427.031. Certain persons deemed not owner of property--liability arising from contamination or pollution. - Missouri Statutes

Certain persons deemed not owner of property--liability arisingfrom contamination or pollution.

427.031. 1. No person or entity shall be deemed to be anowner or operator of real or personal property, or a personhaving control over hazardous substances who, withoutparticipating in the management of such real or personalproperty, holds indicia of ownership primarily to protect asecurity or lienhold interest in the subject real or personalproperty or in the property in which such real or personalproperty is located.

2. No lender-owner or representative shall, by virtue ofbecoming the owner of real or personal property, be liable forany clean-up costs, response costs or third-party liabilityarising from contamination or pollution of or from said propertyprior to the date that title vests in the lender-owner orrepresentative including contamination or pollution whichcontinues thereafter without the lender-owner knowingly orrecklessly causing such contamination.

3. No lender-owner or representative shall, by virtue ofbecoming the owner of real or personal property, be liable forany clean-up costs, response cost, or third-party liabilityarising from contamination or pollution of or from such propertyduring the period of ownership so long as, and to the extentthat, he does not knowingly or recklessly cause new contaminationor pollution or does not knowingly or recklessly allow others tocause new contamination or pollution. This subsection shallapply to the lender-owner as long as he makes reasonable effortsto resell the real or personal property. No representative shallbe personally liable to any beneficiary for diminution in thevalue of property held in its fiduciary capacity due tocompliance with environmental laws.

(L. 1991 S.B. 204)