A bill to amend title 11, United States Code, the Bankruptcy Code, to clarify the transfer provisions.

Summary

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.

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1 official file

• Introduced in Senate

  summary · EN · 11 June 1987

  Open at official source

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