Shopping Center Tenant Bankruptcy Protections Improvements Act of 1983

Summary

Shopping Center Tenant Bankruptcy Protections Improvements Act of 1983 - 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. Permits the court to extend the time for performance of any obligation of rent or other charges due upon an unexpired lease. Declares that acceptance of such performance shall not constitute a waiver or relinquishment of the lessor's rights under the lease or under this Act. 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 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. Declares that the property of the estate does not include any 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

2 official files

• Reported to Senate with amendment(s)

  summary · EN · 4 May 1983

  Open at official source

• Introduced in Senate

  summary · EN · 22 February 1983

  Open at official source

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