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TITLE 11–BANKRUPTCY

CHAPTER 3–CASE ADMINISTRATION

Sub Chapter IV –Administrative Powers

Sec. 362. Automatic stay

  (a) Except as provided in subsection (b) of this section, a petition 
filed under section 301, 302, or 303 of this title, or an application 
filed under section 5(a)(3) of the Securities Investor Protection Act of 
1970, operates as a stay, applicable to all entities, of--
        (1) the commencement or continuation, including the issuance or 
    employment of process, of a judicial, administrative, or other 
    action or proceeding against the debtor that was or could have been 
    commenced before the commencement of the case under this title, or 
    to recover a claim against the debtor that arose before the 
    commencement of the case under this title;
        (2) the enforcement, against the debtor or against property of 
    the estate, of a judgment obtained before the commencement of the 
    case under this title;
        (3) any act to obtain possession of property of the estate or of 
    property from the estate or to exercise control over property of the 
    estate;
        (4) any act to create, perfect, or enforce any lien against 
    property of the estate;
        (5) any act to create, perfect, or enforce against property of 
    the debtor any lien to the extent that such lien secures a claim 
    that arose before the commencement of the case under this title;
        (6) any act to collect, assess, or recover a claim against the 
    debtor that arose before the commencement of the case under this 
    title;
        (7) the setoff of any debt owing to the debtor that arose before 
    the commencement of the case under this title against any claim 
    against the debtor; and
        (8) the commencement or continuation of a proceeding before the 
    United States Tax Court concerning the debtor.

    (b) The filing of a petition under section 301, 302, or 303 of this 
title, or of an application under section 5(a)(3) of the Securities 
Investor Protection Act of 1970, does not operate as a stay--
        (1) under subsection (a) of this section, of the commencement or 
    continuation of a criminal action or proceeding against the debtor;
        (2) under subsection (a) of this section--
            (A) of the commencement or continuation of an action or 
        proceeding for--
                (i) the establishment of paternity; or
                (ii) the establishment or modification of an order for 
            alimony, maintenance, or support; or

            (B) of the collection of alimony, maintenance, or support 
        from property that is not property of the estate;

        (3) under subsection (a) of this section, of any act to perfect, 
    or to maintain or continue the perfection of, an interest in 
    property to the extent that the trustee's rights and powers are 
    subject to such perfection under section 546(b) of this title or to 
    the extent that such act is accomplished within the period provided 
    under section 547(e)(2)(A) of this title;
        (4) under paragraph (1), (2), (3), or (6) of subsection (a) of 
    this section, of the commencement or continuation of an action or 
    proceeding by a governmental unit or any organization exercising 
    authority under the Convention on the Prohibition of the 
    Development, Production, Stockpiling and Use of Chemical Weapons and 
    on Their Destruction, opened for signature on January 13, 1993, to 
    enforce such governmental unit's or organization's police and 
    regulatory power, including the enforcement of a judgment other than 
    a money judgment, obtained in an action or proceeding by the 
    governmental unit to enforce such governmental unit's or 
    organization's police or regulatory power;
        [(5) Repealed. Pub. L. 105-277, div. I, title VI, Sec. 603(1), 
    Oct. 21, 1998, 112 Stat. 2681-866;]
        (6) under subsection (a) of this section, of the setoff by a 
    commodity broker, forward contract merchant, stockbroker, financial 
    institutions, or securities clearing agency of any mutual debt and 
    claim under or in connection with commodity contracts, as defined in 
    section 761 of this title, forward contracts, or securities 
    contracts, as defined in section 741 of this title, that constitutes 
    the setoff of a claim against the debtor for a margin payment, as 
    defined in section 101, 741, or 761 of this title, or settlement 
    payment, as defined in section 101 or 741 of this title, arising out 
    of commodity contracts, forward contracts, or securities contracts 
    against cash, securities, or other property held by or due from such 
    commodity broker, forward contract merchant, stockbroker, financial 
    institutions, or securities clearing agency to margin, guarantee, 
    secure, or settle commodity contracts, forward contracts, or 
    securities contracts;
        (7) under subsection (a) of this section, of the setoff by a 
    repo participant, of any mutual debt and claim under or in 
    connection with repurchase agreements that constitutes the setoff of 
    a claim against the debtor for a margin payment, as defined in 
    section 741 or 761 of this title, or settlement payment, as defined 
    in section 741 of this title, arising out of repurchase agreements 
    against cash, securities, or other property held by or due from such 
    repo participant to margin, guarantee, secure or settle repurchase 
    agreements;
        (8) under subsection (a) of this section, of the commencement of 
    any action by the Secretary of Housing and Urban Development to 
    foreclose a mortgage or deed of trust in any case in which the 
    mortgage or deed of trust held by the Secretary is insured or was 
    formerly insured under the National Housing Act and covers property, 
    or combinations of property, consisting of five or more living 
    units;
        (9) under subsection (a), of--
            (A) an audit by a governmental unit to determine tax 
        liability;
            (B) the issuance to the debtor by a governmental unit of a 
        notice of tax deficiency;
            (C) a demand for tax returns; or
            (D) the making of an assessment for any tax and issuance of 
        a notice and demand for payment of such an assessment (but any 
        tax lien that would otherwise attach to property of the estate 
        by reason of such an assessment shall not take effect unless 
        such tax is a debt of the debtor that will not be discharged in 
        the case and such property or its proceeds are transferred out 
        of the estate to, or otherwise revested in, the debtor).

