Banks that hold a mortgage on land that turns out to have a toxic waste site subject to the Superfund rules are liable for the cleanup.

Question

Quizplus · Accepted Answer

Banks and other lenders who take out a security interest (such as a mortgage) in land that turns out to be contaminated and subject to the Superfund are not liable responsible parties. However, if a lender exerts control over a borrower's contaminated land, or assumes ownership of it, the lender will become a responsible party.

Banks That Hold a Mortgage on Land That Turns Out