North Dakota Administrative Code › Title 33 - State Department of Health › Article 33-24 - Hazardous Waste Management › Chapter 33-24-08 - Technical Standards and Corrective Action Requirements for Owners and Operators of Underground Storage Tanks › Section 33-24-08-115 - Definitions (lender liability)

Current through Supplement No. 393, July, 2024
1. "Borrower,
				debtor, or obligor" is a person whose underground storage tank or underground
				storage tank system or facility or property on which the underground storage
				tank or underground storage tank system is located is encumbered by a security
				interest. These terms may be used interchangeably.
2. "Holder" is a person who, upon the
				effective date of this rule, or in the future, maintains indicia of ownership,
				as defined in subsection 3, primarily to protect a security interest, as
				defined in subdivision a of subsection 6, in a petroleum underground storage
				tank or underground storage tank system or facility or property on which a
				petroleum underground storage tank or underground storage tank system is
				located. A holder includes the initial holder (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); a guarantor of an obligation,
				surety, or any other person who holds ownership indicia primarily to protect a
				security interest; or a receiver or other person who acts on behalf or for the
				benefit of a holder.
3. "Indicia of
				ownership" means evidence of a secured interest, evidence of an interest in a
				security interest, or evidence of an interest in real or personal property
				securing a loan or other obligation, including any legal or equitable title or
				deed to real or personal property acquired through or incident to foreclosure.
				Evidence of such interests include, but are not limited to, mortgages, deeds of
				trust, liens, surety bonds and guarantees of obligations, title held pursuant
				to a lease financing transaction in which the lessor does not select initially
				the leased property (hereinafter "lease financing transaction"), and legal or
				equitable title obtained pursuant to foreclosure. Evidence of such interests
				also includes assignments, pledges, or other rights to or other forms of
				encumbrance against property that are held primarily to protect a security
				interest. A person is not required to hold title or a security interest in
				order to maintain indicia of ownership.
4. "Operation" means, for purposes of this
				section, the use, storage, filling, or dispensing of petroleum contained in an
				underground storage tank or underground storage tank system.
5. Petroleum production, refining, and
				marketing.
a. "Petroleum marketing" means the
				distribution, transfer, or sale of petroleum or petroleum products for
				wholesale or retail purposes.
b.
				"Petroleum production" means the production of crude oil or other forms of
				petroleum, as defined in section
				33-24-08-03,
				as well as the production of petroleum products from purchased
				materials.
c. "Petroleum refining"
				means the cracking, distillation, separation, conversion, upgrading, and
				finishing of refined petroleum or petroleum products.