25 Pa. Code § 78.310. Replacement of existing bond.

§ 78.310. Replacement of existing bond.

(a)  An owner or operator may replace an existing surety or collateral bond with another surety or collateral bond that satisfies the requirements of this chapter, if the liability which has accrued against the bond, the owner or operator who filed the first bond and the well operation is transferred to the replacement bond. An owner or operator may not substitute a phased deposit of collateral bond under section 215(d) and (d.1) of the act (58 P. S. §  601.215(d) and (d.1)) for a valid surety bond or collateral that has been filed and approved by the Department.
(b)  The Department will not release existing bonds until the operator has submitted and the Department has approved acceptable replacement bonds.

Source

   The provisions of this §  78.310 adopted July 28, 1989, effective July 29, 1989, 19 Pa.B. 3229; amended December 16, 1994, effective December 17, 1994, 24 Pa.B. 6284; amended March 30, 2001, effective March 31, 2001, 31 Pa.B. 1736. Immediately preceding text appears at serial page (241953).

Cross References

   This section cited in 25 Pa. Code §  78.304 (relating to terms and conditions for surety bonds).

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