Section 33-24-05-1068 - Incapacity of owners or operators, guarantors, or financial institutions1. An owner or operator must notify the department by certified mail of the commencement of a voluntary or involuntary proceeding under title 11 (bankruptcy), United States code, 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 7 of section 33-24-05-1063 and subsection 7 of section 33-24-05-1067 must make such a notification if the owner or operator is named as debtor, as required under the terms of the corporate guarantee (subsection 8 of section 33-24-05-81).2. An owner or operator who fulfills the requirements of section 33-24-05-1063 or section 33-24-05-1067 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 must establish other financial assurance or liability coverage within sixty days after such an event.N.D. Admin Code 33-24-05-1068
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, 23-20.3-05