What is the "Industrial Site Recovery Act"?
The Industrial Site Recovery Act ("ISRA") is a New Jersey law (N.J.S.A 13:1K-6) that regulates and mandates disclosures and remediation/cleanup obligations on business owners prior to closing or selling a business specifically identified under ISRA as an "industrial establishment". If you are selling or buying a New Jersey business (including gas stations) that may involve or have involved the "generation, manufacture, refining, transportation, treatment, storage, handling or disposal of hazardous substances" you must evaluate and discuss ISRA compliance issues with your business lawyer. The New Jersey Department of Environmental Protection regulates ISRA notification and compliance.
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