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[See main edition for text of (A) and (B)]

(C) immediately before the date of the filing of the petition, if such transfer is not perfected at the later of

(i) the commencement of the case; or

[See main edition for text of (ii), (3); (f) (g) For the purposes of this section, the trustee has the burden of proving the avoidability of a transfer under subsection (b) of this section, and the creditor or party in interest against whom recovery or avoidance is sought has the burden of proving the nonavoidability of a transfer under subsection (c) of this section. (As amended Pub. L. 98-353, title III, §§ 310, 462, July 10, 1984, 98 Stat. 355, 377; Pub. L. 99-554, title II, § 283(m), Oct. 27, 1986, 100 Stat. 3117.)

AMENDMENTS

1986 Subsec. (b)(4)(B). Pub. L. 99-554 inserted "and" after the semicolon.

1984-Subsec. (a)(2). Pub. L. 98-353, § 462(a)(1), inserted "including proceeds of such property," after "law,”.

Subsec. (a)(4). Pub. L. 98-353, § 462(a)(2), struck out ", without penalty" after “any extension", and inserted "without penalty" after "payable".

Subsec. (b). Pub. L. 98-353, § 462(b)(1), substituted "of an interest of the debtor in property" for "of property of the debtor” in provisions preceding par. (1).

Subsec. (b)(4)(B). Pub. L. 98-353, § 462(b)(2), amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: "between 90 days and one year before the date of the filing of the petition, if such creditor, at the time of such transfer

"(i) was an insider; and

“(ii) had reasonable cause to believe the debtor was insolvent at the time of such transfer; and". Subsec. (c)(2)(A). Pub. L. 98-353, § 462(d)(1), inserted "by the debtor" after "incurred".

Subsec. (c)(2)(B) to (D). Pub. L. 98-353, § 462(c), struck out subpar. (B) which read as follows: "made not later than 45 days after such debt was incurred;" and redesignated subpars. (C) and (D) as (B) and (C), respectively.

Subsec. (c)(3). Pub. L. 98-353, § 462(d)(2), substituted "that creates" for "of".

Subsec. (c)(3)(B). Pub. L. 98-353, § 462(d)(3), inserted "on or" after "perfected", and substituted "the debtor receives possession of such property" for "such security interest attaches".

Subsec. (c)(5). Pub. L. 98–353, § 462(d)(4), substituted "that creates" for "of", and "all security interests" for "all security interest".

Subsec. (c)(5)(A)(ii). Pub. L. 98-353, § 462(d)(5), substituted "or" for "and".

Subsec. (c)(7). Pub. L. 98–353, § 310(3), added par.

(7).

Subsec. (d). Pub. L. 98-353, § 462(e), substituted "The" for "A" before "trustee may avoid", inserted "an interest in” after “transfer of”, inserted "to or for the benefit of a surety" after "transferred", and inserted "such" after "reimbursement of".

Subsec. (e)(2)(C)(i). Pub. L. 98-353, § 462(f), substituted "or" for "and".

Subsec. (g). Pub. L. 98-353, § 462(g), added subsec. (g).

EFFECTIVE Date of 1986 AMENDMENT

Amendment by Pub. L. 99-554 effective 30 days after Oct. 27, 1986, see section 302(a) of Pub. L. 99-554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.

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.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 109, 303, 349, 362, 502, 522, 546, 548, 550, 551, 552, 749, 764, 901, 926 of this title.

§ 548. Fraudulent transfers and obligations

(a) The trustee may avoid any transfer of an interest of the debtor in property, or any obligation incurred by the debtor, that was made or incurred on or within one year before the date of the filing of the petition, if the debtor voluntarily or involuntarily—

(1) made such transfer or incurred such obligation with actual intent to hinder, delay, or defraud any entity to which the debtor was or became, on or after the date that such transfer was made or such obligation was incurred, indebted; or

(2)(A) received less than a reasonably equivalent value in exchange for such transfer or obligation; and

(B)(i) was insolvent on the date that such transfer was made or such obligation was incurred, or became insolvent as a result of such transfer or obligation;

(ii) was engaged in business or a transaction, or was about to engage in business or a transaction, for which any property remaining with the debtor was an unreasonably small capital; or

[See main edition for text of (iii); (b)]

(c) Except to the extent that a transfer or obligation voidable under this section is voidable under section 544, 545, or 547 of this title, a transferee or obligee of such a transfer or obligation that takes for value and in good faith has a lien on or may retain any interest transferred or may enforce any obligation incurred, as the case may be, to the extent that such transferee or obligee gave value to the debtor in exchange for such transfer or obligation.

