued a ruling in PCS Nitrogen Inc. v. Ashley II of Charleston that, among other things, may limit the availability of the “bona fide prospective purchaser” (“BFPP”) defense that Congress...more

Fourth Circuit Brownfields Decision Stops Short Of Worst-Case Outcome

In a closely watched Superfund case decided April 4, 2013, the Fourth Circuit Court of Appeals interpreted the scope of landowner liability protections Congress put in place in 2002 to "promote the cleanup and reuse of...more

EPA Issues Revised Enforcement Guidance Regarding Tenant Liability Under CERCLA’s Bona Fide Prospective Purchaser Provision

Late last year, the United States Environmental Protection Agency (“EPA”) issued Revised Enforcement Guidance Regarding the Treatment of Tenants under the Federal Comprehensive Environmental Response, Compensation, and...more

EPA Lifts Threat of CERCLA Liability for Some Tenants of Brownfields

Tenants who lease currently or formerly contaminated property can now benefit from protections from cleanup liability that were once available only to purchasers of such property. EPA announced its new policy in a December...more

Should Tenants Worry About Environmental Liabilities For Their Leased Property?

By 2013, most property owners have heard of the advantages of performing environmental due diligence and conducting “All Appropriate Inquiry” by obtaining an Environmental Site Assessment before purchase. Doing so is key to...more

Brownfield Tenants Gain CERCLA Liability Protection

Good News: Brownfield Tenants Gain CERCLA Liability Protection - In December 2012, an Environmental Protection Agency (EPA) Guidance Memo set out a new EPA enforcement policy. In sum, on a discretionary basis, the...more

EPA Revises Guidance Regarding Tentants As Bona Fide Prospective Purchasers

On December 5, 2012, EPA issued new guidance discussing the potential applicability of the bona fide prospective purchaser (BFPP) protection to tenants....more

EPA Guidance Further Clarifies The Protections Available To Tenants Under Superfund’s BFPP Defense

As part of an evolving effort to encourage the redevelopment of brownfield properties, the federal Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA” or “Superfund”) was amended in 2002 to provide...more

New Liability Protection For Tenants On Brownfield Properties

In a December 2012 Guidance Memo, the Environmental Protection Agency (EPA) announced new enforcement principles intended to enhance protections for tenants on contaminated or previously contaminated “brownfield” properties....more

EPA Revises Guidance On Bona Fide Prospective Purchaser Protection For Tenants Under Federal Superfund Law

On December 5, 2012, the United States Environmental Protection Agency (EPA) revised its enforcement guidance regarding when tenants may be treated as bona fide prospective purchasers (BFPPs). The revised guidance addresses...more

New EPA Guidance Gives Long-Term Tenants Direct Access to the Bona Fide Prospective Purchaser Defense and Greater Protection from...

Newly issued guidance by the U.S. Environmental Protection Agency (USEPA) suggests that prudent long-term tenants of commercial and industrial properties should conduct environmental due diligence before entering into a...more

A Pop Quiz for Trustees and Their Counsel: What is the difference between a good-faith purchaser for value (BFP) and a holder in...

Fifty years ago had a trustee asked his lawyer “What is the difference between a good-faith purchaser for value and a holder in due course?” the lawyer might not have had the precise answer in his head but he would have been...more

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