        (10) under subsection (a) of this section, of any act by a 
    lessor to the debtor under a lease of nonresidential real property 
    that has terminated by the expiration of the stated term of the 
    lease before the commencement of or during a case under this title 
    to obtain possession of such property;
        (11) under subsection (a) of this section, of the presentment of 
    a negotiable instrument and the giving of notice of and protesting 
    dishonor of such an instrument;
        (12) under subsection (a) of this section, after the date which 
    is 90 days after the filing of such petition, of the commencement or 
    continuation, and conclusion to the entry of final judgment, of an 
    action which involves a debtor subject to reorganization pursuant to 
    chapter 11 of this title and which was brought by the Secretary of 
    Transportation under section 31325 of title 46 (including 
    distribution of any proceeds of sale) to foreclose a preferred ship 
    or fleet mortgage, or a security interest in or relating to a vessel 
    or vessel under construction, held by the Secretary of 
    Transportation under section 207 or title XI of the Merchant Marine 
    Act, 1936, or under applicable State law;
        (13) under subsection (a) of this section, after the date which 
    is 90 days after the filing of such petition, of the commencement or 
    continuation, and conclusion to the entry of final judgment, of an 
    action which involves a debtor subject to reorganization pursuant to 
    chapter 11 of this title and which was brought by the Secretary of 
    Commerce under section 31325 of title 46 (including distribution of 
    any proceeds of sale) to foreclose a preferred ship or fleet 
    mortgage in a vessel or a mortgage, deed of trust, or other security 
    interest in a fishing facility held by the Secretary of Commerce 
    under section 207 or title XI of the Merchant Marine Act, 1936;
        (14) under subsection (a) of this section, of any action by an 
    accrediting agency regarding the accreditation status of the debtor 
    as an educational institution;
        (15) under subsection (a) of this section, of any action by a 
    State licensing body regarding the licensure of the debtor as an 
    educational institution;
        (16) under subsection (a) of this section, of any action by a 
    guaranty agency, as defined in section 435(j) of the Higher 
    Education Act of 1965 or the Secretary of Education regarding the 
    eligibility of the debtor to participate in programs authorized 
    under such Act;
        (17) under subsection (a) of this section, of the setoff by a 
    swap participant, of any mutual debt and claim under or in 
    connection with any swap agreement that constitutes the setoff of a 
    claim against the debtor for any payment due from the debtor under 
    or in connection with any swap agreement against any payment due to 
    the debtor from the swap participant under or in connection with any 
    swap agreement or against cash, securities, or other property of the 
    debtor held by or due from such swap participant to guarantee, 
    secure or settle any swap agreement; or
        (18) under subsection (a) of the creation or perfection of a 
    statutory lien for an ad valorem property tax imposed by the 
    District of Columbia, or a political subdivision of a State, if such 
    tax comes due after the filing of the petition.

The provisions of paragraphs (12) and (13) of this subsection shall 
apply with respect to any such petition filed on or before December 31, 
1989.
    (c) Except as provided in subsections (d), (e), and (f) of this 
section--
        (1) the stay of an act against property of the estate under 
    subsection (a) of this section continues until such property is no 
    longer property of the estate; and
        (2) the stay of any other act under subsection (a) of this 
    section continues until the earliest of--
            (A) the time the case is closed;
            (B) the time the case is dismissed; or
            (C) if the case is a case under chapter 7 of this title 
        concerning an individual or a case under chapter 9, 11, 12, or 
        13 of this title, the time a discharge is granted or denied.

    (d) On request of a party in interest and after notice and a 
hearing, the court shall grant relief from the stay provided under 
subsection (a) of this section, such as by terminating, annulling, 
modifying, or conditioning such stay--
        (1) for cause, including the lack of adequate protection of an 
    interest in property of such party in interest;
        (2) with respect to a stay of an act against property under 
    subsection (a) of this section, if--
            (A) the debtor does not have an equity in such property; and
            (B) such property is not necessary to an effective 
        reorganization; or

        (3) with respect to a stay of an act against single asset real 
    estate under subsection (a), by a creditor whose claim is secured by 
    an interest in such real estate, unless, not later than the date 
    that is 90 days after the entry of the order for relief (or such 
    later date as the court may determine for cause by order entered 
    within that 90-day period)--
            (A) the debtor has filed a plan of reorganization that has a 
        reasonable possibility of being confirmed within a reasonable 
        time; or
            (B) the debtor has commenced monthly payments to each 
        creditor whose claim is secured by such real estate (other than 
        a claim secured by a judgment lien or by an unmatured statutory 
        lien), which payments are in an amount equal to interest at a 
        current fair market rate on the value of the creditor's interest 
        in the real estate.

