Immunity from third-party liability.

A person that holds indicia of ownership of property contaminated by a hazardous substance, hazardous waste, or regulated substance, and that satisfies all of the conditions provided in section 455B.381, subsection 7 , paragraph “b” , or section 455B.471, subsection 9 , paragraph “b” , subparagraphs (1), (2), and (3), or a person that has acquired property contaminated by a hazardous substance, hazardous waste, or regulated substance, shall not be liable to any third party for any third-party liability arising from such contamination provided that all of the following apply: 1. The person does not knowingly cause or permit a new or additional hazardous substance, hazardous waste, or regulated substance to arise on or from the acquired property that injures a third party or contaminates property owned or leased by a third party. 2. The person is not a potentially responsible party or affiliated with any potentially responsible party by reason of any of the following: a. Any direct or indirect familial relationship. b. Any contractual, corporate, or financial relationship, other than a contractual, corporate, or financial relationship that is created by the instruments by which title to the property is conveyed or financed or by a contract for the sale of goods or services. c. A reorganization of a business entity that is or was a potentially responsible party. 2004 Acts, ch 1141, §76, 79 Referred to in §455B.751 , 455B.753