(d)(1) For the purposes of this section, a transfer is made when such transfer is so perfected that a bona fide purchaser from the debtor against whom applicable law permits such transfer to be perfected cannot acquire an interest in the property transferred that is superior to the interest in such property of the transferee, but if such transfer is not so perfected before the commencement of the case, such transfer is made immediately before the date of the filing of the petition.

(2) In this section

(A) “value” means property, or satisfaction or securing of a present or antecedent debt of the debtor, but does not include an unperformed promise to furnish support to the debtor or to a relative of the debtor;

(B) a commodity broker, forward contract merchant, stockbroker, financial institution, or securities clearing agency that receives a margin payment, as defined in section 741(5) or 761(15) of this title, or settlement pay

ment, as defined in section 741(8) of this title, takes for value to the extent of such payment; and

(C) a repo participant that receives a margin payment, as defined in section 741(5) or 761(15) of this title, or settlement payment, as defined in section 741(8) of this title, in connection with a repurchase agreement, takes for value to the extent of such payment.

(As amended Pub. L. 98-353, title III, §§ 394, 463, July 10, 1984, 98 Stat. 365, 378; Pub. L. 99-554, title II, § 283(n), Oct. 27, 1986, 100 Stat. 3117.)

AMENDMENTS

1986-Subsec. (d)(2)(B). Pub. L. 99-554 substituted ", financial institution" for "financial institution,". 1984-Subsec. (a). Pub. L. 98-353, § 463(a)(1), substituted "if the debtor voluntarily or involuntarily" for "if the debtor" in provisions preceding par. (1).

Subsec. (a)(1). Pub. L. 98-353, § 463(a)(2), substituted "was made" for "occurred".

Subsec. (a)(2)(B)(ii). Pub. L. 98-353, § 463(a)(3), inserted "or a transaction" after "engaged in business". Subsec. (c). Pub. L. 98-353, § 463(b), inserted “or may retain" after "lien on" and struck out ", may retain any lien transferred," before "or may enforce any obligation incurred".

Subsec. (d)(1). Pub. L. 98-353, § 463(c)(1), substituted "is so" for "becomes so far", "applicable law permits such transfer to be" for "such transfer could have been", and "is made" for "occurs".

Subsec. (d)(2)(B). Pub. L. 98-353, § 463(c)(2), inserted "financial institution," after "stockbroker". Subsec. (d)(2)(C). Pub. L. 98-353, § 394(2), added subpar. (C).

EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99-554 effective 30 days after Oct. 27, 1986, see section 302(a) of Pub. L. 99-554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.

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.

§ 549. Postpetition transactions

(a) Except as provided in subsection (b) or (c) of this section, the trustee may avoid a transfer of property of the estate

(1) that occurs after the commencement of the case; and

(2)(A) that is authorized only under section 303(f) or 542(c) of this title; or

(B) that is not authorized under this title or by the court.

(b) In an involuntary case, a transfer made after the commencement of such case but before the order for relief to the extent any value, including services, but not including satisfaction or securing of a debt that arose before the commencement of the case, is given after the commencement of the case in exchange for such transfer, notwithstanding any notice or knowledge of the case that the transferee has. (c) The trustee may not avoid under subsection (a) of this section a transfer of real property to a good faith purchaser without knowledge of the commencement of the case and for

present fair equivalent value unless a copy or notice of the petition was filed, where a transfer of such real property may be recorded to perfect such transfer, before such transfer is so perfected that a bona fide purchaser of such property, against whom applicable law permits such transfer to be perfected, could not acquire an interest that is superior to the interest of such good faith purchaser. A good faith purchaser without knowledge of the commencement of the case and for less than present fair equivalent value has a lien on the property transferred to the extent of any present value given, unless a copy or notice of the petition was so filed before such transfer was so perfected.

(d) An action or proceeding under this section may not be commenced after the earlier of

(1) two years after the date of the transfer sought to be avoided; or

(2) the time the case is closed or dismissed. (As amended Pub. L. 98-353, title III, § 464, July 10, 1984, 98 Stat. 379; Pub. L. 99-554, title II, § 283(0), Oct. 27, 1986, 100 Stat. 3117.)

AMENDMENTS

1986-Subsec. (b). Pub. L. 99-554 substituted "made” for "that occurs", and "to the extent" for "is valid against the trustee to the extent of", and inserted “is” before "given".

