[Section 1762 effective until occurrence of contingency; see also contingent amendment to section 1762 .]
§ 1762. Secured lenders and fiduciaries; liability
(a) A person who holds indicia of ownership in rental target housing or a child care facility furnished by the owner or person in lawful possession, for the primary purpose of assuring repayment of a financial obligation and takes full legal title through foreclosure or deed in lieu of foreclosure or otherwise shall not be liable as an owner of the property for injury or loss claimed to be caused by exposure to lead of a child on the premises, provided that, on or before the 120th day after the date of possession, the person:
(1) performs essential maintenance practices as required by section 1759 of this title; and
(2) fully discloses to all potential purchasers, operators, or tenants of the property any information in the possession of such person or the person's agents, regarding the presence of lead-based paint hazards or a lead-poisoned child on the property and, upon request, provides copies of all written reports on lead-based paint hazards to potential purchasers, operators, or tenants.
(b) The immunity provided in subsection (a) of this section shall expire 365 days after the secured lender or fiduciary takes full legal title.
(c) A person who holds legal title to rental target housing or a child care facility as an executor, administrator, trustee, or the guardian of the estate of the owner and demonstrates that in that fiduciary capacity does not have either the legal authority or the financial resources to fund capital or major property rehabilitation necessary to conduct essential maintenance practices shall not be personally liable as an owner for injury or loss caused by exposure to lead by a child on the premises. However, nothing in this section shall limit the liability of the trust estate for such claims and those claims may be asserted against the trustee as a fiduciary of the trust estate. (Added 1995, No. 165 (Adj. Sess.), § 9.)
[Contingent amendments to section 1762; see also section 1762 effective until occurrence of contingency .]
§ 1762. Secured lenders and fiduciaries; liability
(a) A person who holds indicia of ownership in rental target housing or a child care facility furnished by the owner or person in lawful possession, for the primary purpose of assuring repayment of a financial obligation, and who takes full legal title through foreclosure or deed in lieu of foreclosure or otherwise shall not be liable as an owner of the property for injury or loss claimed to be caused by exposure to lead of a child on the premises, provided that, on or before the 120th day after the date of possession, the person:
(1) performs RRPM activities as required by section 1759 of this chapter; and
(2) fully discloses to all potential purchasers, operators, or tenants of the property any information in the possession of such person or the person's agents, regarding the presence of lead hazards or a lead-poisoned child on the property and, upon request, provides copies of all written reports on lead hazards to potential purchasers, operators, or tenants.
(b) The immunity provided in subsection (a) of this section shall expire 365 days after the secured lender or fiduciary takes full legal title.
(c) A person who holds legal title to rental target housing or a child care facility as an executor, administrator, trustee, or the guardian of the estate of the owner and demonstrates that in that fiduciary capacity the person does not have either the legal authority or the financial resources to fund capital or major property rehabilitation necessary to conduct RRPM activities shall not be personally liable as an owner for injury or loss caused by exposure of a child on the premises to lead. However, nothing in this section shall limit the liability of the trust estate for such claims and those claims may be asserted against the trustee as a fiduciary of the trust estate. (Added 1995, No. 165 (Adj. Sess.), § 9; amended 2017, No. 149 (Adj. Sess.), § 2.)