25 Pa. Code § 78a.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 3225(d) and (d.1) of the act (relating to
bonding) 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.
Notes
This section cited in 25 Pa. Code § 78a.304 (relating to terms and conditions for surety bonds).
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