    (e) Thirty days after a request under subsection (d) of this section 
for relief from the stay of any act against property of the estate under 
subsection (a) of this section, such stay is terminated with respect to 
the party in interest making such request, unless the court, after 
notice and a hearing, orders such stay continued in effect pending the 
conclusion of, or as a result of, a final hearing and determination 
under subsection (d) of this section. A hearing under this subsection 
may be a preliminary hearing, or may be consolidated with the final 
hearing under subsection (d) of this section. The court shall order such 
stay continued in effect pending the conclusion of the final hearing 
under subsection (d) of this section if there is a reasonable likelihood 
that the party opposing relief from such stay will prevail at the 
conclusion of such final hearing. If the hearing under this subsection 
is a preliminary hearing, then such final hearing shall be concluded not 
later than thirty days after the conclusion of such preliminary hearing, 
unless the 30-day period is extended with the consent of the parties in 
interest or for a specific time which the court finds is required by 
compelling circumstances.
    (f) Upon request of a party in interest, the court, with or without 
a hearing, shall grant such relief from the stay provided under 
subsection (a) of this section as is necessary to prevent irreparable 
damage to the interest of an entity in property, if such interest will 
suffer such damage before there is an opportunity for notice and a 
hearing under subsection (d) or (e) of this section.
    (g) In any hearing under subsection (d) or (e) of this section 
concerning relief from the stay of any act under subsection (a) of this 
section--
        (1) the party requesting such relief has the burden of proof on 
    the issue of the debtor's equity in property; and
        (2) the party opposing such relief has the burden of proof on 
    all other issues.

    (h) An individual injured by any willful violation of a stay 
provided by this section shall recover actual damages, including costs 
and attorneys' fees, and, in appropriate circumstances, may recover 
punitive damages.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2570; Pub. L. 97-222, Sec. 3, 
July 27, 1982, 96 Stat. 235; Pub. L. 98-353, title III, Secs. 304, 
363(b), 392, 441, July 10, 1984, 98 Stat. 352, 363, 365, 371; Pub. L. 
99-509, title V, Sec. 5001(a), Oct. 21, 1986, 100 Stat. 1911; Pub. L. 
99-554, title II, Secs. 257(j), 283(d), Oct. 27, 1986, 100 Stat. 3115, 
3116; Pub. L. 101-311, title I, Sec. 102, title II, Sec. 202, June 25, 
1990, 104 Stat. 267, 269; Pub. L. 101-508, title III, Sec. 3007(a)(1), 
Nov. 5, 1990, 104 Stat. 1388-28; Pub. L. 103-394, title I, Secs. 101, 
116, title II, Secs. 204(a), 218(b), title III, Sec. 304(b), title IV, 
Sec. 401, title V, Sec. 501(b)(2), (d)(7), Oct. 22, 1994, 108 Stat. 
4107, 4119, 4122, 4128, 4132, 4141, 4142, 4144; Pub. L. 105-277, div. I, 
title VI, Sec. 603, Oct. 21, 1998, 112 Stat. 2681-886.)


