Posts Tagged ‘Transferee’

The Michigan Court of Appeals in 1031 Lapeer LLC v Rice makes a decision that requires transferors (lessors and sellers) to provide full written disclosure of all known site contamination to the transferee (lessee and buyers) or be subject to rescission and damages

In May 2006, plaintiffs and defendant entered into a lease agreement whereby plaintiffs would lease a gas station from defendant for a period of ten years. Apparently, the site of the gas station had been found to be a site of environmental contamination in 1996—a fact known by defendant but not disclosed to plaintiffs at the time of the lease. Plaintiffs contacted the Michigan Department of Environmental Quality (MDEQ) in late 2007 and