1984-Subsec. (a). Pub. L. 98-353, § 464(a)(1), (2), substituted "(b) or (c)” for “(b) and (c)" in provisions preceding par. (1) and inserted "only" between “authorized" and "under" in par. (2)(A). In the original of Pub. L. 98-353, subsec. (a)(2) of section 464 thereof ended with a period but was followed by pars. (3), (4), and (5). Such pars. (3), (4), and (5) purported to amend subsec. (a) of this section in ways not susceptible of execution. In a predecessor bill [S. 445], these pars. (3), (4), and (5) formed a part of a subsec. (b) of section 361 thereof which amended subsec. (b) of this section. Such subsec. (b) of section 361 of S. 445 was not carried into Pub. L. 98-353, § 464.

Subsec. (c). Pub. L. 98-353, § 464(c), amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: "The trustee may not avoid under subsection (a) of this section a transfer, to a good faith purchaser without knowledge of the commencement of the case and for present fair equivalent value or to a purchaser at a judicial sale, of real property located other than in the county in which the case is commenced, unless a copy of the petition was filed in the office where conveyances of real property in such county are recorded before such transfer was so far perfected that a bona fide purchaser of such property against whom applicable law permits such transfer to be perfected cannot acquire an interest that is superior to the interest of such good faith or judicial sale purchaser. A good faith purchaser, without knowledge of the commencement of the case and for less than present fair equivalent value, of real property located other than in the county in which the case is commenced, under a transfer that the trustee may avoid under this section, has a lien on the property transferred to the extent of any present value given, unless a copy of the petition was so filed before such transfer was so perfected.” Subsec. (d)(1). Pub. L. 98-353, § 464(d), substituted "or" for "and".

EFFECTIVE DATE OF 1986 AMENDMENT

Amendment by Pub. L. 99-554 effective 30 days after Oct. 27, 1986, see section 302(a) of Pub. L. 99-554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.

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.

§ 550. Liability of transferee of avoided transfer

(a) Except as otherwise provided in this section, to the extent that a transfer is avoided under section 544, 545, 547, 548, 549, 553(b), or 724(a) of this title, the trustee may recover, for the benefit of the estate, the property transferred, or, if the court so orders, the value of such property, from—

[See main edition for text of (1) and (2); (b) and (c)]

(d)(1) A good faith transferee from whom the trustee may recover under subsection (a) of this section has a lien on the property recovered to secure the lesser of

(A) the cost, to such transferee, of any improvement made after the transfer, less the amount of any profit realized by or accruing to such transferee from such property; and

(B) any increase in the value of such property as a result of such improvement, of the property transferred.

(2) In this subsection, "improvement” includes

[See main edition for text of (A) to (C)]

(D) payment of any debt secured by a lien on such property that is superior or equal to the rights of the trustee; and

(E) preservation of such property.

(e) An action or proceeding under this section may not be commenced after the earlier of

(1) one year after the avoidance of the transfer on account of which recovery under this section is sought; or

(2) the time the case is closed or dismissed. (As amended Pub. L. 98-353, title III, § 465, July 10, 1984, 98 Stat. 379.)

AMENDMENTS

1984-Subsec. (a). Pub. L. 98-353, § 465(a), substituted "549, 553(b), or 724(a) of this title" for "549, or 724(a) of this title".

Subsec. (d)(1)(A). Pub. L. 98-353, § 465(b)(1), inserted "or accruing to" after “by".

Subsec. (d)(1)(B). Pub. L. 98-353, § 465(b)(2), substituted "the value of such property" for "value".

Subsec. (d)(2)(D). Pub. L. 98-353, § 465(b)(3), substituted "payment of any debt secured by a lien on such property that is superior or equal to the rights of the trustee; and" for "payment of any debt secured by a lien on such property."

Subsec. (d)(2)(E), (F). Pub. L. 98-353, § 465(b)(3), (4), struck out subpar. (E) "discharge of any lien against such property that is superior or equal to the rights of the trustee; and" and redesignated subpar. (F) as (E). Subsec. (e)(1). Pub. L. 98-353, § 465(c), substituted "or" for "and".

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.

§ 552. Postpetition effect of security interest

[See main edition for text of (a)]

(b) Except as provided in sections 363, 506(c), 522, 544, 545, 547, and 548 of this title, if the debtor and an entity entered into a security agreement before the commencement of the case and if the security interest created by such security agreement extends to property of the debtor acquired before the commencement of the case and to proceeds, product, offspring, rents, or profits of such property, then such security interest extends to such proceeds, product, offspring, rents, or profits acquired by the estate after the commencement of the case to the extent provided by such security agreement and by applicable nonbankruptcy law, except to any extent that the court, after notice and a hearing and based on the equities of the case, orders otherwise.