                      Historical and Revision Notes

                         legislative statements

    Section 362(a)(1) of the House amendment adopts the provision 
contained in the Senate amendment enjoining the commencement or 
continuation of a judicial, administrative, or other proceeding to 
recover a claim against the debtor that arose before the commencement of 
the case. The provision is beneficial and interacts with section 
362(a)(6), which also covers assessment, to prevent harassment of the 
debtor with respect to pre-petition claims.
    Section 362(a)(7) contains a provision contained in H.R. 8200 as 
passed by the House. The differing provision in the Senate amendment was 
rejected. It is not possible that a debt owing to the debtor may be 
offset against an interest in the debtor.
    Section 362(a)(8) is new. The provision stays the commencement or 
continuation of any proceeding concerning the debtor before the U.S. Tax 
Court.
    Section 362(b)(4) indicates that the stay under section 362(a)(1) 
does not apply to affect the commencement or continuation of an action 
or proceeding by a governmental unit to enforce the governmental unit's 
police or regulatory power. This section is intended to be given a 
narrow construction in order to permit governmental units to pursue 
actions to protect the public health and safety and not to apply to 
actions by a governmental unit to protect a pecuniary interest in 
property of the debtor or property of the estate.
    Section 362(b)(6) of the House amendment adopts a provision 
contained in the Senate amendment restricting the exception to the 
automatic stay with respect to setoffs to permit only the setoff of 
mutual debts and claims. Traditionally, the right of setoff has been 
limited to mutual debts and claims and the lack of the clarifying term 
``mutual'' in H.R. 8200 as passed by the House created an unintentional 
ambiguity. Section 362(b)(7) of the House amendment permits the issuance 
of a notice of tax deficiency. The House amendment rejects section 
362(b)(7) in the Senate amendment. It would have permitted a particular 
governmental unit to obtain a pecuniary advantage without a hearing on 
the merits contrary to the exceptions contained in sections 362(b)(4) 
and (5).
    Section 362(d) of the House amendment represents a compromise 
between comparable provisions in the House bill and Senate amendment. 
Under section 362(d)(1) of the House amendment, the court may terminate, 
annul, modify, or condition the automatic stay for cause, including lack 
of adequate protection of an interest in property of a secured party. It 
is anticipated that the Rules of Bankruptcy Procedure will provide that 
those hearings will receive priority on the calendar. Under section 
362(d)(2) the court may alternatively terminate, annul, modify, or 
condition the automatic stay for cause including inadequate protection 
for the creditor. The court shall grant relief from the stay if there is 
no equity and it is not necessary to an effective reorganization of the 
debtor.
    The latter requirement is contained in section 362(d)(2). This 
section is intended to solve the problem of real property mortgage 
foreclosures of property where the bankruptcy petition is filed on the 
eve of foreclosure. The section is not intended to apply if the business 
of the debtor is managing or leasing real property, such as a hotel 
operation, even though the debtor has no equity if the property is 
necessary to an effective reorganization of the debtor. Similarly, if 
the debtor does have an equity in the property, there is no requirement 
that the property be sold under section 363 of title 11 as would have 
been required by the Senate amendment.
    Section 362(e) of the House amendment represents a modification of 
provisions in H.R. 8200 as passed by the House and the Senate amendment 
to make clear that a final hearing must be commenced within 30 days 
after a preliminary hearing is held to determine whether a creditor will 
be entitled to relief from the automatic stay. In order to insure that 
those hearings will in fact occur within such 30-day period, it is 
anticipated that the rules of bankruptcy procedure provide that such 
final hearings receive priority on the court calendar.
    Section 362(g) places the burden of proof on the issue of the 
debtor's equity in collateral on the party requesting relief from the 
automatic stay and the burden on other issues on the debtor.
    An amendment has been made to section 362(b) to permit the Secretary 
of the Department of Housing and Urban Development to commence an action 
to foreclose a mortgage or deed of trust. The commencement of such an 
action is necessary for tax purposes. The section is not intended to 
permit the continuation of such an action after it is commenced nor is 
the section to be construed to entitle the Secretary to take possession 
in lieu of foreclosure.
    Automatic stay: Sections 362(b)(8) and (9) contained in the Senate 
amendment are largely deleted in the House amendment. Those provisions 
add to the list of actions not stayed (a) jeopardy assessments, (b) 
other assessments, and (c) the issuance of deficiency notices. In the 
House amendment, jeopardy assessments against property which ceases to 
be property of the estate is already authorized by section 362(c)(1). 
Other assessments are specifically stayed under section 362(a)(6), while 
the issuance of a deficiency notice is specifically permitted. Stay of 
the assessment and the permission to issue a statutory notice of a tax 
deficiency will permit the debtor to take his personal tax case to the 
Tax Court, if the bankruptcy judge authorizes him to do so (as explained 
more fully in the discussion of section 505).


                        senate report no. 95-989

    The automatic stay is one of the fundamental debtor protections 
provided by the bankruptcy laws. It gives the debtor a breathing spell 
from his creditors. It stops all collection efforts, all harassment, and 
all foreclosure actions. It permits the debtor to attempt a repayment or 
reorganization plan, or simply to be relieved of the financial pressures 
that drove him into bankruptcy.
    The action commenced by the party seeking relief from the stay is 
referred to as a motion to make it clear that at the expedited hearing 
under subsection (e), and at hearings on relief from the stay, the only 
issue will be the lack of adequate protection, the debtor's equity in 
the property, and the necessity of the property to an effective 
reorganization of the debtor, or the existence of other cause for relief 
from the stay. This hearing will not be the appropriate time at which to 
bring in other issues, such as counterclaims against the creditor, 
which, although relevant to the question of the amount of the debt, 
concern largely collateral or unrelated matters. This approach is 
consistent with that taken in cases such as In re Essex Properties, 
Ltd., 430 F.Supp. 1112 (N.D.Cal.1977), that an action seeking relief 
from the stay is not the assertion of a claim which would give rise to 
the right or obligation to assert counterclaims. Those counterclaims are 
not to be handled in the summary fashion that the preliminary hearing 
under this provision will be. Rather, they will be the subject of more 
complete proceedings by the trustee to recover property of the estate or 
to object to the allowance of a claim. However, this would not preclude 
the party seeking continuance of the stay from presenting evidence on 
the existence of claims which the court may consider in exercising its 
discretion. What is precluded is a determination of such collateral 
claims on the merits at the hearing.


