Indiana Code 13-11-2-151.2. “Participate in management” for purposes of IC 13-23-13
(b) The term does not include the following:
Terms Used In Indiana Code 13-11-2-151.2
- Contract: A legal written agreement that becomes binding when signed.
- Forbearance: A means of handling a delinquent loan. A
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
(2) Performing an act or failing to perform an act before the time at which a security interest is created in an underground storage tank or aboveground storage tank.
(3) Holding a security interest or abandoning a security interest.
(4) Including in the terms of an extension of credit, or in a contract or security agreement relating to the extension, a covenant, a warranty, or another term or condition that relates to environmental compliance.
(5) Monitoring or enforcing the terms and conditions of the extension of credit or security interest.
(6) Monitoring or undertaking at least one (1) inspection of an underground storage tank or aboveground storage tank.
(7) Requiring a response action or other lawful means of addressing the release or threatened release of a hazardous substance in connection with the underground storage tank or aboveground storage tank prior to, during, or on the expiration of the term of the extension of credit.
(8) Providing financial advice or other advice or counseling in an effort to mitigate, prevent, or cure default or decrease in the value of an underground storage tank or aboveground storage tank.
(9) Restructuring, renegotiating, or otherwise agreeing to alter the terms and conditions of the extension of credit or security interest, exercising forbearance.
(10) Exercising other remedies that may be available under applicable law for the breach of a term or condition of the extension of credit or security agreement.
(11) Conducting a response action under Section 107(d) of CERCLA (42 U.S.C. § 9607(d)) or under the direction of an on-scene coordinator appointed under the National Contingency Plan, unless the person conducting the response action assumes or manifests responsibility:
(A) for the overall management of the underground storage tank or aboveground storage tank, 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 underground storage tank or aboveground storage tank other than the function of environmental compliance.
(c) As used in this section, “extension of credit” includes a lease finance transaction:
(1) in which the lessor does not initially select the leased underground storage tank or aboveground storage tank and does not during the lease term control the daily operations or maintenance of the underground storage tank or aboveground storage tank; or
(2) that conforms with regulations issued by:
(A) the appropriate federal banking agency or the appropriate state bank supervisor (as those terms are defined in Section 3 of the Federal Deposit Insurance Act, 12 U.S.C. § 1813); or
(B) the National Credit Union Administration Board.
As added by P.L.90-1998, SEC.9. Amended by P.L.176-2023, SEC.23.