9 Va. Admin. Code § 20-70-270

Current through Register Vol. 40, No. 22, June 17, 2024

Section 9VAC20-70-270 - Incapacity of owners, operators or financial institution

A. An owner or operator shall notify the director 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. A guarantor of a corporate guarantee as specified in 9VAC20-70-220 shall make such a notification if he is named as debtor, as required under the terms of the corporate guarantee.

B. An owner or operator who fulfills the requirements of Article 4 (9VAC20-70-140 et seq.) of this part by obtaining a trust fund, a letter of credit, a surety bond, or an insurance policy, 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 insurance policy to issue such mechanisms. The owner or operator shall establish other financial assurance within 60 days of such event.

Derived from Virginia Register Volume 14, Issue 6, eff. January 7, 1998.

Statutory Authority

§§ 10.1-1402 and 10.1-1410 of the Code of Virginia.