Section NR 661.0148 - Incapacity of owners or operators, guarantors, or financial institutions(1) An owner or operator shall notify the department by certified mail of the commencement of a voluntary or involuntary bankruptcy proceeding under Title 11, U.S. Code, naming the owner or operator as debtor, within 10 days after commencement of the proceeding. A guarantor of a corporate guarantee as specified in s. NR 661.0143(5) shall make such a notification if named as debtor, as required under the terms of the corporate guarantee.(2) An owner or operator who fulfills the requirements specified in s. NR 661.0143 or 661.0147 by obtaining a trust fund, surety bond, letter of credit, or insurance policy will be deemed to be without the required financial assurance or liability coverage in the event of bankruptcy of the trustee or issuing institution, or a suspension or revocation of the authority of the trustee institution to act as trustee or of the institution issuing the surety bond, letter of credit, or insurance policy to issue such instruments. The owner or operator shall establish other financial assurance or liability coverage within 60 days after such an event.Wis. Admin. Code Department of Natural Resources NR 661.0148
Adopted by, CR 19-082: cr. Register August 2020 No. 776, eff. 9-1-20; correction in (2) made under s. 35.17, Stats., Register August 2020 No. 776, eff. 9/1/2020