Environmental
In Alaska, an oil spill on a property creates environmental liability that:
ATransfers entirely to new owners upon property sale
BMay attach to the property and be inherited by future owners through CERCLA liability✓ Correct
CExpires after 3 years if unreported
DIs limited to the cost of the initial cleanup only
Explanation
Environmental liability under CERCLA can attach to the property itself and transfer to future owners. A purchaser who conducts an appropriate all appropriate inquiry (AAI) before purchase may qualify for the innocent landowner defense, but unaware buyers can still inherit significant cleanup liability.
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