(1) In this section, "environmental law" means a federal, State, or local law, rule, regulation, or ordinance that relates to the protection of the environment.
(2) "Environmental law" includes Title 16 of the Environment Article.
(b) Authority of trustee; liability.-
(1) To comply with an environmental law, a trustee may:
(i) Inspect property held by the trustee, including any type of interest in a sole proprietorship, partnership, limited liability company, or corporation, and any assets owned by a sole proprietorship, partnership, limited liability company, or corporation, to determine compliance with an environmental law and respond to an actual or potential environmental liability relating to the property;
(ii) Before or after the initiation of a claim or a governmental enforcement action, take action necessary to prevent, abate, or otherwise remedy an actual or potential environmental liability that affects a trust asset;
(iii) Settle or compromise at any time a claim against the trust based on an alleged environmental liability that may be asserted by any person; and
(iv) Pay from the trust the costs of an inspection, review, study, abatement, response, cleanup, or other remedial action that involves an environmental liability.
(2) If a trustee acts prudently and in good faith, the trustee is not liable to a person with an interest in assets of the trust held by the trustee for a decrease in the value of the assets for taking action under this subsection or otherwise taking action to comply with an environmental law or reporting requirement.
(3) Acceptance by the trustee of property or failure by the trustee to take action under this subsection does not imply that there is or may be liability under an environmental law with respect to any property.
(1) In this section, "environmental law" means a federal, State, or local law, rule, regulation, or ordinance that relates to the protection of the environment.
(2) "Environmental law" includes Title 16 of the Environment Article.
(b) Authority of trustee; liability.-
(1) To comply with an environmental law, a trustee may:
(i) Inspect property held by the trustee, including any type of interest in a sole proprietorship, partnership, limited liability company, or corporation, and any assets owned by a sole proprietorship, partnership, limited liability company, or corporation, to determine compliance with an environmental law and respond to an actual or potential environmental liability relating to the property;
(ii) Before or after the initiation of a claim or a governmental enforcement action, take action necessary to prevent, abate, or otherwise remedy an actual or potential environmental liability that affects a trust asset;
(iii) Settle or compromise at any time a claim against the trust based on an alleged environmental liability that may be asserted by any person; and
(iv) Pay from the trust the costs of an inspection, review, study, abatement, response, cleanup, or other remedial action that involves an environmental liability.
(2) If a trustee acts prudently and in good faith, the trustee is not liable to a person with an interest in assets of the trust held by the trustee for a decrease in the value of the assets for taking action under this subsection or otherwise taking action to comply with an environmental law or reporting requirement.
(3) Acceptance by the trustee of property or failure by the trustee to take action under this subsection does not imply that there is or may be liability under an environmental law with respect to any property.
(1) In this section, "environmental law" means a federal, State, or local law, rule, regulation, or ordinance that relates to the protection of the environment.
(2) "Environmental law" includes Title 16 of the Environment Article.
(b) Authority of trustee; liability.-
(1) To comply with an environmental law, a trustee may:
(i) Inspect property held by the trustee, including any type of interest in a sole proprietorship, partnership, limited liability company, or corporation, and any assets owned by a sole proprietorship, partnership, limited liability company, or corporation, to determine compliance with an environmental law and respond to an actual or potential environmental liability relating to the property;
(ii) Before or after the initiation of a claim or a governmental enforcement action, take action necessary to prevent, abate, or otherwise remedy an actual or potential environmental liability that affects a trust asset;
(iii) Settle or compromise at any time a claim against the trust based on an alleged environmental liability that may be asserted by any person; and
(iv) Pay from the trust the costs of an inspection, review, study, abatement, response, cleanup, or other remedial action that involves an environmental liability.
(2) If a trustee acts prudently and in good faith, the trustee is not liable to a person with an interest in assets of the trust held by the trustee for a decrease in the value of the assets for taking action under this subsection or otherwise taking action to comply with an environmental law or reporting requirement.
(3) Acceptance by the trustee of property or failure by the trustee to take action under this subsection does not imply that there is or may be liability under an environmental law with respect to any property.
