A bill to amend the Bankruptcy Act regarding farm produce storage facilities, and for other purposes.

Summary

Amends the Bankruptcy Reform Act of 1978 to require the bankruptcy court, in the case of a bankruptcy petition filed by a person engaged in the business of operating a farm produce storage facility, within specified time limits, to: (1) identify those farm producers who have produce in storage, and those parties which have secured interests in farm produce, within such facility; (2) audit the assets of the farm produce storage facility for the purpose of determining the extent of farm produce available for distribution to such producers and secured creditors; and (3) direct the abandonment of such farm produce according to procedures set forth by this Act. Declares that such procedures shall be applied by the court solely for the purpose of effectuating abandonment of farm produce which is not property of the estate, or is of inconsequential value to the estate, and shall not be construed to limit the right of any party to seek abandonment of any other property. Prohibits distribution of farm produce ordered abandoned by the court from being delayed due to the pendency of any appeal from the orders of abandonment, except that a stay of orders may be entered under specified conditions. Makes any such stay of orders appealable as of right by any aggrieved party. Grants to any person who, having delivered agricultural products to a licensed warehouseman upon a contract for sale and who has not received the agreed upon payment, a lien against products of like quantity, quality, and type, title to which may be then vested in such warehouseman, to the extent of the payment agreed upon for the purchase of the product sold. Attaches such lien at the time of the formation of the oral or written contract for sale and continues it until the obligations of the warehouseman to the seller of the products are satisfied.

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1 official file

• Introduced in Senate

  summary · EN · 31 March 1981

  Open at official source

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