Indiana Code 8-1-8.9-13. SNG property interest; assignability
(1) another party to the qualified contract; or
Terms Used In Indiana Code 8-1-8.9-13
- assignee: means any individual, corporation, or other legal entity to which an SNG property interest is transferred. See Indiana Code 8-1-8.9-1
- Contract: A legal written agreement that becomes binding when signed.
- energy utility: has the meaning set forth in Indiana Code 8-1-8.9-3
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- financing entity: means a person that provides:
Indiana Code 8-1-8.9-4
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- qualified contract: means a contract with a term of at least thirty (30) years for the sale of substitute natural gas to an energy utility. See Indiana Code 8-1-8.9-5
- SNG: has the meaning set forth in Indiana Code 8-1-8.9-8
- SNG property interest: means the right, title, and interest that:
Indiana Code 8-1-8.9-9
An assignee may in turn assign an SNG property interest to a financing entity that provides financing to the assignee.
(b) An assignment to a financing entity under this section may be:
(1) an absolute assignment of the SNG property interest; or
(2) an assignment of the SNG property interest as collateral for an obligation owed to the financing entity.
(c) An assignee under this section may enforce the SNG property interest by all applicable legal and equitable means.
(d) Any amounts collected by an energy utility in connection with the sale, transfer, or disposition of substitute natural gas under a qualified contract that forms the basis of an SNG property interest assigned under this section constitute the property of the assignee. Pending the transfer of the SNG property interest to the assignee, the amounts described in this subsection shall be:
(1) segregated by the energy utility; and
(2) held in trust for the benefit of the assignee;
subject to the terms of the qualified contract that forms the basis of the SNG property interest that is being assigned.
As added by P.L.175-2007, SEC.21.