Question
Many years ago, Bradley Manufacturing produced hazardous waste, some of which became buried in barrels on a parcel of land (Land).Years later, the Land was
Many years ago, Bradley Manufacturing produced hazardous waste, some of which became buried in barrels on a parcel of land (Land).Years later, the Land was sold to Ortiz.Before Ortiz purchased the Land, he walked around the entire property, looked at everything, and saw nothing amiss.After several years, Ortiz sold Land to an organization called Damon, Limited Partnership (Damon), and used the proceeds to buy a nice boat (Yacht).Damon was properly capitalized and was owned by Price, who did not consider himself to be a general partner.No waste was brought to the Land during either Ortiz' or Damon's ownership; no waste was ever manufactured there; and, neither Ortiz nor Price nor Damon nor anyone associated with them had any involvement in the transportation or manufacture of any waste.Before Damon purchased Land, its employees walked around the entire property, looked at everything, and saw nothing amiss.Doing so constituted appropriate inquiry.During Damon's ownership, hazardous waste was discovered on the Land, and it became a Superfund site.The cleanup costs were enormous.Price had no involvement with the Land except in connection with Damon.In what circumstance would those cleanup costs cause Ortiz to lose Yacht?In what circumstances would Price also be personally liable?
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