Section 180. Incapacity of owners or operators, or financial institution

A. An owner or operator shall notify the board by certified mail of the commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), U.S. Code, naming the owner or operator as debtor, within 10 days after commencement of the proceeding.

B. An owner or operator who fulfills the requirements of 9VAC25-650-50 D by obtaining a trust fund, a letter of credit, a surety bond, or certificate of deposit will be deemed to be without the required financial assurance in the event of bankruptcy of the trustee or issuing institution, or a suspension or revocation of the authority of the trustee institution to act as trustee or of the institution issuing a surety bond, letter of credit, or certificate of deposit to issue such mechanisms. The owner or operator shall establish other financial assurance within 60 days of such event.

Historical Notes

Derived from Volume 18, Issue 04, eff. December 5, 2001.

Statutory Authority

§§ 62.1-44.15 and 62.1-44.18:3 of the Code of Virginia.