(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.
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
(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
(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.
Fund Eligibility Requirements.
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
A holder who is eligible for
reimbursement from the state fund must satisfy the deductible requirements as
required by subparagraph (6)(b) of Rule
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
then assessment and remediation, in accordance with the requirements of Rule
must be continued for the site to remain fund eligible after the holder has
sold or otherwise disposed of his interest in it.
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. &
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
Authority: T.C.A. §§
et seq., and 68-215-101, et seq.