Transactions that involve real property will be greatly aided by the Small Business Liability Relief and Brownfields Revitalization Act, which Congress passed on Dec. 20, 2001 and President George W. Bush signed into law on Jan. 11, 2002.[1]�
The statute, which amends the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA), contains several new defenses. One stands above the others in its importance to transactions: the new bona fide prospective purchaser (BFPP) defense. This column explores the intricacies of this defense.[2]�
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