Code of Massachusetts Regulations › 310 CMR - DEPARTMENT OF ENVIRONMENTAL PROTECTION › Title 310 CMR 80.00 - Underground Storage Tank Systems › FINANCIAL RESPONSIBILITY › Section 80.55 - Requirements for a Standby Trust

Current through Register 1525, July 5, 2024
(1) Any Owner
				or Operator who establishes one or more of the financial assurance mechanisms
				at
				310 CMR
				80.54(3), (4), (9) or (11)
				shall establish a standby trust fund when the mechanism is acquired. The
				trustee of the standby trust fund shall be a bank or other financial
				institution which has the authority to act as a trustee and whose trust
				operations are regulated and examined by the Massachusetts Commissioner of
				Banks or the trustee shall be a national bank.
(2) A standby trust agreement, or trust
				agreement, shall be worded as follows, except that instructions in brackets are
				to be replaced with the relevant information and the brackets deleted:
Trust Agreement
This Trust Agreement, hereafter referred to as the
				  "Agreement," is entered into as of [
date
] by and between
				  [
name of the owner or operator
], a [
name of
				  State
] [
insert
"corporation," "partnership,"
				  "association," "trust", "limited liability company", "limited liability
				  partnership"
or
"individual"], hereafter referred to as the
				  "Grantor," and [
name of corporate trustee
], [
insert
"Incorporated in the state of ___"
or
"a national
				  bank"], hereafter referred to as the "Trustee".
Whereas, the Massachusetts Department of Environmental
				  Protection, hereafter referred to as "the Department" an agency of the
				  Commonwealth of Massachusetts, has established certain regulations applicable
				  to the Grantor, requiring that the Grantor shall provide assurance that funds
				  will be available when needed for corrective action and third-party
				  compensation for bodily injury and property damage caused by sudden and
				  nonsudden accidental releases arising from the operation of the UST system(s)
				  identified in Schedule A. Schedule A shall list the number of tanks at each
				  facility and the name(s) and address(es) of the facility(ies) where the tanks
				  are located that are covered by the standby trust agreement.
Whereas, the Grantor has elected to establish [
insert
				  either
"a "trust fund"
or
"standby trust fund"] to
				  provide all or part of such financial assurance for the UST systems identified
				  in Schedule A; and
Whereas, the Grantor, acting through its duly authorized
				  officers, has selected the Trustee to be the trustee under this Agreement, and
				  the Trustee is willing to act as trustee;
Now, therefore, the Grantor and the Trustee agree as
				  follows:
Section 1.
Definitions
As used in this Agreement:
(a) The term "Grantor" means [
name of
				owner or operator
].
(b)
				The term "Trustee" means [
name of corporate trustee
],
				[
insert
"incorporated in the State of ______ "or "a national
				bank"], and any successor thereof.
(c) The terms "Department" and "Beneficiary"
				mean the Massachusetts Department of Environmental Protection, an agency of the
				Commonwealth of Massachusetts, and any successor of said Department.