                         house report no. 95-595

    Paragraph (7) [of subsec. (a)] stays setoffs of mutual debts and 
credits between the debtor and creditors. As with all other paragraphs 
of subsection (a), this paragraph does not affect the right of 
creditors. It simply stays its enforcement pending an orderly 
examination of the debtor's and creditors' rights.
    Subsection (c) governs automatic termination of the stay. 
Subsections (d) through (g) govern termination of the stay by the court 
on the request of a party in interest. Subsection (d) requires the 
court, on request of a party in interest, to grant relief from the stay, 
such as by terminating, annulling, modifying, or conditioning the stay, 
for cause. The lack of adequate protection of an interest in property of 
the party requesting relief from the stay is one cause for relief, but 
is not the only cause. As noted above, a desire to permit an action to 
proceed to completion in another tribunal may provide another cause. 
Other causes might include the lack of any connection with or 
interference with the pending bankruptcy case. For example, a divorce or 
child custody proceeding involving the debtor may bear no relation to 
the bankruptcy case. In that case, it should not be stayed. A probate 
proceeding in which the debtor is the executor or administrator of 
another's estate usually will not be related to the bankruptcy case, and 
should not be stayed. Generally, proceedings in which the debtor is a 
fiduciary, or involving postpetition activities of the debtor, need not 
be stayed because they bear no relationship to the purpose of the 
automatic stay, which is debtor protection from his creditors. The facts 
of each request will determine whether relief is appropriate under the 
circumstances.
    Subsection (e) provides a protection for secured creditors that is 
not available under present law. The subsection sets a time certain 
within which the bankruptcy court must rule on the adequacy of 
protection provided of the secured creditor's interest. If the court 
does not rule within 30 days from a request for relief from the stay, 
the stay is automatically terminated with respect to the property in 
question. In order to accommodate more complex cases, the subsection 
permits the court to make a preliminary ruling after a preliminary 
hearing. After a preliminary hearing, the court may continue the stay 
only if there is a reasonable likelihood that the party opposing relief 
from the stay will prevail at the final hearing. Because the stay is 
essentially an injunction, the three stages of the stay may be 
analogized to the three stages of an injunction. The filing of the 
petition which gives rise to the automatic stay is similar to a 
temporary restraining order. The preliminary hearing is similar to the 
hearing on a preliminary injunction, and the final hearing and order is 
similar to a permanent injunction. The main difference lies in which 
party must bring the issue before the court. While in the injunction 
setting, the party seeking the injunction must prosecute the action, in 
proceedings for relief from the automatic stay, the enjoined party must 

move. The difference does not, however, shift the burden of proof. 
Subsection (g) leaves that burden on the party opposing relief from the 
stay (that is, on the party seeking continuance of the injunction) on 
the issue of adequate protection.
    At the expedited hearing under subsection (e), and at all hearings 
on relief from the stay, the only issue will be the claim of the 
creditor and the lack of adequate protection or existence of other cause 
for relief from the stay. This hearing will not be the appropriate time 
at which to bring in other issues, such as counterclaims against the 
creditor on largely unrelated matters. Those counterclaims are not to be 
handled in the summary fashion that the preliminary hearing under this 
provision will be. Rather, they will be the subject of more complete 
proceedings by the trustees to recover property of the estate or to 
object to the allowance of a claim.

                       References in Text

    Section 5(a)(3) of the Securities Investor Protection Act of 1970, 
referred to in subsecs. (a) and (b), is classified to section 
78eee(a)(3) of Title 15, Commerce and Trade.
    The National Housing Act, referred in subsec. (b)(8), is act June 
27, 1934, ch. 847, 48 Stat. 1246, as amended, which is classified 
principally to chapter 13 (Sec. 1701 et seq.) of Title 12, Banks and 
Banking. For complete classification of this Act to the Code, see 
section 1701 of Title 12 and Tables.
    The Merchant Marine Act, 1936, referred to in subsec. (b)(12), (13), 
is act June 29, 1936, ch. 858, 49 Stat. 1985, as amended. Title XI of 
the Act is classified generally to subchapter XI (Sec. 1271 et seq.) of 
chapter 27 of Title 46, Appendix, Shipping. Section 207 of the Act is 
classified to section 1117 of Title 46, Appendix. For complete 
classification of this Act to the Code, see section 1245 of Title 46, 
Appendix, and Tables.
    The Higher Education Act of 1965, referred to in subsec. (b)(16), is 
Pub. L. 89-329, Nov. 8, 1965, 79 Stat. 1219, as amended, which is 
classified principally to chapter 28 (Sec. 1001 et seq.) of Title 20, 
Education. Section 435(j) of the Act is classified to section 1085(j) of 
Title 20. For complete classification of this Act to the Code, see Short 
Title note set out under section 1001 of Title 20 and Tables.


