§ 78a.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 3225(d) and (d.1) of the act (relating to bonding) 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.
Cross References This section cited in 25 Pa. Code § 78a.304 (relating to terms and conditions for surety bonds).
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