Provided that the lender is attempting to transfer the property, the secured creditor is allowed to sell, liquidate, and wind up the borrower’s operations following foreclosure; maintain the borrower’s business operations, and take steps to preserve and protect the assets without losing the exemption.
A secured creditor will not incur CERCLA liability if it acts to clean up the property consistent with the National Contingency Plan, or if it conducts clean-up activities at the direction of an onsite coordinator. But the secured creditor will be liable for the consequences of its own negligence in conducing clean-up operations.