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dian, guardian, conservator, receiver, committee of
estates of lunatics or other disabled persons, or per-
sonal representative; except, that the term ‘fiduciary’
does not include any person—
‘‘(A) who owns, or controls, is affiliated
with or takes any action with respect to prop-
erty on behalf of or for the benefit of a lender
or takes any action to protect a lender’s exten-
sion of credit or security interest (any such per-
son shall be treated as a lender under sub-
section (a) of this section); or
‘‘(B) who is acting as a fiduciary with re-
spect to a trust or other fiduciary estate that—
‘‘(i) was not created as part of, or to
facilitate, one or more estate plans or pur-
suant to the incapacity of a natural per-
son; and
‘‘(ii) was organized for the primary
purpose of, or is engaged in, actively carry-
ing on a trade or business for profit.
‘‘(4) The term ‘financial or administrative as-
pect’ means a function such as a credit manager, ac-
counts payable officer, accounts receivable officer,
personnel manager, comptroller, or chief financial of-
ficer, or any similar function.
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‘‘(5) The term ‘foreclosure’ and ‘foreclose’
means, respectively, acquiring, and to acquire, prop-
erty through—
‘‘(A) purchase at sale under a judgment or
decree, a power of sale, a nonjudicial fore-
closure sale, or from a trustee, deed in lieu of
foreclosure, or similar conveyance, or through
repossession, if such property was security for
an extension of credit previously contracted;
‘‘(B) conveyance pursuant to an extension
of credit previously contracted, including, but
not limited to, the termination of a lease agree-
ment; or
‘‘(C) any other formal or informal manner
by which the person acquires, for subsequent
disposition, possession of collateral in order to
protect the security interest of the person.
‘‘(6) The term ‘hazardous substance’ means any
chemical, biological, organic, inorganic, or radio-
active pollutants, contaminants, materials, waste or
other substances regulated under, defined, listed or
included in any Federal environmental law.
‘‘(7) The term ‘lender’ means—
‘‘(A) a person that makes a bona fide ex-
tension of credit to or takes a security interest
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from another person and includes a successor
or assign of the person which makes the exten-
sion of credit or takes the security interest;
‘‘(B) the Federal National Mortgage Asso-
ciation, the Federal Home Loan Mortgage Cor-
poration, the Federal Agricultural Mortgage
Corporation, or other entity that in a bona fide
manner is engaged in the business of buying or
selling loans on interests therein;
‘‘(C) any person engaged in the business of
insuring or guaranteeing against a default in
the repayment of an extension of credit, or act-
ing as a surety with respect to an extension of
credit, to other persons; or
‘‘(D) any person regularly engaged in the
business of providing title insurance who ac-
quires property as a result of assignment or
conveyance in the course of underwriting claims
and claims settlement.
‘‘(8) The term ‘operational aspect’ means a
function such as a facility or plant manager, oper-
ations manager, chief operating officer, or chief ex-
ecutive officer.
‘‘(9) The term ‘person’ means an individual,
firm, corporation, association, partnership, consor-
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tium, joint venture, commercial entity, United States
Government, State, municipality, commission, politi-
cal subdivision of a State, or any interstate body.
‘‘(10) The term ‘property’ means real, personal
and mixed property.
‘‘(11) The term ‘response action’ shall have the
same meaning as that term is defined in section 101
of the Comprehensive Environmental Response,
Compensation and Liability Act.
‘‘(12) The term ‘security interest’ means a
right under a mortgage, deed of trust, assignment,
judgment lien, pledge, security agreement, factoring
agreement, or lease, or any other right accruing to
a person to secure the repayment of money, the per-
formance of a duty, or some other obligation.
‘‘(d) SAVINGS CLAUSE.—Nothing in subsections (a)
(b), or (c), shall—
‘‘(1) affect the rights or immunities or other de-
fenses that are already available to lenders or fidu-
ciaries under any Federal environmental law;
‘‘(2) be construed to create any liability for any
lender or fiduciary; or
‘‘(3) create a private right of action against any
lender or fiduciary.
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‘‘(e) FEDERAL BANKING AND LENDING AGENCY EN-
VIRONMENTAL LIABILITY.—
‘‘(1) GOVERNMENTAL ENTITIES.—
‘‘(A) BANKING AND LENDING AGENCIES.—
Except as provided in paragraph (C), a Federal
banking or lending agency shall not be liable
under any law imposing strict liability for the
release or threatened release of petroleum or a
hazardous substance at or from property (in-
cluding any right or interest therein) ac-
quired—
‘‘(i) in connection with the exercise of
receivership or conservatorship authority,
or the liquidation or winding up of the af-
fairs of an insured depository institution,
including any of its subsidiaries, and
bridge bank;
‘‘(ii) in connection with the provision
of loans, discounts, advances, guarantees,
insurance or other financial assistance; or
‘‘(iii) in connection with property re-
ceived in any civil or criminal proceeding,
or 
administrative 
enforcement 
action,
whether by settlement or order.
