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22 J. Corp. L. 429 (1996-1997)
Allocating Enivronmental Liabilities in Acquisitions

handle is hein.journals/jcorl22 and id is 439 raw text is: Allocating Environmental Liabilities in Acquisitions Eva M. Fromm, Edward C. Lewis, and Heather M. Corken* I. INTRODUCTION ........................................... 430 II. OVERVIEW OF ENVIRONMENTAL LIABILITIEs ...................... 431 A. The Comprehensive Environmental Response, Compensation, and Liability Act ........................... 431 B. The Resource Conservation and Recovery Act .................. 433 C. Other Statutes ........................................ 435 III. TRANSACTION-TRIGGERED DISCLOSURE AND REMEDIATION REQUIREMENTS .......................................... 435 A. Disclosure Requirements ................................. 435 B. Statutory Disclosure Requirements .......................... 436 C. State Statutes Impacting Transfers of Real Estate ................ 437 IV. CONTRACTUAL ALLOCATION OF ENVIRONMENTAL LIABILITIES .......... 438 A. Contractually Allocating CERCLA Liability Under CERCLA Section 107(e)(1) ...................................... 438 B. Successor Corporation Liability ............................ 440 1. Traditional Rule .................................... 44 1 2. Expansion of Mere Continuation Exception ............... 443 3. EPA Memorandum on Successor Liability .................. 444 C. As Is, Where Is Contracts ............................... 445 V. DUE DILIGENCE INQUIRIES .................................. 446 A. Areas of Inquiry ....................................... 447 1. Liabilities Associated with On-Site Contamination ............. 447 2. Property Damage and Personal Injury Actions ............... 449 3. Liabilities Arising from Off-Site Disposal ................... 449 4. Compliance with Laws ................................ 449 *. Partner, Fulbright & Jaworski L.LP., Houston, Texas; B.S. Chem Eng'g., Syracuse University; J.D., The University of Houston College of Law. Mr. Lewis and Ms. Corken are Associates in Fulbright & Jaworski LLP's Houston office. Mr. Lewis received his B.S. Chem. Eng'g. from Texas A&M University and his J.D. from The University of Texas School of Law. Ms. Corken received her J.D. from Vanderbilt Univer- sity School of Law.

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