This text of Indiana § 13-24-1-10 (Lenders considered to participate in management) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
A person that is a lender and that holds
evidence of ownership primarily to protect a security interest in a
petroleum facility may be considered to participate in the management
(as defined in IC 13-11-2-151.3) of the petroleum at the petroleum
facility only if, while the borrower is still in possession of the
petroleum facility encumbered by the security interest, the person:
(1)exercises decision making control over the environmental
compliance related to the petroleum facility such that the person
has undertaken responsibility for the petroleum handling or
disposal practices related to the petroleum facility; or
(2)exercises control at a level comparable to that of a manager of
the petroleum facility such that the person has assumed or
manifested responsibility:
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A person that is a lender and that holds
evidence of ownership primarily to protect a security interest in a
petroleum facility may be considered to participate in the management
(as defined in IC 13-11-2-151.3) of the petroleum at the petroleum
facility only if, while the borrower is still in possession of the
petroleum facility encumbered by the security interest, the person:
(1) exercises decision making control over the environmental
compliance related to the petroleum facility such that the person
has undertaken responsibility for the petroleum handling or
disposal practices related to the petroleum facility; or
(2) exercises control at a level comparable to that of a manager of
the petroleum facility such that the person has assumed or
manifested 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.