[Code of Federal Regulations]
[Title 40, Volume 24]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 40CFR280.102]

[Page 488-489]
 
                   TITLE 40--PROTECTION OF ENVIRONMENT
 
                           AGENCY (CONTINUED)
 
PART 280--TECHNICAL STANDARDS AND CORRECTIVE ACTION REQUIREMENTS FOR OWNERS AND OPERATORS OF UNDERGROUND STORAGE TANKS (UST)--Table of Contents
 
                   Subpart H--Financial Responsibility
 
Sec. 280.102  Trust fund.

    (a) An owner or operator may satisfy the requirements of Sec. 280.93 
by establishing a trust fund that conforms to the requirements of this 
section. The trustee must be an entity that has the authority to act as 
a trustee and whose

[[Page 489]]

trust operations are regulated and examined by a federal agency or an 
agency of the state in which the fund is established.
    (b) The wording of the trust agreement must be identical to the 
wording specified in Sec. 280.103(b)(1), and must be accompanied by a 
formal certification of acknowledgement as specified in 
Sec. 280.103(b)(2).
    (c) The trust fund, when established, must be funded for the full 
required amount of coverage, or funded for part of the required amount 
of coverage and used in combination with other mechanism(s) that provide 
the remaining required coverage.
    (d) If the value of the trust fund is greater than the required 
amount of coverage, the owner or operator may submit a written request 
to the Director of the implementing agency for release of the excess.
    (e) If other financial assurance as specified in this subpart is 
substituted for all or part of the trust fund, the owner or operator may 
submit a written request to the Director of the implementing agency for 
release of the excess.
    (f) Within 60 days after receiving a request from the owner or 
operator for release of funds as specified in paragraph (d) or (e) of 
this section, the Director of the implementing agency will instruct the 
trustee to release to the owner or operator such funds as the Director 
specifies in writing.