[§508C-3] Nature of rights; subordination of interests. (a) Any person, the agency, or a county may be a holder. An environmental covenant may identify more than one holder. The interest of a holder shall be an interest in real property.
(b) A right of an agency under this chapter or under an environmental covenant, other than a right as a holder, shall not be an interest in real property.
(c) An agency shall be bound by any obligation the agency assumes in an environmental covenant; provided that an agency shall not assume obligations merely by signing an environmental covenant. Any other person that signs an environmental covenant shall be bound by the obligations the person assumes in the covenant; provided that signing the covenant shall not change obligations, rights, or protections granted or imposed under law other than this chapter except as provided in the covenant.
(d) The following rules apply to interests in real property in existence at the time an environmental covenant covering that real property is created or amended: