United States:
NJ Court Addresses Escrow For Contaminated Condemned Properties
01 November 2016
Fox Rothschild LLP
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The Appellate Division of Superior Court decided a case
addressing the amount that should be held in escrow in eminent
domain cases involving contaminated properties. In Housing
Authority v. Suydam Investors, L.L.C., the NJ Supreme Court
held that in an eminent domain case involving a contaminated
property, the condemnor may seek an order requiring estimated
remediation costs to be set aside in escrow. In New Jersey
Transit Corporation v. Mary Franco, the Appellate Division the
court held that the escrow for the estimated costs of environmental
cleanup should be based on "the remediation necessary to
achieve the highest and best use of the property used to calculate
the amount of the condemnation award" as opposed to the use
for which the property is condemned.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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