122 Neb. Admin. Code, ch. 13, § 008 - Established escrow accounts shall be subject to the following conditions

008.01 The escrow account shall be drawn solely in favor of the State of Nebraska with a bank or lending company chartered by or licensed to operate in the State of Nebraska as escrow agent and in an amount to reimburse the State of Nebraska in the event of abandonment, default, or other inability of the owner or operator to meet the conditions imposed in Section 001.01 of this Chapter.
008.02 The escrow account shall be drawn containing terms which authorize the Director to draw upon the account partially or in full, to obtain cash collateral for the purposes of Section 007.01 of this Chapter.
008.03 The total amount of the escrow account shall remain intact and free of any other encumbrance by the owner or operator or the escrow agent holding the same for the benefit of the State of Nebraska.
008.04 Upon the incapacity of the escrow agent by reason of bankruptcy, insolvency or suspension or revocation of its charter or license, the owner or operator shall obtain replacement financial assurance within 45 days. Failure of the owner or operator to obtain replacement financial assurance shall result in revocation of its permit.

Notes

122 Neb. Admin. Code, ch. 13, § 008

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