A bill to amend title 11, United States Code, to disallow the avoidance of transfers in payment of debts evidenced by certain notes backed by credit guarantors in the ordinary course of business.

Summary

Amends the Bankruptcy Code to prohibit a trustee in bankruptcy from avoiding a transfer of the debtor's property to or for the benefit of a creditor in payment of a debt which was evidenced by a note issued by the debtor before the commencement of the case and the payment of which was supported by an irrevocable letter of credit, commitment to lend funds, or bond of indemnity issued by a credit guarantor in the ordinary course of its business. Requires such a transfer to be made without regard to whether it gives rise to a secured or unsecured claim against the debtor in favor of the transferor.

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1 official file

• Introduced in House

  summary · EN · 15 March 1984

  Open at official source

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