A bill to amend provisions of the Bankruptcy Code governing the powers of a bankruptcy court and the effect of automatic stays as they relate to certain multifamily liens insured or held by the Secretary of Housing and Urban Development or the Secretary of Agriculture, and for other purposes.

Summary

Amends the Bankruptcy Code to prohibit a bankruptcy court from issuing any order, process, or judgment that would negate exemptions to the Code's automatic stay provisions (as amended by this Act). Declares that the filing of a bankruptcy petition will not act as an automatic stay of specified actions taken by either the Secretary of Housing and Urban Development or the Secretary of Agriculture to protect their financial positions with respect to certain multifamily housing units whose mortgagors are in default. Exempts from the automatic stay a hospital or nursing home that is subject to a lien insured or held by the Secretary of Housing and Urban Development pursuant to the National Housing Act.

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Documents

3 official files

• Reference Change Senate (text)

  Reference Change Senate · EN

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• Introduced in Senate (text)

  Introduced in Senate · EN

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• Introduced in Senate

  summary · EN · 3 November 1989

  Open at official source

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