Superfund Liability Clarification Act

Superfund Liability Clarification Act - Amends the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 to exclude from the definition of "owner or operator," for purposes of limiting liability for releases of hazardous substances, a person who, without participating in the management of a vessel or facility, holds indicia of ownership primarily to protect a security interest in such vessel or facility. Defines "indicia of ownership" as evidence of interests in real or personal property held as security for a loan or other obligation. Applies such exclusion to mortgage lenders, insured depository institutions, or Federal lending institutions (lenders) that acquire such vessels or facilities through foreclosure or that conduct a restructuring of a loan or other extension of credit in compliance with specified guidelines.

Specifies that "participation in the management of a vessel or facility" (by the lender) for purposes of such Act (in which case such exemption would not apply) does not include: (1) the sale of collateral; (2) actions taken by a lender to comply with such procedures or guidelines, including the conduct of a Phase I Environmental Audit of the vessel or facility; (3) actions taken by a lender to responsibly manage the vessel or facility upon learning of any contamination so as not to cause a release of a hazardous substance from or at the vessel or facility, or to harm the public health and safety or the environment, during any period while the lender is acting to administer or wind down the affairs of the owner or while diligently proceeding to pass title of the vessel or facility; (4) the status of having the capacity to affect hazardous waste disposal management decisions of the vessel or facility; or (5) engaging in so-called "work-out" activities to protect a security interest.

Requires the Administrator of the Environmental Protection Agency to assure that depository and lending institutions develop and implement adequate procedures to evaluate potential environmental risks that may arise from or at vessels or facilities subject to their lending activities.

States that the exclusion under such Act shall not affect the liability of a person who, by any act or omission, causes or contributes to a release or threatened release of a hazardous substance from or at a vessel or facility.

Specifies that a defendant who has acquired real property establishes a rebuttable presumption that he has made "all appropriate inquiry" within the meaning of such Act if he establishes that, immediately prior to or at the time of acquisition, he obtained or conducted a Phase I Environmental Audit of the real property which meets the requirements of such Act. Defines "Phase I Environmental Audit" as an investigation of the real property, conducted by a certified environmental professional, to determine or discover any indicators of the presence or likely presence of a release or threatened release of hazardous substances on the property and which consists of a review of: (1) the recorded chain of title documents; (2) aerial photographs, maps, and other appropriate historical information which may reflect prior uses of the property and which are reasonably obtainable through State or local government agencies; (3) recorded environmental cleanup liens against the property; (4) reasonably obtainable Federal, State, and local government records of sites or facilities where there has been a release of hazardous substances and which are likely to cause or contribute to a release or threatened release of hazardous substances on the property, and other specified environmental records; (5) a visual site inspection of the property and all facilities and improvements on the property; and (6) a visual site inspection of adjacent property, to the extent permitted by the owners or operators of such property.