A bill to amend the Bankruptcy Act regarding farm produce storage facilities, 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 a farm produce storage facility, within specified time limits, to: (1) identify those farm producers who have produce in storage, and those parties which have secured interests in farm produce, within such facility; (2) audit the assets of the farm produce storage facility for the purpose of determining the extent of farm produce available for distribution to such producers and secured creditors; and (3) direct the abandonment of such farm produce 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 farm produce which is not property of the estate, or is 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 farm produce 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. Grants to any farmer who, having delivered agricultural products to a licensed warehouseman upon a contract for sale and who has not received the agreed upon payment, a lien against products of like products in the licensed facility in excess of that required to satisfy receipted or other storage obligations, title to which may be then vested in such warehouseman, to the extent of the payment agreed upon for the purchase of the product sold. Attaches such lien at the time of the formation of the contract for sale and continues it until the obligations of the warehouseman to the seller of the products are satisfied.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 9 July 1981

   Introduced

   Referred to House Committee on The Judiciary.

   Source: IntroReferral

2. 9 July 1981

   Introduced

   Introduced in House

   Source: IntroReferral

3. 9 July 1981

   Introduced

   Introduced in House

   Source: IntroReferral

4. 15 July 1981

   Referred

   Referred to Subcommittee on Monopolies and Commercial Law.

   Source: Committee

5. 10 March 1982

   Committee

   Subcommittee Hearings Held.

   Source: Committee

6. 11 March 1982

   Committee

   Subcommittee Hearings Held.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 9 July 1981

  Open at official source

Sponsors

• Rep. Volkmer, Harold L. [D-MO-9] · D · Sponsor
• · hsju00 · Standing

Related records

• related to → A bill to amend the Bankruptcy Act regarding farm produce storage facilities, and for other purposes.
• related to ← A bill to amend the Bankruptcy Act regarding farm produce storage facilities, and for other purposes.
• related to ← A bill to amend the Bankruptcy Act regarding farm produce storage facilities, and for other purposes.