Indiana § 14-34-7-5 - "Corporate guarantee" defined
Full text of Indiana Indiana Code § 14-34-7-5 — "Corporate guarantee" defined, with citation guidance and answers to common questions.
§ 14-34-7-5. "Corporate guarantee" defined
Sec. 5. (a) A written guarantee accepted under this section is referred to as a "corporate guarantee".
(b) The director may accept a corporate guarantee for an applicant's self-bond from a corporate guarantor if, at the time the self-bond is accepted, the following conditions are met:
(1) The guarantee is in writing.
(2) The applicant satisfies the requirements of section 4(d)(1), 4(d)(2), and 4(d)(8) of this chapter.
(3) The guarantor meets the conditions imposed upon an applicant under section 4 of this chapter.
(c) The terms of a corporate guarantee must provide for the following:
(1) If the applicant fails to complete the reclamation plan, the guarantor shall complete the reclamation plan or the guarantor is liable under the indemnity agreement to provide money to the department sufficient to complete the reclamation plan, but not to exceed the bond amount.
(2) The corporate guarantee remains in force unless:
(A) the guarantor sends notice of cancellation by certified mail to:
(i) the applicant; and
(ii) the director;
at least ninety (90) days before the cancellation date; and
(B) the director accepts the cancellation.
(3) A notice of cancellation of a corporate guarantee may be accepted by the director if:
(A) the applicant obtains a suitable replacement bond allowed under IC 13-4.1-6 (before its repeal) or IC 14-34-6 before the cancellation date; or
(B) the land or parts of the land for which the self-bond was accepted have not been disturbed.
[Pre-1995 Recodification Citation: 13-4.1-6.3-9.]
As added by P.L.1-1995, SEC.27. Amended by P.L.176-1995, SEC.15.
Frequently Asked Questions About Indiana § 14-34-7-5
What does Indiana Code § 14-34-7-5 cover?
Section 14-34-7-5 (""Corporate guarantee" defined") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 14-34-7-5?
A common citation format is "Indiana Code § 14-34-7-5" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 14-34-7-5 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.