§ 459.646 — Limitations on liability of lenders and persons with security interest in property

Nevada § 459.646

• Jurisdiction: Nevada
• Title 40: PUBLIC HEALTH AND SAFETY
• Ch. 459: Hazardous

Text

1. A person who, without participating in the management of a parcel of real property, holds or is the beneficiary of evidence of title to the property primarily to protect a security interest in the property is not a responsible party with respect to a release of a hazardous substance on the property if:
(a) The owner of the property is relieved from liability under NRS 459.610 to 459.658 , inclusive, with respect to the release;
(b) The owner or holder of evidence of title did not cause the release; and
(c) The owner or holder of evidence of title does not participate actively in decisions concerning hazardous substances on the property.
2. A lender to a prospective purchaser who has filed an application to participate in the program pursuant to NRS 459.634 or a lender who forecloses his or her security interest in property pursuant to NRS 40.430 to 40.450 , inclusive, or 107.080 to 107.140 , inclusive, and within a reasonable period after the foreclosure, not to exceed 2 years, sells, transfers or conveys the property to a prospective purchaser who has filed an application to participate in the program pursuant to NRS 459.634 is not a responsible party solely as a result of:
(a) Foreclosing a security interest in the property; or
(b) Making a loan to the prospective purchaser if the loan:
(1) Is to be used for acquiring property or removing or remediating hazardous substances on property; and
(2) Is secured by the property that is to be acquired or on which is located the hazardous substances that are to be removed or remediated.

Legislative History

(Added to NRS by 1999, 2693 ; A 2009, 1759 )