A bill to amend title 11, United States Code, regarding claims with respect to agricultural commodities stored in agricultural commodity storage facilities operated by debtors in bankruptcy, and for other purposes.

Summary

Amends the Bankruptcy Reform Act of 1978 to require the bankruptcy court, in the case of a bankruptcy petition filed by a person engaged in the business of operating an agricultural commodity storage facility, to: (1) identify those farm producers who have agricultural commodities in storage and those parties which have secured interests in agricultural commodities within such facility; (2) audit the assets of the agricultural commodity storage facility for the purpose of determining the extent of agricultural commodities available for distribution to such producers and secured creditors; and (3) direct the abandonment of such agricultural commodities, according to procedures set forth by this Act. Declares that such procedures shall be applied by the court solely for the purpose of effectuating abandonment of agricultural commodities which are not the property of the estate or are of inconsequential value to the estate and shall not be construed to limit the right of any party to seek abandonment of any other property. Prohibits distribution of agricultural commodities ordered abandoned by the court from being delayed due to the pendency of any appeal from the orders of abandonment, except that a stay of orders may be entered under specified conditions. Makes any such stay of orders appealable as of right by any aggrieved party.

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1 official file

• Introduced in House

  summary · EN · 21 May 1981

  Open at official source

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