In the event of the decease, incompetency, insolvency, bankruptcy, or corporate reorganization under the bankruptcy law of the United States, of a holder of a certificate or permit that authorizes motor carrier operations in intrastate commerce under this chapter, the administrator, upon application or notification of his or her executor, administrator, guardian, conservator, assignee, trustee, or receiver, shall conditionally operate the certificate or permit as a fiduciary, pending the filing of an application to transfer the certificate or permit and pending the decision of the administrator as to the fitness, willingness, and ability of the transferee to conduct the operation or business authorized by the certificate or permit. In the event of the decease, incompetency, insolvency, or bankruptcy of a member of a partnership holding the certificate or permit, the administrator upon receipt of notification of the remaining partner or partners, or of the executor, administrator, guardian, conservator, assignee, trustee, or receiver of the deceased, incompetent, insolvent, or bankrupt partner, may make a like conditional transfer to the remaining partner or partners. Upon application of the executor, administrator, guardian, conservator, assignee, trustee, receiver, surviving, or remaining partner, the administrator may transfer the certificate or permit in accordance with the provisions of this chapter from the original holder to any person named in the application and approved by the administrator.

History of Section.
P.L. 1958, ch. 87, § 1.