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13-24-1-10. Lenders considered to participate in management

IN Code § 13-24-1-10 (2019) (N/A)
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Sec. 10. A person that is a lender and that holds evidence of ownership primarily to protect a security interest in a petroleum facility may be considered to participate in the management (as defined in IC 13-11-2-151.3) of the petroleum at the petroleum facility only if, while the borrower is still in possession of the petroleum facility encumbered by the security interest, the person:

(1) exercises decision making control over the environmental compliance related to the petroleum facility such that the person has undertaken responsibility for the petroleum handling or disposal practices related to the petroleum facility; or

(2) exercises control at a level comparable to that of a manager of the petroleum facility such that the person has assumed or manifested responsibility:

(A) for the overall management of the petroleum facility encompassing day to day decision making with respect to environmental compliance; or

(B) over all or substantially all of the operational functions (as distinguished from financial or administrative functions) of the petroleum facility other than the function of environmental compliance.

As added by P.L.90-1998, SEC.22.

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