§ 13-23-13-14 — Lenders considered to participate in management

Indiana § 13-23-13-14

• Jurisdiction: Indiana
• Art. 23: UNDERGROUND STORAGE TANKS
• Ch. 13: Corrective Actions

Text

For purposes of IC 13-11-2-148(e), IC 13-11-2-150(b), and IC 13-11-2-150(c), a person that is a lender and
that holds evidence of ownership primarily to protect a security interest
in an underground storage tank or aboveground storage tank shall be
considered to participate in management (as defined in IC 13-11-2-151.2) of the underground storage tank or aboveground
storage tank only if, while the borrower is still in possession of the
underground storage tank or aboveground storage tank encumbered by
the security interest, the person:
(1) exercises decision making control over the environmental
compliance related to the underground storage tank or
aboveground storage tank such that the person has undertaken
responsibility for the hazardous substance handling or disposal
practices related to the underground storage tank or aboveground
storage tank; or
(2) exercises control at a level comparable to that of a manager of
the underground storage tank or aboveground storage tank such
that the person has assumed or manifested 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.

Legislative History

As added by P.L.90-1998, SEC.20. Amended by P.L.159-2011, SEC.38; P.L.176-2023, SEC.59.