Delaware Code > Title 5 > Chapter 20 – Merger, Consolidation or Conversion
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Delaware Code > Title 5 > Chapter 20 - Merger, Consolidation or Conversion
- Ancillary equipment: means any device including, but not limited to, such devices as piping, fittings, flanges, valves and pumps, that are used to distribute, meter or control the flow of petroleum or hazardous substances from an underground storage tank. See Delaware Code Title 7 Sec. 7402
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Corrective action: means the sequence of actions, or process, that includes confirming a release, site assessment, interim remedial action, remedial action, monitoring, and termination of remedial action. See Delaware Code Title 7 Sec. 7402
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Department: means the Department of Natural Resources and Environmental Control. See Delaware Code Title 7 Sec. 7402
- Executor: A male person named in a will to carry out the decedent
- Facility: means any location or part thereof that contains or had previously contained 1 or more underground storage tanks. See Delaware Code Title 7 Sec. 7402
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means :
- Fiduciary capacity: means the capacity of a person in holding title to a facility, or otherwise having control of or an interest in the facility, pursuant to the exercise of the responsibilities of the person as a fiduciary. See Delaware Code Title 7 Sec. 7402
- Forbearance: A means of handling a delinquent loan. A
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Fund: means the Delaware Underground Petroleum Storage Tank Response Fund. See Delaware Code Title 7 Sec. 7402
- Heating fuels: means a type of fuel oil that is 1 of 8 technical grades. See Delaware Code Title 7 Sec. 7402
- Lender: means :
- Operator: means any person in control of, or having responsibility for, the daily operation of the underground storage tank system. See Delaware Code Title 7 Sec. 7402
- Out of service: means a storage system which:
- Owner: means :
- participate in management: means actually participating in the management or operational affairs of an underground storage tank or facility, but does not include merely having the capacity to influence, or the unexercised right to control, an underground storage tank or facility operations. See Delaware Code Title 7 Sec. 7402
- Person: means any individual, trust, firm, joint stock company, federal agency, corporation (including a government corporation), partnership, association, state, municipality, commission, political subdivision of a state or any interstate body. See Delaware Code Title 7 Sec. 7402
- Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way.
- Regulated substance: means :
- Release: means any spilling, leaking, emitting, discharging, escaping, leaching or disposing into groundwater, surface water or soils. See Delaware Code Title 7 Sec. 7402
- Removal: means the process of removing and disposing of an underground storage tank system, through the use of prescribed techniques for the purging of residues and vapors and removal of the vessel from the ground. See Delaware Code Title 7 Sec. 7402
- Responsible party: means any person who:
- Secretary: means the Secretary of the Department of Natural Resources and Environmental Control or a duly authorized designee. See Delaware Code Title 7 Sec. 7402
- Security interest: means an interest in a petroleum UST or UST system or in a facility or property on which a petroleum UST or UST system is located, created or established for the purpose of securing a loan or other obligation. See Delaware Code Title 7 Sec. 7402
- State: means the State of Delaware. See Delaware Code Title 7 Sec. 7402
- Underground storage tank: means a containment vessel, including underground pipes connected thereto, which is used to contain an accumulation of regulated substances, and the volume of which, including the volume of the underground pipes connected thereto, is 10 per centum or more beneath the surface of the ground. See Delaware Code Title 7 Sec. 7402
- Underground storage tank system: means an underground storage tank and its associated ancillary equipment and containment system, if any. See Delaware Code Title 7 Sec. 7402