North Dakota Administrative Code › Title 33.1 - Department of Environmental Quality › Article 33.1-24 - Hazardous Waste Management › Chapter 33.1-24-08 - Technical Standards and Corrective Action Requirements for Owners and Operators of Underground Storage Tanks › Section 33.1-24-08-115 - 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 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
				33.1-24-08-03, 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.