Environmental Exposures and Lender Concerns

Role of the Bank/Consultant Auction of Property-Buyer Alleges Bank Liability (Lusk v. First Century Bank) Purchaser of a commercial property at a foreclosure auction determined property was contaminated from historical activities associated with rebuilding electrical motors. Notice of Trustee sale/advertising notice stated sale subject to environmental regulations Deed of Trust disclaimed warranty Winner purchaser performed minimal due diligence Purchaser subsequently received Superfund PRP notice from EPA 39

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