An owner/operator is required to maintain financial responsibility after selling a UST facility.

An owner/operator is required to maintain financial responsibility after selling a UST facility.

• A. True
• B. False
• C. Not specified
• D. Depends

Answer: (B)

Financial responsibility for underground storage tanks is carried by the current owner or operator. When you sell the facility, ownership (and the associated obligation to maintain financial assurance) transfers to the new owner. So you’re not required to keep financial responsibility after the sale, though you may remain responsible for cleanup costs tied to releases that happened during your period of ownership. The buyer must obtain and maintain their own financial assurance to meet regulatory requirements.

Financial responsibility for underground storage tanks is carried by the current owner or operator. When you sell the facility, ownership (and the associated obligation to maintain financial assurance) transfers to the new owner. So you’re not required to keep financial responsibility after the sale, though you may remain responsible for cleanup costs tied to releases that happened during your period of ownership. The buyer must obtain and maintain their own financial assurance to meet regulatory requirements.