Indiana Code 13-23-4-6. Bankruptcy of owner or operator of underground storage tank; liability of guarantor
(1) the owner or operator of an underground storage tank is in bankruptcy, reorganization, or arrangement under the federal bankruptcy law; or
Terms Used In Indiana Code 13-23-4-6
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
any claim arising from conduct for which evidence of financial responsibility is provided may be asserted directly against the guarantor.
(b) In an action based upon a claim under subsection (a), the guarantor may invoke:
(1) all rights and defenses that would have been available to the owner or operator if the action had been brought against the owner or operator by the claimant; and
(2) all rights and defenses that would have been available to the guarantor if an action had been brought against the guarantor by the owner or operator.
(c) The total liability of a guarantor under this section is limited to the aggregate amount in which the guarantor has provided evidence of financial responsibility for the owner or operator of an underground storage tank. This section does not do any of the following:
(1) Limit any other liability of a guarantor to the owner or operator of an underground storage tank, such as liability for bad faith in:
(A) negotiating; or
(B) failing to negotiate;
the settlement of any claim.
(2) Diminish the liability of any person under the following:
(A) Section 107 or 111 of the federal Comprehensive Environmental Response, Compensation, and Liability Act of 1980 (42 U.S.C. § 9607 or 9611).
(B) Any other applicable law.
[Pre-1996 Recodification Citation: 13-7-20-17(b), (c).]
As added by P.L.1-1996, SEC.13.