Ohio Admin. Code 3745-66-48 - Incapacity of owners or operators, guarantors, or financial institutions
(A) An owner or
operator must 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 ten days after commencement of
the proceeding. A guarantor of a corporate guarantee as specified in paragraph
(E) of rule
3745-66-43 and paragraph (E) of
rule 3745-66-45 of the Administrative
Code must make such a notification if he is named as debtor, as required under
the terms of the corporate guarantee[paragraph (H) of rule
3745-55-51 of the Administrative
Code].
(B) An owner or operator who
fulfills the requirements of rules 3745-66-43,
3745-66-45 or
3745-66-47 of the Administrative
Code 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.
[Comment: For dates of non-regulatory government publications, publications of recognized organizations and associations, federal rules, and federal statutory provisions referenced in this rule, see rule 3745-50-11 of the Administrative Code titled"Incorporated by reference."]
Notes
Rule promulgated under: RC 119.03
Rule authorized by: 3734.12
Rule amplifies: RC 3734.12
R.C. 119.032 review dates: Exempt
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