(As amended Pub. L. 98-353, title III, § 466, July 10, 1984, 98 Stat. 380.)

AMENDMENTS

1984-Subsec. (b). Pub. L. 98-353 inserted "522," after "506(c),", substituted "an entity entered" for "a secured party enter" and substituted "except to any extent" for "except to the extent".

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.

SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 363, 901 of this title; title 26 section 1398.

§ 553. Setoff

(a) Except as otherwise provided in this section and in sections 362 and 363 of this title, this title does not affect any right of a creditor to offset a mutual debt owing by such creditor to the debtor that arose before the commencement of the case under this title against a claim of such creditor against the debtor that arose before the commencement of the case, except to the extent that

(1) the claim of such creditor against the debtor is disallowed other than under section 502(b)(3) of this title; 2

[See main edition for text of (2) and (3)]

(b)(1) Except with respect to a setoff of a kind described in section 362(b)(6), 362(b)(7),,3 365(h)(2), or 365(i)(2) of this title, if a creditor offsets a mutual debt owing to the debtor against a claim against the debtor on or within 90 days before the date of the filing of the petition, then the trustee may recover from such creditor the amount so offset to the extent that any insufficiency on the date of such setoff is less than the insufficiency on the later of

[See main edition for text of (A) and (B), (2); (c)]

'See References in Text note below. 'So in original.

(As amended Pub. L. 98-353, title III, §§ 395, 467, July 10, 1984, 98 Stat. 365, 380.)

REFERENCES IN TEXT

Section 502(b) of this title, referred to in subsec. (a)(1), was amended by Pub. L. 98-353, title III, § 445(b)(4), July 10, 1984, 98 Stat. 373, by repealing par. (3) and redesignating pars. (4) to (9) as (3) to (8), respectively.

AMENDMENTS

1984-Subsec. (b)(1). Pub. L. 98-353 inserted ", 362(b)(7)," after "362(b)(6)", and substituted ", 365(h)(2), or 365(i)(2)" for "or 365(h)(1)".

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.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 349, 502, 506, 522, 541, 542, 546, 550, 901 of this title; title 15 section 78eee.

§ 554. Abandonment of property of the estate

(a) After notice and a hearing, the trustee may abandon any property of the estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate.

(b) On request of a party in interest and after notice and a hearing, the court may order the trustee to abandon any property of the estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate.

(c) Unless the court orders otherwise, any property scheduled under section 521(1) of this title not otherwise administered at the time of the closing of a case is abandoned to the debtor and administered for purposes of section 350 of this title.

(d) Unless the court orders otherwise, property of the estate that is not abandoned under this section and that is not administered in the case remains property of the estate.

(As amended Pub. L. 98-353, title III, § 468, July 10, 1984, 98 Stat. 380; Pub. L. 99-554, title II, § 283(p), Oct. 27, 1986, 100 Stat. 3118.)

[blocks in formation]

1984-Subsecs. (a), (b). Pub. L. 98-353, § 468(a), inserted "and benefit" after "value".

Subsec. (c). Pub. L. 98-353, § 468(b), amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: "Unless the court orders otherwise, any property that is scheduled under section 521(1) of this title and that is not administered before a case is closed under section 350 of this title is deemed abandoned." Subsec. (d). Pub. L. 98-353, § 468(c), struck out "section (a) or (b) of" after "not abandoned under".

EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99-554 effective 30 days after Oct. 27, 1986, see section 302(a) of Pub. L. 99-554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.

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.

SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 557, 722 of this title.

§ 555. Contractual right to liquidate a securities contract

The exercise of a contractual right of a stockbroker, financial institution, or securities clearing agency to cause the liquidation of a securities contract, as defined in section 741(7), because of a condition of the kind specified in section 365(e)(1) of this title shall not be stayed, avoided, or otherwise limited by operation of any provision of this title or by order of a court or administrative agency in any proceeding under this title unless such order is authorized under the provisions of the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.) or any statute administered by the Securities and Exchange Commission. As used in this section, the term "contractual right" includes a right set forth in a rule or bylaw of a national securities exchange, a national securities association, or a securities clearing agency.

(As amended Pub. L. 98-353, title III, § 469, July 10, 1984, 98 Stat. 380.)

AMENDMENTS

1984-Pub. L. 98-353 inserted ", financial institution," after "stockbroker".

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.

§ 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 re

lating 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, § 352(a), July 10, 1984, 98 Stat. 359, and amended Pub. L. 99-554, title II, § 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.

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