A bill to amend title 11, United States Code, to provide for expedited determinations of interests in grain and the proceeds of grain, held by debtors who own or operate grain storage facilities, and for other purposes.

Summary

Amends the Bankruptcy Reform Act of 1978 to permit a bankruptcy court to expedite the procedures for the determination of interests in and the disposition of grain and proceeds of grain held by debtors who own or operate grain storage facilities. Allows the shortening of time periods applicable for such procedures and establishment of a timetable for the completion of certain procedure. Permits such time periods and timetable to be modified by the court for good cause shown. Sets forth the criteria by which such time periods may be shortened and the procedures which may be expedited. Requires notice of any appropriate regulatory governmental unit of any request made or ordered into for expedited determinations of interest. Requires the trustee to consult with such governmental unit before taking any action relating to the disposition of grain in the control of the debtor or the estate. Declares that unless such an order is stayed pending appeal, the reversal or modification on appeal of an order establishing an expedited procedure or determining any interest in or approving any disposition of grain or its proceeds does not affect validity. Prohibits the court or the trustee from delaying any other proceeding in the particular case on account of the appeal. Permits the trustee to recover from grain and proceeds of grain the reasonable and necessary costs and expenses attributable to preserving and disposing of grain or its proceeds, but the trustee may not recover any other costs or expenses.

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1 official file

• Introduced in House

  summary · EN · 2 November 1983

  Open at official source

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