65-34,107. Same; evidence of financial responsibility required; limitation of liability.
65-34,107
65-34,107. Same; evidence of financial responsibility required;limitation of liability.(a) Each owner or operator of an underground storage tankshall provide evidence of financial responsibility.
(b) If the owner or operator is in bankruptcy, reorganization orarrangement pursuant to the federal bankruptcy law, or if jurisdiction inany state or federal court cannot be obtained over an owner or operatorlikely to be solvent at the time of judgment, any claim arising fromconduct for which evidence of financial responsibility must be providedunder this act may be asserted directly against the guarantor providing theevidence of financial responsibility. In the case of action pursuant tothis subsection, the guarantor is entitled to invoke all rights anddefenses which would have been available to the owner or operator if anyaction had been brought against the owner or operator by the claimant andwhich would have been available to the guarantor if any action had beenbrought against the guarantor by the owner or operator.
(c) The total liability of a guarantor shall be limited to the aggregateamount which the guarantor has provided as evidence of financialresponsibility to the owner or operator under this section. Thissubsection does not limit any other state or federal statutory, contractualor common law liability of a guarantor to its owner or operator, including,but limited to, the liability of the guarantor for bad faith in negotiatingor in failing to negotiate the settlement of any claim. This subsectiondoes not diminish the liability of any person under section 107 or 111 ofthe Comprehensive Environmental Response, Compensation and Liability Act of1980, or other applicable law.
History: L. 1989, ch. 186, § 8; May 18.