Yes. The fiduciary liability exemption limits the liability of fiduciaries to the assets held in a fiduciary capacity. That is, fiduciaries, even those who might otherwise be deemed “owners” under CERCLA and the Texas SWDA, generally cannot be held personally liable under CERCLA.
However, a fiduciary may still be held personally liable for his negligent acts that cause or contributes to the release of threatened release of hazardous substances. The SWDA has a similar provision related to fiduciaries.
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