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Navigating the New Reality of Equipment Leasing and CERCLA Liability
The Supreme Court's unanimous recent decision in United States v. Atlantic Research Corporation, 127 S.Ct. 2331, 551 U.S. ____ (2007), No. 06-562 (June 11, 2007) potentially affects every commercial real estate transaction in the United States, including those involving fixtures and leased equipment. This decision does so because the Court confirmed that a private party cleaning up contaminated land has an effective judicial remedy under federal law. Because of the breadth of the law under which it was decided ' the Comprehensive Environmental Response, Compensation and Liability Act ('CERCLA') or Superfund, 42 U.S.C. '9601, et seq. ' this decision affects not only owners and occupiers of land, but also the owners and users of leased equipment ' fixtures ' located on such land.
This month, we explain the Atlantic Research decision and some of the basic steps a party to a commercial real estate transaction should take to help protect itself from unexpected CERCLA claims resulting from this decision. In next month's issue, we will explain detailed steps tailored to help those in the equipment leasing field protect against such claims, which are now a larger risk for those leasing fixtures.
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.