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‘‘(B) APPLICATION OF STATE LAW.—Noth-
ing in paragraph (e) shall be construed as pre-
empting, affecting, applying to, or modifying
any State law, or any rights, actions, cause of
action, or obligations under State law, except
that liability under State law shall not exceed
the value of the agency’s interest in the asset
giving rise to such liability. Nothing in this sec-
tion shall be construed to prevent a Federal
banking or lending agency from agreeing with
a State to transfer property to such State in
lieu of any liability that might otherwise be im-
posed under State law.
‘‘(C) LIMITATION.—Notwithstanding para-
graph (A), and subject to section 107(d) of the
Comprehensive Environmental Response, Com-
pensation, and Liability Act of 1980, a Federal
banking or lending agency that directly caused
or materially contributed to the release of pe-
troleum or a hazardous substance may be liable
for removal, remedial, or other response action
pertaining to that release.
‘‘(D) SUBSEQUENT PURCHASER.—The im-
munity provided by paragraphs (A) and (B)
shall extend to the first subsequent purchaser
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of property described in such paragraph from a
Federal banking or lending agency, unless such
purchaser—
‘‘(i) would otherwise be liable or po-
tentially liable for all or part of the costs
of the removal, remedial, or other response
action due to a prior relationship with the
property;
‘‘(ii) is or was affiliated with or related to
a party described in subparagraph (i);
‘‘(iii) fails to agree to take reasonable
steps necessary to abate the release or
threatened release or to protect public
health and safety in a manner consistent
with the purposes of applicable Federal en-
vironmental laws; or
‘‘(iv) directly causes or significantly
and materially contributes to any addi-
tional release or threatened release on the
property.
‘‘(E) FEDERAL OR STATE ACTION.—Not-
withstanding subparagraph (D), if a Federal
agency or State environmental agency is re-
quired to take remedial action due to the failure
of a subsequent purchaser to carry out, in good
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faith, the agreement described in subpararaph
(D)(iii), such subsequent purchaser shall reim-
burse the Federal or State environmental agen-
cy for the costs of such remedial action. Any
such reimbursement shall not exceed the in-
crease in the fair market value of the property
attributable to the remedial action.
‘‘(2) LIEN EXEMPTION.—Notwithstanding any
other provision of law, any property held by a subse-
quent purchaser referred to in subsection (a)(4) or
held by a Federal banking or lending agency shall
not be subject to any lien for costs or damages asso-
ciated with the release or threatened release of pe-
troleum or a hazardous substance existing at the
time of the transfer.
‘‘(3) EXEMPTION FROM COVENANTS TO REME-
DIATE.—A Federal banking or lending agency shall
be exempt from any law requiring such agency to
grant covenants warranting that a removal, reme-
dial, or other response action has been, or will in the
future be, taken with respect to property acquired in
the manner described in paragraph (e)(1)(A).
‘‘(4) DEFINITIONS.—For purposes of subsection
(e), the following definitions shall apply:
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‘‘(A) The term ‘Federal banking or lending
agency’ means the Corporation, the Resolution
Trust Corporation, the Board of Governors of
the Federal Reserve System, the Comptroller of
the Currency, the Office of Thrift Supervision,
a Federal Reserve Bank, a Federal Home Loan
Bank, the Department of Housing and Urban
Development, the National Credit Union Ad-
ministration Board, the Farm Credit Adminis-
tration, the Farm Credit System Insurance
Corporation, the Farm Credit System Assist-
ance Board, the Farmers Home Administration,
the Rural Electrification Administration, the
Small Business Administration, and any other
Federal agency acting in a similar capacity, in
any of their capacities, and their agents or ap-
pointees.
‘‘(B) The term ‘hazardous substance’ has
the same meaning as in section 101(14) of the
Comprehensive Environmental Response, Com-
pensation, and Liability Act of 1980.
‘‘(C) The term ‘release’ has the same
meaning as in section 101(22) of the Com-
prehensive Environmental Response, Compensa-
tion, and Liability Act of 1980, and includes
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the use, storage, disposal, treatment, genera-
tion, or transportation of a hazardous sub-
stance.
‘‘(5) SAVINGS CLAUSE.—Nothing in subsection
(e) shall—
‘‘(A) affect the rights or immunities or
other defenses that are available under this Act
or other applicable law to any party, subject to
the provisions of this section;
‘‘(B) be construed to create any liability
for any party; or
‘‘(C) create a private right of action
against an insured depository institution or
lender or against a Federal banking or lending
agency.’’.
(b) EFFECTIVE DATE.—This section shall take effect
upon the date of enactment and shall apply to any claim
against any lender, fiduciary or government agency under
any Federal environmental law that has not been finally
resolved by adjudication or settlement prior to enactment.
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