34A-15-1. Legislative findings. The Legislature hereby finds, and declare to be the public policy of this state, that:
(1) Environmental laws of the United States and this state provide that the owner of the real property is liable for the cleanup of property contamination and define who is the owner of such property;
(2) If a borrower defaults on a loan, a lender must decide whether to foreclose and potentially become the owner. For fear of becoming liable for conditions they did not create, lenders are showing a reluctance to foreclose, thus leaving no one responsible for the cleanup. Additionally, lenders are reluctant to lend to certain types of businesses because of this potential liability;
(3) So that lenders can predict with more certainty what the costs will be if they foreclose, it is the intent of the Legislature to limit third-party liability for lenders who comply with certain conditions.Source: SL 1992, ch 261, § 1.
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