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Current as of October 02, 2022 | Updated by FindLaw Staff
(a) An owner or operator must notify the Regional Administrator by certified mail of the commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), U.S. Code, naming the owner or operator as debtor, within 10 days after commencement of the proceeding. A guarantor of a corporate guarantee as specified in §§ 265.143(e) and 265.145(e) must make such a notification if he is named as debtor, as required under the terms of the corporate guarantee (§ 264.151(h) ).
(b) An owner or operator who fulfills the requirements of § 265.143, § 265.145, or § 265.147 by obtaining a trust fund, surety bond, letter of credit, or insurance policy will be deemed to be without the required financial assurance or liability coverage in the event of bankruptcy of the trustee or issuing institution, or a suspension or revocation of the authority of the trustee institution to act as trustee or of the institution issuing the surety bond, letter of credit, or insurance policy to issue such instruments. The owner or operator must establish other financial assurance or liability coverage within 60 days after such an event.
Cite this article: FindLaw.com - Code of Federal Regulations Title 40. Protection of Environment § 40.265.148 Incapacity of owners or operators, guarantors, or financial institutions - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-40-protection-of-environment/cfr-sect-40-265-148/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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