                               Amendments

    1998--Subsec. (b)(4), (5). Pub. L. 105-277 added par. (4) and struck 
out former pars. (4) and (5) which read as follows:
    ``(4) under subsection (a)(1) of this section, of the commencement 
or continuation of an action or proceeding by a governmental unit to 
enforce such governmental unit's police or regulatory power;
    ``(5) under subsection (a)(2) of this section, of the enforcement of 
a judgment, other than a money judgment, obtained in an action or 
proceeding by a governmental unit to enforce such governmental unit's 
police or regulatory power;''.
    1994--Subsecs. (a), (b). Pub. L. 103-394, Sec. 501(d)(7)(A), (B)(i), 
struck out ``(15 U.S.C. 78eee(a)(3))'' after ``Act of 1970'' in 
introductory provisions.
    Subsec. (b)(2). Pub. L. 103-394, Sec. 304(b), amended par. (2) 
generally. Prior to amendment, par. (2) read as follows: ``under 
subsection (a) of this section, of the collection of alimony, 
maintenance, or support from property that is not property of the 
estate;''.
    Subsec. (b)(3). Pub. L. 103-394, Sec. 204(a), inserted ``, or to 
maintain or continue the perfection of,'' after ``to perfect''.
    Subsec. (b)(6). Pub. L. 103-394, Sec. 501(b)(2)(A), substituted 
``section 761'' for ``section 761(4)'', ``section 741'' for ``section 
741(7)'', ``section 101, 741, or 761'' for ``section 101(34), 741(5), or 
761(15)'', and ``section 101 or 741'' for ``section 101(35) or 741(8)''.
    Subsec. (b)(7). Pub. L. 103-394, Sec. 501(b)(2)(B), substituted 
``section 741 or 761'' for ``section 741(5) or 761(15)'' and ``section 
741'' for ``section 741(8)''.
    Subsec. (b)(9). Pub. L. 103-394, Sec. 116, amended par. (9) 
generally. Prior to amendment, par. (9) read as follows: ``under 
subsection (a) of this section, of the issuance to the debtor by a 
governmental unit of a notice of tax deficiency;''.
    Subsec. (b)(10). Pub. L. 103-394, Sec. 501(d)(7)(B)(ii), struck out 
``or'' at end.
    Subsec. (b)(12). Pub. L. 103-394, Sec. 501(d)(7)(B)(iii), 
substituted ``section 31325 of title 46'' for ``the Ship Mortgage Act, 
1920 (46 App. U.S.C. 911 et seq.)'' and struck out ``(46 App. U.S.C. 
1117 and 1271 et seq., respectively)'' after ``Act, 1936''.
    Subsec. (b)(13). Pub. L. 103-394, Sec. 501(d)(7)(B)(iv), substituted 
``section 31325 of title 46'' for ``the Ship Mortgage Act, 1920 (46 App. 
U.S.C. 911 et seq.)'' and struck out ``(46 App. U.S.C. 1117 and 1271 et 
seq., respectively)'' after ``Act, 1936'' and ``or'' at end.
    Subsec. (b)(14). Pub. L. 103-394, Sec. 501(d)(7)(B)(vii), amended 
par. (14) relating to the setoff by a swap participant of any mutual 
debt and claim under or in connection with a swap agreement by 
substituting ``; or'' for period at end, redesignating par. (14) as 
(17), and inserting it after par. (16).
    Subsec. (b)(15). Pub. L. 103-394, Sec. 501(d)(7)(B)(v), struck out 
``or'' at end.
    Subsec. (b)(16). Pub. L. 103-394, Sec. 501(d)(7)(B)(vi), struck out 
``(20 U.S.C. 1001 et seq.)'' after ``Act of 1965'' and substituted 
semicolon for period at end.
    Subsec. (b)(17). Pub. L. 103-394, Sec. 501(d)(7)(B)(vii)(II), (III), 
redesignated par. (14) relating to the setoff by a swap participant of 
any mutual debt and claim under or in connection with a swap agreement 
as (17) and inserted it after par. (16).
    Subsec. (b)(18). Pub. L. 103-394, Sec. 401, added par. (18).
    Subsec. (d)(3). Pub. L. 103-394, Sec. 218(b), added par. (3).
    Subsec. (e). Pub. L. 103-394, Sec. 101, in last sentence substituted 
``concluded'' for ``commenced'' and inserted before period at end ``, 
unless the 30-day period is extended with the consent of the parties in 
interest or for a specific time which the court finds is required by 
compelling circumstances''.
    1990--Subsec. (b)(6). Pub. L. 101-311, Sec. 202, inserted reference 
to sections 101(34) and 101(35) of this title.
    Subsec. (b)(12). Pub. L. 101-508, Sec. 3007(a)(1)(A), which directed 
the striking of ``or'' after ``State law;'', could not be executed 
because of a prior amendment by Pub. L. 101-311. See below.
    Pub. L. 101-311, Sec. 102(1), struck out ``or'' after ``State 
law;''.
    Subsec. (b)(13). Pub. L. 101-508, Sec. 3007(a)(1)(B), which directed 
the substitution of a semicolon for period at end, could not be executed 
because of a prior amendment by Pub. L. 101-311. See below.
    Pub. L. 101-311, Sec. 102(2), substituted ``; or'' for period at 
end.
    Subsec. (b)(14) to (16). Pub. L. 101-508, Sec. 3007(a)(1)(C), added 
pars. (14) to (16). Notwithstanding directory language adding pars. (14) 
to (16) immediately following par. (13), pars. (14) to (16) were added 
after par. (14), as added by Pub. L. 101-311, to reflect the probable 
intent of Congress.
    Pub. L. 101-311, Sec. 102(3), added par. (14) relating to the setoff 
by a swap participant of any mutual debt and claim under or in 
connection with a swap agreement. Notwithstanding directory language 
adding par. (14) at end of subsec. (b), par. (14) was added after par. 
(13) to reflect the probable intent of Congress.
    1986--Subsec. (b). Pub. L. 99-509 inserted sentence at end.
    Subsec. (b)(6). Pub. L. 99-554, Sec. 283(d)(1), substituted ``, 
