Shopping Center Protections Improvements Act of 1982

Summary

Shopping Center Protections Improvements Act of 1982 - Amends the Bankruptcy Code to require a trustee in bankruptcy to perform all of the obligations of a tenant arising from an order for bankruptcy relief under an unexpired shopping center lease (including payment of the rent and other charges specified in the lease) until such lease is assumed or rejected. Imposes a 60 day limit (with additional time, if the court so orders) on a trustee's acceptance or rejection of an unexpired lease in all bankruptcy cases after which time the lease will be deemed rejected. Requires the trustee, if the premises are not vacated within 30 days after a court order to do so, to perform all of the obligations under such lease currently. Declares that the acceptance of such performance shall not constitute a waiver or relinquishment of the lessor's rights under the lease or the Bankruptcy Code. Requires the trustee to assure that an assignee of such a lease has a financial standing similar to the original tenant's at the time of execution of the lease. Revises the condition that assignment or assumption of the lease not cause a substantial disruption of any tenant mix in the center by deleting the qualifier "substantial". Permits the lessor, if an unexpired lease is assigned pursuant to this Act, to require a deposit or other security for the performance of the obligations under the lease. Eliminates the automatic stay of any proceeding to obtain possession of property subject to a lease which has expired by virtue of its own terms without regard to the bankruptcy proceedings.

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Documents

3 official files

• Passed Senate amended

  summary · EN · 1 October 1982

  Open at official source

• Reported to Senate with amendment(s)

  summary · EN · 17 August 1982

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• Introduced in Senate

  summary · EN · 29 March 1982

  Open at official source

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