§ 39-12-25. Operation by fiduciary.
In the event of the decease, incompetency, insolvency, bankruptcy, or corporate reorganization
under the bankruptcy law of the United States, of a holder of a certificate or permit
that authorizes motor carrier operations in intrastate commerce under this chapter,
the administrator, upon application or notification of his or her executor, administrator,
guardian, conservator, assignee, trustee, or receiver, shall conditionally operate
the certificate or permit as a fiduciary, pending the filing of an application to
transfer the certificate or permit and pending the decision of the administrator as
to t
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§ 39-12-25. Operation by fiduciary.
In the event of the decease, incompetency, insolvency, bankruptcy, or corporate reorganization
under the bankruptcy law of the United States, of a holder of a certificate or permit
that authorizes motor carrier operations in intrastate commerce under this chapter,
the administrator, upon application or notification of his or her executor, administrator,
guardian, conservator, assignee, trustee, or receiver, shall conditionally operate
the certificate or permit as a fiduciary, pending the filing of an application to
transfer the certificate or permit and pending the decision of the administrator as
to the fitness, willingness, and ability of the transferee to conduct the operation
or business authorized by the certificate or permit. In the event of the decease,
incompetency, insolvency, or bankruptcy of a member of a partnership holding the certificate
or permit, the administrator upon receipt of notification of the remaining partner
or partners, or of the executor, administrator, guardian, conservator, assignee, trustee,
or receiver of the deceased, incompetent, insolvent, or bankrupt partner, may make
a like conditional transfer to the remaining partner or partners. Upon application
of the executor, administrator, guardian, conservator, assignee, trustee, receiver,
surviving, or remaining partner, the administrator may transfer the certificate or
permit in accordance with the provisions of this chapter from the original holder
to any person named in the application and approved by the administrator.