Current through Register Vol. 54, No. 24, June 15, 2024
Section 78.310 - Replacement of existing bond(a) An owner or operator may replace an existing surety or collateral bond with another surety or collateral bond that satisfies the requirements of this chapter, if the liability which has accrued against the bond, the owner or operator who filed the first bond and the well operation is transferred to the replacement bond. An owner or operator may not substitute a phased deposit of collateral bond under section 215(d) and (d.1) of the act (58 P. S. § 601.215(d) and (d.1)) for a valid surety bond or collateral that has been filed and approved by the Department.(b) The Department will not release existing bonds until the operator has submitted and the Department has approved acceptable replacement bonds.The provisions of this § 78.310 adopted July 28, 1989, effective 7/29/1989, 19 Pa.B. 3229; amended December 16, 1994, effective 12/17/1994, 24 Pa.B. 6284; amended March 30, 2001, effective 3/31/2001, 31 Pa.B. 1736. This section cited in 25 Pa. Code § 78.304 (relating to terms and conditions for surety bonds).