§ 7-543. Successors to perform and satisfy obligations

   (a) Successors. -- This section applies to a person that is a successor to an electric company, whether through:

   (1) a reorganization, bankruptcy, or other insolvency proceeding;

   (2) a merger or acquisition, sale, or other business combination; or

   (3) a transfer by operation of law.

(b) In general. -- A successor to an electric company shall perform and satisfy all obligations of, and have the same rights under a qualified rate order as, the electric company under the qualified rate order in the same manner and to the same extent as the electric company, including:

   (1) collecting the revenues, collections, payments, or proceeds of the rate stabilization property; and

   (2) paying them to the person entitled to receive them.

HISTORY: 2006 Sp. Sess., ch. 5, § 1.