§ 27-1325 — Financial responsibility provisions

§ 27-1325. Financial responsibility provisions.\n 1. The department shall promulgate regulations regarding financial\nresponsibility for the implementation of an inactive hazardous waste\ndisposal site remedial program.\n 2. Financial responsibility required by subdivision one of this\nsection may be established in accordance with regulations promulgated by\nthe commissioner by any one, or any combination, of the following:\ninsurance, guarantee, surety bond, letter of credit, or qualification as\na self-insurer. In promulgating requirements under this section, the\ncommissioner is authorized to specify policy or other contractual terms,\nconditions, or defenses which are necessary or are unacceptable in\nestablishing such evidence of financial responsibility in order to\neffectuate the purposes of this article.\n 3. In any case where the responsible person is in bankruptcy,\nreorganization, or arrangement pursuant to the Federal Bankruptcy Code\nor where, with reasonable diligence, jurisdiction in any state or\nfederal court within the state cannot be obtained over a responsible\nperson likely to be solvent at the time of judgment, any claim arising\nfrom conduct for which evidence of financial responsibility shall be\nprovided under this section may be asserted directly against the\nguarantor providing such evidence of financial responsibility. In the\ncase of any action pursuant to this subdivision, such guarantor shall be\nentitled to invoke all rights and defenses which would have been\navailable to the responsible person if any action had been brought\nagainst the responsible person by the claimant and which would have been\navailable to the guarantor if an action had been brought against the\nguarantor by the responsible person.\n 4. The total liability of any guarantor shall be limited to the\naggregate amount which the guarantor has provided as evidence of\nfinancial responsibility to the responsible person under this chapter.\nNothing in this subdivision shall be construed to limit any other state\nor federal statutory, contractual or common law liability of a guarantor\nto its responsible person including, but not limited to, the liability\nof such guarantor for bad faith either in negotiating or in failing to\nnegotiate the settlement of any claim. Nothing in this subdivision shall\nbe construed to diminish the liability of any person under section\n27-1313 of this article or other applicable law.\n 5. For the purpose of this section, the term "guarantor" means any\nperson, other than the responsible person, who provides evidence of\nfinancial responsibility for a responsible person under this section.\n