Indiana Code 8-1-8.9-18. SNG property interest; successor obligations
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Sec. 18. Any entity that becomes a successor to an energy utility as the result of:
(2) any merger, sale, or transfer involving the energy utility; or
(1) any bankruptcy, reorganization, or other insolvency proceeding;
Terms Used In Indiana Code 8-1-8.9-18
- 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
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- energy utility: has the meaning set forth in Indiana Code 8-1-8.9-3
- 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
- SNG: has the meaning set forth in Indiana Code 8-1-8.9-8
(3) the operation of law;
or for any other reason, shall perform and satisfy any obligations of the energy utility incurred under this chapter in the same manner and to the same extent as the energy utility would have been obligated to perform, including the obligation to pay to an assignee any funds collected by the energy utility in connection with the SNG property interest assigned to the assignee.
As added by P.L.175-2007, SEC.21.