Question

First National has just foreclosed on the Mortgage of one of its debtors, Rayon Chemical. It will be six months before Rayon can sell the property. What can first National do with the property without risking CERCLA liability?

Answer 1

Answer:

They should inspect the property

Explanation:

The Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) was established in 1980. Its main purpose was to provide a regulations in response to threats to human health or the environment from hazardous waste sites.

First National must have forclosed Rayon chemical because there is release or possible release of harmful substance into the environment, Rayon chemical is liable or because of cost response.

Whatsoever the reason may be First National can inspect the property before Rayon chemical sells it off.