§ 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.
‹ Prev All Vermont sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.