Page:United States Statutes at Large Volume 110 Part 4.djvu/626

 110 STAT. 3009-463 PUBLIC LAW 104-208—SEPT. 30, 1996 hazardous substance if negligence of a fiduciary causes or contributes to the release or threatened release. "(4) SAFE HARBOR.—^A fiduciary shall not be liable in its personal capacity under this Act for— "(A) undertaking or directing another person to undertake a response action under subsection (d)(1) or under the direction of an on scene coordinator designated under the National Contingency Plan; "(B) undertaking or directing another person to undertake any other lawful means of addressing a hazardous substance in connection with the vessel or facility; "(C) terminating the fiduciary relationship; "(D) including in the terms of the fiduciary agreement a covenant, warranty, or other term or condition that relates to compliance with an environmental law, or monitoring, modifying or enforcing the term or condition; "(E) monitoring or undertaking 1 or more inspections of the vessel or facility; "(F) providing financial or other advice or counseling to other parties to the fiduciary relationship, including the settlor or beneficiary; "(G) restructuring, renegotiating, or otherwise altering the terms and conditions of the fiduciary relationship; "(H) administering, as a fiduciary, a vessel or facility that was contaminated before the fiduciary relationship began; or "(I) declining to take any of the actions described in subparagraphs (B) through (H). "(5) DEFINITIONS. — As used in this Act: "(A) FIDUCIARY.— The term 'fiduciary— "(i) means a person acting for the benefit of another party as a bona fide— "(I) trustee; "(II) executor; "(III) administrator; "(IV) custodian; "(V) guardian of estates or guardian ad litem; "(VI) receiver; "(VII) conservator; "(VIII) committee of estates of incapacitated persons; "(IX) personal representative; "(X) trustee (including a successor to a trustee) under an indenture agreement, trust agreement, lease, or similar financing agreement, for debt securities, certificates of interest or certificates of participation in debt securities, or other forms of indebtedness as to which the trustee is not, in the capacity of trustee, the lender; or "(XI) representative in any other capacity that the Administrator, after providing public notice, determines to be similar to the capacities described in subclauses (I) through (X); and "(ii) does not include— "(I) a person that is acting as a fiduciary with respect to a trust or other fiduciary estate that was organized for the primary purpose of, or is

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