1. No person or entity shall be deemed to be an owner or operator of real or personal property, or a person having control over hazardous substances who, without participating in the management of such real or personal property, holds indicia of ownership primarily to protect a security or lienhold interest in the subject real or personal property or in the property in which such real or personal property is located.

2. No lender-owner or representative shall, by virtue of becoming the owner of real or personal property, be liable for any clean-up costs, response costs or third-party liability arising from contamination or pollution of or from said property prior to the date that title vests in the lender-owner or representative including contamination or pollution which continues thereafter without the lender-owner knowingly or recklessly causing such contamination.

Terms Used In Missouri Laws 427.031

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Fiduciary: A trustee, executor, or administrator.
  • person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
  • Personal property: All property that is not real property.
  • Personal property: includes money, goods, chattels, things in action and evidences of debt. See Missouri Laws 1.020
  • Property: includes real and personal property. See Missouri Laws 1.020

3. No lender-owner or representative shall, by virtue of becoming the owner of real or personal property, be liable for any clean-up costs, response cost, or third-party liability arising from contamination or pollution of or from such property during the period of ownership so long as, and to the extent that, he does not knowingly or recklessly cause new contamination or pollution or does not knowingly or recklessly allow others to cause new contamination or pollution. This subsection shall apply to the lender-owner as long as he makes reasonable efforts to resell the real or personal property. No representative shall be personally liable to any beneficiary for diminution in the value of property held in its fiduciary capacity due to compliance with environmental laws.