financial institutions'' for ``financial institution,'' in two places.
    Subsec. (b)(9). Pub. L. 99-554, Sec. 283(d)(2), (3), struck out 
``or'' at end of first par. (9) and redesignated as par. (10) the second 
par. (9) relating to leases of nonresidential property, which was added 
by section 363(b) of Pub. L. 98-353.
    Subsec. (b)(10). Pub. L. 99-554, Sec. 283(d)(3), (4), redesignated 
as par. (10) the second par. (9) relating to leases of nonresidential 
property, added by section 363(b) of Pub. L. 99-353, and substituted 
``property; or'' for ``property.''. Former par. (10) redesignated (11).
    Subsec. (b)(11). Pub. L. 99-554, Sec. 283(d)(3), redesignated former 
par. (10) as (11).
    Subsec. (b)(12), (13). Pub. L. 99-509 added pars. (12) and (13).
    Subsec. (c)(2)(C). Pub. L. 99-554, Sec. 257(j), inserted reference 
to chapter 12 of this title.
    1984--Subsec. (a)(1). Pub. L. 98-353, Sec. 441(a)(1), inserted 
``action or'' after ``other''.
    Subsec. (a)(3). Pub. L. 98-353, Sec. 441(a)(2), inserted ``or to 
exercise control over property of the estate''.
    Subsec. (b)(3). Pub. L. 98-353, Sec. 441(b)(1), inserted ``or to the 
extent that such act is accomplished within the period provided under 
section 547(e)(2)(A) of this title''.
    Subsec. (b)(6). Pub. L. 98-353, Sec. 441(b)(2), inserted ``or due 
from'' after ``held by'' and ``financial institution,'' after 
``stockbroker'' in two places, and substituted ``secure, or settle 
commodity contracts'' for ``or secure commodity contracts''.
    Subsec. (b)(7) to (9). Pub. L. 98-353, Sec. 441(b)(3), (4), in par. 
(8) as redesignated by Pub. L. 98-353, Sec. 392, substituted ``the'' for 
``said'' and struck out ``or'' the last place it appeared which probably 
meant ``or'' after ``units;'' that was struck out by Pub. L. 98-353, 
Sec. 363(b)(1); and, in par. (9), relating to notices of deficiencies, 
as redesignated by Pub. L. 98-353, Sec. 392, substituted a semicolon for 
the period.
    Pub. L. 98-353, Sec. 392, added par. (7) and redesignated former 
pars. (7) and (8) as (8) and (9), respectively.
    Pub. L. 98-353, Sec. 363(b), struck out ``or'' at end of par. (7), 
substituted ``; or'' for the period at end of par. (8), and added par. 
(9) relating to leases of nonresidential property.
    Subsec. (b)(10). Pub. L. 98-353, Sec. 441(b)(5), added par. (10).
    Subsec. (c)(2)(B). Pub. L. 98-353, Sec. 441(c), substituted ``or'' 
for ``and''.
    Subsec. (d)(2). Pub. L. 98-353, Sec. 441(d), inserted ``under 
subsection (a) of this section'' after ``property''.
    Subsec. (e). Pub. L. 98-353, Sec. 441(e), inserted ``the conclusion 
of'' after ``pending'' and substituted ``The court shall order such stay 
continued in effect pending the conclusion of the final hearing under 
subsection (d) of this section if there is a reasonable likelihood that 
the party opposing relief from such stay will prevail at the conclusion 
of such final hearing. If the hearing under this subsection is a 
preliminary hearing, then such final hearing shall be commenced not 
later than thirty days after the conclusion of such preliminary 
hearing.'' for ``If the hearing under this subsection is a preliminary 
hearing--
        ``(1) the court shall order such stay so continued if there is a 
    reasonable likelihood that the party opposing relief from such stay 
    will prevail at the final hearing under subsection (d) of this 
    section; and
        ``(2) such final hearing shall be commenced within thirty days 
    after such preliminary hearing.''
    Subsec. (f). Pub. L. 98-353, Sec. 441(f), substituted ``Upon request 
of a party in interest, the court, with or'' for ``The court,''.
    Subsec. (h). Pub. L. 98-353, Sec. 304, added subsec. (h).
    1982--Subsec. (a). Pub. L. 97-222, Sec. 3(a), inserted ``, or an 
application filed under section 5(a)(3) of the Securities Investor 
Protection Act of 1970 (15 U.S.C. 78eee(a)(3)),'' after ``this title'' 
in provisions preceding par. (1).
    Subsec. (b). Pub. L. 97-222, Sec. 3(b), inserted ``, or of an 
application under section 5(a)(3) of the Securities Investor Protection 
Act of 1970 (15 U.S.C. 78eee(a)(3)),'' after ``this title'' in 
provisions preceding par. (1).
    Subsec. (b)(6). Pub. L. 97-222, Sec. 3(c), substituted provisions 
that the filing of a bankruptcy petition would not operate as a stay, 
under subsec. (a) of this section, of the setoff by a commodity broker, 
forward contract merchant, stockbroker, or securities clearing agency of 
any mutual debt and claim under or in connection with commodity, 
forward, or securities contracts that constitutes the setoff of a claim 
against the debtor for a margin or settlement payment arising out of 
commodity, forward, or securities contracts against cash, securities, or 
other property held by any of the above agents to margin, guarantee, or 
secure commodity, forward, or securities contracts, for provisions that 
such filing would not operate as a stay under subsection (a)(7) of this 
section, of the setoff of any mutual debt and claim that are commodity 
futures contracts, forward commodity contracts, leverage transactions, 
options, warrants, rights to purchase or sell commodity futures 
contracts or securities, or options to purchase or sell commodities or 
securities.


