Section 33-24-02-41 - Incapacity of owners or operators, guarantors, or financial institutions1. An owner or operator shall notify the department by certified mail of the commencement of a voluntary or involuntary proceeding under United States Code title 11 (bankruptcy), naming the owner or operator as debtor, within ten days after commencement of the proceeding. A guarantor of a corporate guarantee as specified in subsection 5 of section 33-24-02-36 shall make such a notification if the owner or operator is named as debtor, as required under the terms of the corporate guarantee. 2. An owner or operator who fulfills the requirements of section 33-24-02-36 or 33-24-02-40 by obtaining a trust fund, surety bond, letter of credit, or insurance policy will be deemed to be without the required financial assurance or liability coverage 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 the surety bond, letter of credit, or insurance policy to issue such instruments. The owner or operator shall establish other financial assurance or liability coverage within sixty days after such an event.N.D. Admin Code 33-24-02-41
Adopted by Administrative Rules Supplement 2016-359, January 2016, effective 1/1/2016.General Authority: NDCC 23-20.3-03
Law Implemented: NDCC 23-20.3-03, 23-20.3-04