Bankruptcy Forms: Filing Bankruptcy Chapter 7 Bankruptcy Software Chapter 13

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TITLE 11–BANKRUPTCY

CHAPTER 5–CREDITORS, THE DEBTOR, AND THE ESTATE

Sub Chapter III – The Estate

Sec. 557. Expedited determination of interests in,
and abandonment or other disposition of grain assets

       
    (a) This section applies only in a case concerning a debtor that 
owns or operates a grain storage facility and only with respect to grain 
and the proceeds of grain. This section does not affect the application 
of any other section of this title to property other than grain and 
proceeds of grain.
    (b) In this section--
        (1) ``grain'' means wheat, corn, flaxseed, grain sorghum, 
    barley, oats, rye, soybeans, other dry edible beans, or rice;
        (2) ``grain storage facility'' means a site or physical 
    structure regularly used to store grain for producers, or to store 
    grain acquired from producers for resale; and
        (3) ``producer'' means an entity which engages in the growing of 
    grain.

    (c)(1) Notwithstanding sections 362, 363, 365, and 554 of this 
title, on the court's own motion the court may, and on the request of 
the trustee or an entity that claims an interest in grain or the 
proceeds of grain the court shall, expedite the procedures for the 
determination of interests in and the disposition of grain and the 
proceeds of grain, by shortening to the greatest extent feasible such 
time periods as are otherwise applicable for such procedures and by 
establishing, by order, a timetable having a duration of not to exceed 
120 days for the completion of the applicable procedure specified in 
subsection (d) of this section. Such time periods and such timetable may 
be modified by the court, for cause, in accordance with subsection (f) 
of this section.
    (2) The court shall determine the extent to which such time periods 
shall be shortened, based upon--
        (A) any need of an entity claiming an interest in such grain or 
    the proceeds of grain for a prompt determination of such interest;
        (B) any need of such entity for a prompt disposition of such 
    grain;
        (C) the market for such grain;
        (D) the conditions under which such grain is stored;
        (E) the costs of continued storage or disposition of such grain;
        (F) the orderly administration of the estate;
        (G) the appropriate opportunity for an entity to assert an 
    interest in such grain; and
        (H) such other considerations as are relevant to the need to 
    expedite such procedures in the case.

    (d) The procedures that may be expedited under subsection (c) of 
this section include--
        (1) the filing of and response to--
            (A) a claim of ownership;
            (B) a proof of claim;
            (C) a request for abandonment;
            (D) a request for relief from the stay of action against 
        property under section 362(a) of this title;
            (E) a request for determination of secured status;
            (F) a request for determination of whether such grain or the 
        proceeds of grain--
                (i) is property of the estate;
                (ii) must be turned over to the estate; or
                (iii) may be used, sold, or leased; and

            (G) any other request for determination of an interest in 
        such grain or the proceeds of grain;

        (2) the disposition of such grain or the proceeds of grain, 
    before or after determination of interests in such grain or the 
    proceeds of grain, by way of--
            (A) sale of such grain;
            (B) abandonment;
            (C) distribution; or
            (D) such other method as is equitable in the case;

        (3) subject to sections 701, 702, 703, 1104, 1202, and 1302 of 
    this title, the appointment of a trustee or examiner and the 
    retention and compensation of any professional person required to 
    assist with respect to matters relevant to the determination of 
    interests in or disposition of such grain or the proceeds of grain; 
    and
        (4) the determination of any dispute concerning a matter 
    specified in paragraph (1), (2), or (3) of this subsection.

    (e)(1) Any governmental unit that has regulatory jurisdiction over 
the operation or liquidation of the debtor or the debtor's business 
shall be given notice of any request made or order entered under 
subsection (c) of this section.
    (2) Any such governmental unit may raise, and may appear and be 
heard on, any issue relating to grain or the proceeds of grain in a case 
in which a request is made, or an order is entered, under subsection (c) 
of this section.
    (3) The trustee shall consult with such governmental unit before 
taking any action relating to the disposition of grain in the 
possession, custody, or control of the debtor or the estate.
    (f) The court may extend the period for final disposition of grain 
or the proceeds of grain under this section beyond 120 days if the court 
finds that--
        (1) the interests of justice so require in light of the 
    complexity of the case; and
        (2) the interests of those claimants entitled to distribution of 
    grain or the proceeds of grain will not be materially injured by 
    such additional delay.

    (g) Unless an order establishing an expedited procedure under 
subsection (c) of this section, or determining any interest in or 
approving any disposition of grain or the proceeds of grain, is stayed 
pending appeal--
        (1) the reversal or modification of such order on appeal does 
    not affect the validity of any procedure, determination, or 
    disposition that occurs before such reversal or modification, 
    whether or not any entity knew of the pendency of the appeal; and
        (2) neither the court nor the trustee may delay, due to the 
    appeal of such order, any proceeding in the case in which such order 
    is issued.

    (h)(1) The trustee may recover from grain and the proceeds of grain 
the reasonable and necessary costs and expenses allowable under section 
503(b) of this title attributable to preserving or disposing of grain or 
the proceeds of grain, but may not recover from such grain or the 
proceeds of grain any other costs or expenses.
    (2) Notwithstanding section 326(a) of this title, the dollar amounts 
of money specified in such section include the value, as of the date of 
disposition, of any grain that the trustee distributes in kind.
    (i) In all cases where the quantity of a specific type of grain held 
by a debtor operating a grain storage facility exceeds ten thousand 
bushels, such grain shall be sold by the trustee and the assets thereof 
distributed in accordance with the provisions of this section.

(Added Pub. L. 98-353, title III, Sec. 352(a), July 10, 1984, 98 Stat. 
359; amended Pub. L. 99-554, title II, Sec. 257(p), Oct. 27, 1986, 100 
Stat. 3115.)


                               Amendments

    1986--Subsec. (d)(3). Pub. L. 99-554 inserted reference to section 
1202 of this title.


                    Effective Date of 1986 Amendment

    Amendment by 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.


                             Effective Date

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

                  Section Referred to in Other Sections

    This section is referred to in sections 507, 546, 901 of this title.



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Legal Resource Center: United States Code TITLE 11 Filing Bankruptcy Forms Software