2014

Hayleigh S. Crawford. In 2012, public pension systems responsible for providing retirement benefits for hundreds of thousands of state employees were underfunded by an estimated one trillion dollars. The recent recession’s enormous toll on investment earnings, combined with many states’ failures to make the required contributions to their retirement funds, has left state legislatures, employees, and taxpayers with a looming debt and few palatable options. Arizona is no exception to the nationwide public pension problem. Within ten years, Arizona’s pension funds have gone from “healthy” to seriously underfunded. As a result, Arizona taxpayers are paying more than ever for public employee retirement benefits: in 2010, Arizona taxpayers were paying paid at least $1.39 billion annually to fund the state pension systems, more money than the estimated cost for higher education,…

Robert D. Anderson, Norm James, Dawn Meidinger & Greg Adams. Standard practice for conducting due diligence as part of real estate transactions has long included an assessment of the potential for a site to have “recognized environmental conditions,” i.e., hazardous substances or petroleum products released to the environment. In addition to this evaluation, sound due diligence practices should include an evaluation of the potential for federal regulatory requirements to significantly affect value. This paper will look at four general areas: the Clean Water Act (“CWA”), the Endangered Species Act (“ESA”), the National Environmental Policy Act (“NEPA”) and the National Historic Preservation Act (“NHPA”). Section 404 of the CWA generally requires that a permit be obtained from the U.S. Army Corps of Engineers to discharge dredge or fill material into “navigable…

Bert Acken. Secured creditors can be exempted from liability for contamination from properties for which they hold security interests under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”), the Underground Storage Tank (“UST”) program under the Resource Conservation and Recovery Act (“RCRA”) and Arizona’s CERCLA-counterpart, the Water Quality Assurance Revolving Fund (“WQARF”). However, these protections are far from absolute and will be lost if applicable requirements are not followed while a loan is active, or after a lender acquires ownership or possession. Additionally, even if a lender follows the steps necessary to protect itself from cleanup liability, additional efforts should be undertaken before a loan is originated to protect a security interest to the fullest extent possible. Full Article

FIFTY: Shades of Grey—Uncertainty About Extrinsic Evidence and Parol Evidence After All These UCC Years David G. Epstein | 45 Ariz. St. L.J. 945 (2013) POSTED: Notice and the Right to Exclude Richard M. Hynes | 45 Ariz. St. L.J. 949 (2013) ORPHANED POLLUTION Rhett B. Larson | 45 Ariz. St. L.J. 949 (2013) TAX CREDIT SCHOLARSHIP PROGRAMS AND THE CHANGING ECOLOGY OF PUBLIC EDUCATION Hillel Y. Levin | 45 Ariz. St. L.J. 949 (2013) UNORIGINAL SIN: The Problem of Judicial Plagiarism Douglas R. Richmond | 45 Ariz. St. L.J. 949 (2013) BEHAVIORAL LEGAL ETHICS Jennifer K. Robbennolt & Jean R. Sternlight | 45 Ariz. St. L.J. 949 (2013) THE SOLICITOR GENERAL UNBOUND: Amicus Curiae Activism and Deference in the Supreme Court Michael E. Solimine | 45 Ariz. St. L.J. 949 (2013) BEGGING THE (FIRST AMENDMENT) QUESTION: The Constitutionality of Arizona’s Prohibition of Begging…