Section 0400-18-01-.12 - INDICIA OF OWNERSHIP(1) Applicability. (a) This rule applies to holders of security interests in petroleum underground storage tanks, UST systems, petroleum sites or property on which a petroleum site or UST system is located.(b) Holders are subject to these requirements if they became holders on or after April 12, 1996.(2) Notification by the Holder. (a) Within 30 days after foreclosure or its equivalent is completed, the holder shall notify the Department of the foreclosure. The holder shall use a notification form prescribed by the Division. Holders shall complete the notification form accurately and in its entirety.(b) If at any time after foreclosure, the holder causes a change in the status of the tanks at a petroleum UST facility, the holder shall report the change within 30 days. This includes but is not limited to change of ownership, upgrading, or replacement of tanks, changes in mailing address and changes in service. Such reports shall be made using an amended notification form prescribed by the Division.(c) In the case of a sale of petroleum underground storage tanks, UST systems, petroleum sites or property on which a petroleum site or UST system is located or the sale of the security interest in such petroleum underground storage tanks, UST systems, petroleum sites or property on which a petroleum site or UST system is located, which occurs at any time after foreclosure, the holder must submit the notification form prescribed by the Division and must also inform the buyer of the notification requirements.(3) Fund Eligibility Requirements. (a) If a release from a petroleum underground storage tank system would have been eligible for reimbursement from the UST fund under the provisions of Rule 0400-18-01.09 had there been no foreclosure, then the holder shall be able to take full advantage of the Petroleum Underground Storage Tank Fund. Reimbursement from the fund shall be in accordance with the provisions of Rule 0400-18-01-.09.(b) A holder who is eligible for reimbursement from the state fund must satisfy the deductible requirements as required by subparagraph (6)(b) of Rule 0400-18-01-.09.(c) If a fund eligible release occurred prior to the time of foreclosure and assessment and remediation activities have been initiated in accordance with the requirements of Rule 0400-18-01-.06, then assessment and remediation, in accordance with the requirements of Rule 0400-18-01-.06, must be continued for the site to remain fund eligible after the holder has sold or otherwise disposed of his interest in it.(4) Fee Payment. Annual tank fees may be paid after foreclosure either by the holder or by an operator who is in charge of the daily operation of the UST systems provided that the holder has properly registered the tanks in accordance with paragraph (2) of this rule.
Tenn. Comp. R. & Regs. 0400-18-01-.12
Original rule filed December 8, 2011; effective March 7, 2012. Rule was renumbered from 1200-01-15. Amendments filed July 3, 2018; effective October 13, 2018. Amendments filed March 17, 2021; effective 6/15/2021.Authority: T.C.A. §§ 4-5-201, et seq., and 68-215-101, et seq.