HR 200 · 104th Congress · Environmental Protection

Lender and Fiduciary Fairness in Liability Act of 1995

Introduced 1995-01-04· Sponsored by Rep. Upton, Fred [R-MI-6]· House

Bill Progress

Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the Subcommittee on Commerce, Trade, and Hazardous Materials.(1995-01-27)

Plain Language Summary

[AI summary unavailable — showing source text] Lender and Fiduciary Fairness in Liability Act of 1995 - Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (CERCLA) to exclude from the definition of "owner or operator" (thus, protecting from individual liability) fiduciaries who hold legal title to, are the mortgagees or secured parties with respect to, control, or manage any facility or vessel at which a hazardous substance release occurred for purposes of administering an estate or trust of which such vessel or facility is a part. Provides that the liability of a fiduciary that is liable under other CERCLA provisions for releases in connection with property held in a fiduciary capacity may not exceed the assets held in such capacity that are available to indemnify the fiduciary. Provides for potential liability of fiduciaries in cases of negligence or intentional misconduct. Lists additional conditions under which fiduciaries are exempted from liability. Limits CERCLA liability of lenders in connection with property acquired through foreclosure, subject to a security interest, held by a lessor pursuant to an extension of credit, or subject to financial control pursuant to an extension of c…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (19)

4 Democrats15 Republicans