New Mexico Statutes
Article 4G - Voluntary Remediation
Section 74-4G-10 - Lender liability.

A person who maintains indicia of ownership primarily to protect a security interest in a site that is the subject of a voluntary remediation agreement, who does not participate in the management of the site and is not in control of or does not have responsibility for daily operation of the site shall not be considered an owner or operator of that site and shall not be liable under any contaminant control or other environmental protection law or regulation administered by the department or otherwise responsible to the department for any environmental contamination or response action costs associated with the site. This section shall apply to all indicia of ownership existing on and after July 1, 1997.
History: Laws 1997, ch. 38, § 10; 1999, ch. 33, § 1.
The 1999 amendment, effective June 18, 1999, substituted "A person" for "An applicant" at the beginning of the section, and substituted "July 1, 1997" for "the effective date of the Voluntary Remediation Act" at the end of the section.

Structure New Mexico Statutes