                    Effective Date of 1994 Amendment

    Amendment by Pub. L. 103-394 effective Oct. 22, 1994, and not 
applicable with respect to cases commenced under this title before Oct. 
22, 1994, see section 702 of Pub. L. 103-394, set out as a note under 
section 101 of this title.


                    Effective Date of 1990 Amendment

    Section 3007(a)(3) of Pub. L. 101-508 provided that: ``The 
amendments made by this subsection [amending this section and section 
541 of this title] shall be effective upon date of enactment of this Act 
[Nov. 5, 1990].''
    Section 3008 of Pub. L. 101-508, provided that the amendments made 
by subtitle A (Secs. 3001-3008) of title III of Pub. L. 101-508, 
amending this section, sections 541 and 1328 of this title, and sections 
1078, 1078-1, 1078-7, 1085, 1088, and 1091 of Title 20, Education, and 
provisions set out as a note under section 1078-1 of Title 20, were to 
cease to be effective Oct. 1, 1996, prior to repeal by Pub. L. 102-325, 
title XV, Sec. 1558, July 23, 1992, 106 Stat. 841.


                    Effective Date of 1986 Amendments

    Amendment by section 257 of Pub. L. 99-554 effective 30 days after 
Oct. 27, 1986, but not applicable to cases commenced under this title 
before that date, see section 302(a), (c)(1) of Pub. L. 99-554, set out 
as a note under section 581 of Title 28, Judiciary and Judicial 
Procedure.
    Amendment by section 283 of Pub. L. 99-554 effective 30 days after 
Oct. 27, 1986, see section 302(a) of Pub. L. 99-554.
    Section 5001(b) of Pub. L. 99-509 provided that: ``The amendments 
made by subsection (a) of this section [amending this section] shall 
apply only to petitions filed under section 362 of title 11, United 
States Code, which are made after August 1, 1986.''


                    Effective Date of 1984 Amendment

    Amendment by Pub. L. 98-353 effective with respect to cases filed 90 
days after July 10, 1984, see section 552(a) of Pub. L. 98-353, set out 
as a note under section 101 of this title.


                   Report to Congressional Committees

    Section 5001(a) of Pub. L. 99-509 directed Secretary of 
Transportation and Secretary of Commerce, before July 1, 1989, to submit 
reports to Congress on the effects of amendments to 11 U.S.C. 362 by 
this subsection.

                  Section Referred to in Other Sections

    This section is referred to in sections 106, 108, 109, 361, 363, 
365, 505, 507, 542, 553, 557, 742, 901, 922, 1110, 1168, 1205 of this 
title; title 28 section 1334; title 46 section 31308.



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