Section 329IAC10-39-7. Incapacity of permittee, guarantors, or financial institutions

   (a) A permittee shall notify the commissioner by certified mail within ten (10) days after commencement of a voluntary or involuntary proceeding under bankruptcy under 11 U.S.C. 101 et seq., October 1, 1979, naming the permittee as debtor.

  (b) A local government guarantor, which provides financial assurance to a permittee, shall notify the permittee and the commissioner by certified mail within ten (10) days after commencement of a voluntary or involuntary proceeding under bankruptcy under 11 U.S.C. 101 et seq., October 1, 1979, naming the local government guarantor as debtor.

  (c) A permittee who fulfills the requirements of sections 1 through 5 of this rule by obtaining a trust fund, surety bond, letter of credit, insurance policy, or local government guarantee shall be deemed to be without the required financial responsibility in the event of bankruptcy of the:

(1) trustee;

(2) institution issuing the surety bond, letter of credit, or insurance policy to issue such instruments; or

(3) local government guarantor.

The permittee shall establish other financial responsibility within sixty (60) days after such an event. (Solid Waste Management Division; 329 IAC 10-39-7; filed Mar 14, 1996, 5:00 p.m.: 19 IR 1924; filed Feb 26, 1999, 5:45 p.m.: 22 IR 2236; filed Feb 9, 2004, 4:51 p.m.: 27 IR 1871, eff Apr 1, 2004)