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The Banking Environment

Event: A court decision called Fleet Factors establishes legal precedent for lenders—financiers can be drawn into the chain of title and be made liable for environmental cleanup as a result of financing environmentally impaired properties where they had the capacity to influence management decisions. Action: Lender’s fear of liability becomes the driver for environmental due diligence. Banks began to require environmental due diligence and environmental investigations as part of an environmental risk management program and as a condition of providing financing for commercial and industrial properties. Connection: Market forces drive environmental investigations without being required by law. In an attempt to find a defense to CERCLA’s innocent landowner provision, banks require buyers and sellers to identify, disclose and cure environmental conditions. Opportunity is created for environmental consultants and attorneys to provide services and for alternate finance sources (credit corporations, insurance companies, opportunity funds, venture capital companies and high net worth…Log In to Read Full Article

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