This text of Indiana § 13-25-4-8.2 (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.
2. A person that is a lender and that holds
evidence of ownership primarily to protect a security interest in a
vessel or facility may be considered to participate in the management
(as defined in IC 13-11-2-151.4) of the hazardous substance at the
facility only if, while the borrower is still in possession of the vessel or
facility encumbered by the security interest, the person:
(1)exercises decision making control over the environmental
compliance related to the vessel or facility such that the person
has undertaken responsibility for the hazardous substance
handling or disposal practices related to the vessel or facility; or
(2)exercises control at a level comparable to that of a manager of
the vessel or facility such that the person has assumed or
manifested responsibility:
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2. A person that is a lender and that holds
evidence of ownership primarily to protect a security interest in a
vessel or facility may be considered to participate in the management
(as defined in IC 13-11-2-151.4) of the hazardous substance at the
facility only if, while the borrower is still in possession of the vessel or
facility encumbered by the security interest, the person:
(1) exercises decision making control over the environmental
compliance related to the vessel or facility such that the person
has undertaken responsibility for the hazardous substance
handling or disposal practices related to the vessel or facility; or
(2) exercises control at a level comparable to that of a manager of
the vessel or facility such that the person has assumed or
manifested responsibility:
(A) for the overall management of the vessel or 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
vessel or facility other than the function of environmental
compliance.