329 IAC 10-39-7 Incapacity of permittee, guarantors, or financial institutions

Sec. 7. (a) A permittee shall notify the commissioner by certified mail within ten (10) days after commencement of a voluntary or involuntary proceeding under bankruptcy under 11 U.S.C. 101 et seq., October 1, 1979, naming the permittee as debtor. (b) A local government guarantor, which provides financial assurance to a permittee, shall notify the permittee and the commissioner by certified mail within ten (10) days after commencement of a voluntary or involuntary proceeding under bankruptcy under 11 U.S.C. 101 et seq., October 1, 1979, naming the local government guarantor as debtor. (c) A permittee who fulfills the requirements of sections 1 through 5 of this rule by obtaining a trust fund, surety bond, letter of credit, insurance policy, or local government guarantee shall be deemed to be without the required financial responsibility in the event of bankruptcy of the: (1) trustee; (2) institution issuing the surety bond, letter of credit, or insurance policy to issue such instruments; or (3) local government guarantor. The permittee shall establish other financial responsibility within sixty (60) days after such an event.