New Jersey Administrative Code › Title 7 - ENVIRONMENTAL PROTECTION › Chapter 26B - INDUSTRIAL SITE RECOVERY ACT RULES › Subchapter 2 - APPLICABILITY › Section 7:26B-2.1 - Operations and transactions not subject to ISRA

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The following transactions shall not be considered closing operations or transferring of operations or ownership:
1. Corporate reorganization not substantially affecting the ownership or control of the industrial establishment;
2. A transaction or series of transactions involving the transfer of stock and/or assets among corporations under common ownership if the transaction or transactions will not result in:
i. The diminution of the net worth of the corporation that directly owns or operates the industrial establishment by more than 10 percent; or
ii. A greater or equal amount of assets are available for the remediation of the industrial establishment before and after the transaction or transactions;
3. A transaction or series of transactions involving the transfer of stock and/or assets resulting in the merger or de facto merger or consolidation of the indirect owner with another person, when the indirect owner's assets would have been unavailable for remediation if the transaction or transactions had not occurred;
4. A transaction or series of transactions involving the transfer of stock and/or assets resulting in a change in the person holding the controlling interest of an indirect owner of an industrial establishment, when the indirect owner's assets would have been unavailable for remediation if the transaction or transactions had not occurred;
5. A transfer where the transferor is the sibling, spouse, child, parent, grandparent, spouse of child, child of a sibling, or sibling of a parent, of the transferee;
6. A transfer to confirm or correct any deficiencies in the recorded title of an industrial establishment;
7. A transfer to release a contingent or reversionary interest except for any transfer of a lessor's reversionary interest in leased real property;
8. A transfer of an industrial establishment by devise or intestate succession;
9. The granting or termination of an easement or a license to any portion of an industrial establishment;
10. The sale or transfer of real property or closing operations of an industrial establishment pursuant to a condemnation proceeding initiated pursuant to the "Eminent Domain Act of 1971," 20:3-1 et seq.;
11. The execution, delivery and filing or recording of any mortgage, security interest, collateral assignment or other lien on real or personal property or refinancing of any debt not including a sale and lease back, by the owner or operator of an industrial establishment;
12. Any transfer of personal property pursuant to a valid security agreement, collateral assignment or other lien, including, but not limited to, seizure or replevin of such personal property which transfer is for the purpose of implementing the secured party's rights in the personal property which is the collateral;
13. A sale or transfer of assets of an industrial establishment that is in the ordinary course of business;
14. The termination of a lease of an industrial establishment where the lease is renewed by the same tenant without a disruption in operations;
15. The execution of a lease for a period of less than 99 years;
16. The sale of a single or multi-family dwelling used primarily for residential purposes;
17. The transfer to a beneficiary pursuant to the terms of a trust;
18. The change, substitution or replacement of a trustee, administrator, executor, guardian, conservator or fiduciary, where the trust, estate or other similar mechanism is an owner or operator of an industrial establishment;
19. Obtaining construction loans by the owner or operator of an industrial establishment;
20. A change in NAICS number as a result of a change in the NAICS manual without a change in the operations of the industrial establishment;
21. The sale or transfer of stock or assets, or both, in a corporation, if the sale or transfer is part of a reorganization of the corporation into a limited liability company, which shall not result in the diminution of the net worth of the corporation and limited liability company, respectively, that directly owns or operates the industrial establishment, before and after the transaction or transactions and does not result in a change in the person or person holding the controlling interest of the entity; and
22. A transaction or series of transactions involving the transfer of stock or assets of a corporation, or the sale or transfer of interests in a limited liability company, that is a direct owner or operator or indirect owner of an industrial establishment, resulting in a merger or consolidation, where the direct owner or operator or indirect owner of an industrial establishment is the surviving or resulting person.