A bill to amend title 11, United States Code, the Bankruptcy Code, to clarify the transfer provisions.
Bill journey · stage 1 of 5
Just introduced
What it doesSummary introduced in senate (Jun 11, 1987)
Amends Federal bankruptcy provisions to provide that a debtor shall have received reasonably equivalent value through any transfer to a person who acquires an interest of the debtor in an asset pursuant to a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor upon default under a mortgage, deed of trust, land sale contract, or security agreement. Makes nonvoidable any termination of a lease or contract pursuant to the terms of the lease or contract and permitted by applicable nonbankruptcy law.
Specifies that any interest of a debtor in an asset acquired pursuant to a regularly conducted foreclosure sale or other procedure permitted by law for acquiring a debtor's interest upon default under a security agreement shall be deemed to be taken for new value and not in consideration of an antecedent debt.
What just happenedJun 10, 1988
Subcommittee on Courts and Administrative Practice. Hearings held.
Who’s behind it
- Jun 10, 1988Committee
Subcommittee on Courts and Administrative Practice. Hearings held.
Administrative Oversight and the Courts Subcommittee - Mar 14, 1988Committee
Referred to Subcommittee on Courts and Administrative Practice.
Administrative Oversight and the Courts Subcommittee - Jun 11, 1987IntroReferral
Read twice and referred to the Committee on Judiciary.
Judiciary Committee - Jun 11, 1987IntroReferral10000
Introduced in Senate