As part of the Commonwealth of Kentucky Brownfield’s Initiative, the Commonwealth of Kentucky Legislature has recently passed new law that affords certain environmental protections to present owners or prospective purchasers of real property. KRS 224.1-415 addresses conditions which a property owner is not liable for remediating contamination at the real property.
The threat and scope of environmental liability is so great that one can actually be required to take timely and costly corrective action to remediate contamination that may not even have been caused by that individual or entity. The presence of contamination, or the perception that contamination exists, may significantly diminish the property’s value. This threat has thwarted many transactions. [Read more…]