A bill to preserve rights of certain parties with an interest in certain vessels or fishing facilities, and for other purposes.

Summary

Amends Federal bankruptcy provisions to extend partial immunity from an automatic stay or a court injunction of foreclosure, possession, or disposition proceedings to: (1) creditors with preferred ship mortgages or mortgages on certain fishery facilities; and (2) lessors or conditional vendors of vessels as defined in the Merchant Marine Act of 1936. Requires full payment in cash of all sums owed, plus applicable interest, to cure a default on preferred mortgages, mortgages, security agreements, leases, or conditional sales contracts on certain vessels.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 19 December 1985

  Open at official source

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