§ 13-11-2-151.3 — "Participate in management" for purposes of IC 13-24-1

Indiana § 13-11-2-151.3

• Jurisdiction: Indiana
• Art. 11: DEFINITIONS

Text

3. (a) "Participate in management", for
purposes of IC 13-24-1, means actually participating in the
management or operational affairs of a petroleum facility.
(b) The term does not include the following:
(1) Merely having the capacity to influence, or the unexercised
right to control, petroleum facility operations.
(2) Performing an act or failing to perform an act before the time
at which a security interest is created in a petroleum facility.
(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 a
petroleum facility.
(7) Requiring a response action or other lawful means of
addressing the release or threatened release of petroleum in
connection with the petroleum facility 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 a petroleum facility.
(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 petroleum facility,
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
petroleum facility 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
petroleum facility and does not during the lease term control the
daily operations or maintenance of the petroleum facility; 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.10.