Tennessee Code 68-215-202 – Ownership of petroleum site or petroleum underground storage tank or property on which a petroleum site or petroleum underground storage tank is located
Current as of: 2023 | Check for updates
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Terms Used In Tennessee Code 68-215-202
- Holder: includes the initial holder or purchaser (such as a loan originator), any subsequent holder (such as a successor-in-interest or subsequent purchaser of the security interest on the secondary market), any subsequent assignee, transferee or purchaser from a holder, guarantor of an obligation, surety or any other person who holds ownership who acts on behalf of or for the benefit of a holder. See Tennessee Code 68-215-201
- Petroleum: means crude oil or any fraction of crude oil which is a liquid at standard temperature and pressure (sixty degrees Fahrenheit (60°. See Tennessee Code 68-215-103
- Petroleum underground storage tank: means any one (1) or combination of tanks (including the underground lines connected thereto) which are used or have been used to contain an accumulation of petroleum substances, and the volume of which (including the volume of the underground pipes connected thereto) is ten percent (10%) or more beneath the surface of the ground. See Tennessee Code 68-215-103
- Tank: means a stationary device, designed to contain an accumulation of petroleum substances which is constructed primarily of non-earthen materials (e. See Tennessee Code 68-215-103
- UST system: means an underground storage tank, connected underground piping, underground ancillary equipment and containment system, if any. See Tennessee Code 68-215-201
A holder is not an “owner” of a petroleum site or a petroleum underground storage tank or UST system, for purposes of compliance with the underground storage tank technical standards, corrective action requirements and financial responsibility requirements; provided, that party does not participate in the management of the petroleum underground storage tank as defined in this part and does not engage in petroleum production, refining and marketing.