§ 13-11-2-151.2 — "Participate in management" for purposes of IC 13-23-13

Indiana § 13-11-2-151.2

• Jurisdiction: Indiana
• Art. 11: DEFINITIONS

Text

2. (a) "Participate in management", for
purposes of IC 13-23-13, means actually participating in the
management or operational affairs of an underground storage tank or
aboveground storage tank.
(b) The term does not include the following:
(1) Merely having the capacity to influence, or the unexercised
right to control, underground or aboveground storage operations.
(2) Performing an act or failing to perform an act before the time
at which a security interest is created in an underground storage
tank or aboveground storage tank.
(3) Holding a security interest or abandoning a security interest.
(4) Including in the terms of an extension of credit, or in a
contract or security agreement relating to the extension, a
covenant, a warranty, or another term or condition that relates to
environmental compliance.
(5) Monitoring or enforcing the terms and conditions of the
extension of credit or security interest.
(6) Monitoring or undertaking at least one (1) inspection of an
underground storage tank or aboveground storage tank.
(7) Requiring a response action or other lawful means of
addressing the release or threatened release of a hazardous
substance in connection with the underground storage tank or
aboveground storage tank prior to, during, or on the expiration of
the term of the extension of credit.
(8) Providing financial advice or other advice or counseling in an
effort to mitigate, prevent, or cure default or decrease in the value
of an underground storage tank or aboveground storage tank.
(9) Restructuring, renegotiating, or otherwise agreeing to alter the
terms and conditions of the extension of credit or security interest,
exercising forbearance.
(10) Exercising other remedies that may be available under
applicable law for the breach of a term or condition of the
extension of credit or security agreement.
(11) Conducting a response action under Section 107(d) of
CERCLA (42 U.S.C. 9607(d)) or under the direction of an
on-scene coordinator appointed under the National Contingency
Plan, unless the person conducting the response action assumes
or manifests responsibility:
(A) for the overall management of the underground storage tank
or aboveground storage tank, encompassing day to day decision
making with respect to environmental compliance; or
(B) over all or substantially all of the operational functions (as
distinguished from financial or administrative functions) of the
underground storage tank or aboveground storage tank other
than the function of environmental compliance.
(c) As used in this section, "extension of credit" includes a lease
finance transaction:
(1) in which the lessor does not initially select the leased
underground storage tank or aboveground storage tank and does
not during the lease term control the daily operations or
maintenance of the underground storage tank or aboveground
storage tank; or
(2) that conforms with regulations issued by:
(A) the appropriate federal banking agency or the appropriate
state bank supervisor (as those terms are defined in Section 3 of
the Federal Deposit Insurance Act, 12 U.S.C. 1813); or
(B) the National Credit Union Administration Board.

Legislative History

As added by P.L.90-1998, SEC.9. Amended by P.L.176-2023, SEC.23.