An owner or operator who uses a surety bond or an irrevocable standby letter of credit to satisfy the requirements of this chapter must establish a standby trust fund. Under the terms of the bond or letter of credit, all payments made under the bond or all amounts paid pursuant to a draft by the executive director shall be deposited by the surety or issuing institution directly into the standby trust fund or in accordance with instructions from the executive director. This standby trust fund must meet the requirements of the trust fund specified in §37.201 of this title (relating to Trust Fund), except that:(1) an originally signed duplicate of the trust agreement must be submitted to the executive director with the surety bond or irrevocable standby letter of credit; and(2) unless the standby trust fund is funded pursuant to the requirements of this chapter, the following are not required by this section:(A) payments into the trust fund as specified in §37.201 of this title;(B) updating of Schedule A of the trust agreement to show current cost estimates for closure, post closure, or corrective action;(C) annual valuations as required by the trust agreement; and(D) notices of nonpayment as required by the trust agreement.