This part is not intended to create an insurance program.
Terms Used In Utah Code 19-6-426
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
Contract: A legal written agreement that becomes binding when signed.
Costs: means money expended for:
(a)
investigation;
(b)
abatement action;
(c)
corrective action;
(d)
judgments, awards, and settlements for bodily injury or property damage to third parties;
(e)
legal and claims adjusting costs incurred by the state in connection with judgments, awards, or settlements for bodily injury or property damage to third parties; or
(f)
costs incurred by the state risk manager in determining the actuarial soundness of the fund. See Utah Code 19-6-402
Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
Person: means an individual, trust, firm, estate, company, corporation, partnership, association, state, state or federal agency or entity, municipality, commission, or political subdivision of a state. See Utah Code 19-1-103
Petroleum: includes crude oil or a fraction of crude oil that is liquid at:
Release: means spilling, leaking, emitting, discharging, escaping, leaching, or disposing a regulated substance from a petroleum storage tank into ground water, surface water, or subsurface soils. See Utah Code 19-6-402
Responsible party: is a s defined in Subsections (27)(a)(i), (ii), and (iii) does not include:
(i)
a person who is not an operator and, without participating in the management of a facility and otherwise not engaged in petroleum production, refining, and marketing, holds indicia of ownership:
(A)
primarily to protect the person's security interest in the facility; or
governmental ownership or control of property by involuntary transfers as provided in CERCLA Section 101(20)(D), 42 U. See Utah Code 19-6-402
State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
Underground storage tank: means a tank regulated under Subtitle I, Resource Conservation and Recovery Act, 42 U. See Utah Code 19-6-402
(2)
The fund established in this part shall only provide funds to finance costs for responsible parties who meet the requirements of this part when releases from petroleum storage tanks occur.
(3)
The assets of the fund, if any, are the sole source of money to pay claims against the fund.
(4)
The state is not liable for:
(a)
any amounts payable from the fund for which the fund does not have sufficient assets;
(b)
any expenses or debts of the fund; or
(c)
any claim arising from the creation, management, rate-setting, or any other activity pertaining to the fund.
(5)
The responsible parties are liable for any costs associated with any release from the underground storage tank system.
(6)
This part does not preclude a responsible party from enforcing or recovering under any agreement or contract for indemnification associated with a release from the tank or from pursuing any other legal remedies that may be available against any party.
(7)
If any payment is made under this part, the fund shall be subrogated to all the responsible parties’ rights of recovery against any person or organization and the responsible parties shall execute and deliver instruments and papers and do whatever else is necessary to secure the rights. The responsible parties shall do nothing after a release is discovered to prejudice the rights. In the event of recovery by the fund, any amount recovered shall first be used to reimburse the responsible parties for costs they are required to pay pursuant to Section 19-6-419.
(8)
Parties who elect to participate in the fund do so subject to the conditions and limitations in this section and in this part.
