427.011. Purpose of law--limitation of liability. - Missouri Statutes

Purpose of law--limitation of liability.

427.011. Notwithstanding any other law to the contrary,sections 427.011 to 427.041 provide the state of Missouri with acomprehensive body of law limiting the lender's or arepresentative's liability for violations of any state or locallaws and ordinances relating to state environmental requirementsby persons or entities with or for whom the lender extended orenhanced credit, or to whom a representative has a fiduciaryduty. No law of this state enacted after August 28, 1991,including any rules or regulations enacted pursuant to the powercontained in said law, shall act retrospectively to imposeenvironmental liability on representatives holding property oracting in a fiduciary capacity or lenders extending or enhancingcredit secured by collateral, foreclosing, or otherwise enforcingthe creditor's interest in such property, or holding suchforeclosed property, provided the lenders or representatives meetthe conditions of sections 427.011 to 427.041.

(L. 1991 S.B. 204)