Indiana § 13-22-8-2 Bankruptcy of owner or operator of facility; proof of financial
responsibility; liability of guarantor

Indiana Statutes

§ 13-22-8-2 — Bankruptcy of owner or operator of facility; proof of financial responsibility; liability of guarantor

Indiana·Art. 22 HAZARDOUS WASTE MANAGEMENT·Ch. 8 Financial Responsibility Standards

(a)The rules on financial responsibility for monitoring and corrective action at hazardous waste facilities adopted by the board under section 1 of this chapter and IC 4-22-2 must state that evidence of financial responsibility may be provided through one

(1)or more of the following:

(1)Insurance.

(2)Guaranty.

(3)A surety bond.

(4)A letter of credit.

(5)Qualification as a self-insurer. The rules may specify that certain terms, conditions, or defenses are necessary or are unacceptable in a policy or contract through which proof of financial responsibility is to be provided.

(b)If the owner or operator of a hazardous waste facility is in bankruptcy, reorganization, or arrangement under the federal bankruptcy law, or if no state or federal court could obtain jurisdiction over an owner

Free access — add to your briefcase to read the full text and ask questions with AI

(a) The rules on financial responsibility for
monitoring and corrective action at hazardous waste facilities adopted
by the board under section 1 of this chapter and IC 4-22-2 must state
that evidence of financial responsibility may be provided through one
(1) or more of the following:
(1) Insurance.
(2) Guaranty.
(3) A surety bond.
(4) A letter of credit.
(5) Qualification as a self-insurer.
The rules may specify that certain terms, conditions, or defenses are
necessary or are unacceptable in a policy or contract through which
proof of financial responsibility is to be provided.
(b) If the owner or operator of a hazardous waste facility is in
bankruptcy, reorganization, or arrangement under the federal
bankruptcy law, or if no state or federal court could obtain jurisdiction
over an owner or operator likely to be solvent at the time of judgment,
any claim arising from conduct for which evidence of financial
responsibility is provided may be asserted directly against the
guarantor. In an action based upon such a claim, the guarantor may
invoke:
(1) all rights and defenses that would have been available to the
owner or operator if the action had been brought against the
owner or operator by the claimant; and
(2) all rights and defenses that would have been available to the
guarantor if an action had been brought against the guarantor by
the owner or operator.
(c) The total liability of a guarantor under this section is limited to
the aggregate amount in which the guarantor has provided evidence of
financial responsibility for the owner or operator of a hazardous waste
facility. This section does not limit any other liability of a guarantor to
the owner or operator of a hazardous waste facility, such as liability for
bad faith in negotiating or in failing to negotiate the settlement of any
claim.
[Pre-1996 Recodification Citation: 13-7-8.5-10(b), (c),
(d).]

Indiana § 13-22-8-2 (Bankruptcy of owner or operator of facility; proof of financial responsibility; liability of guarantor) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.