Industry News

Introduced in the Senate January 30, 2001

S420

Senate Reported March 1,2001

Senate Passed March 15, 2001

HR. 333

Received in the Senate March 5, 2001

Automatic Stay:

Clarification that postpetition transfers required to be perfected under 549(c) and which are otherwise immune from attack under Sec. 549 would not be void or voidable as made in violation of the automatic stay.

Sec. 311(a) new paragraph added to 362(a)

"(25) under subsection (a) of any transfer that is not avoidable under section 544 of this title and that is not avoidable under section 549 of this title"

Sec. 311(a)
need amendment to add language in new paragraph added to 362(a)

"(26 )under subsection (a) of any transfer that is not avoidable under section 544 of this title and that is not avoidable under section 549 of this title"

Sec. 311

(25) under subsection (a) of any transfer that is not avoidable under section 544 of this title and that is not avoidable under section 549 of this title"

Postpetition Transactions:

clarification to postpetition transactions that section 549(c) should apply to security interests in real property where the purchaser has given fair equivalent value without notice of the pendency of the bankruptcy case and has perfected that interest on a timely basis

Sec. 1214

Postpetition transactions

"Section 549(c) of title 11, U.S. Code is amended -

(1) by inserting "an interest in" after "transfer of;"

(2)by striking "such property" and inserting "such real property",

and (3) by striking "the interest" and inserting "such interest"

Sec. 1214

Postpetition transactions

"Section 549(c) of title 11, U.S. Code is amended -

(1) by inserting "an interest in" after "transfer of;"

(2)by striking "such property" and inserting "such real property",

and (3) by striking "the interest" and inserting "such interest"

Sec. 1414

Postpetition Transactions

""Section 549(c) of title 11, U.S. Code is amended -

(1) by inserting "an interest in" after "transfer of;"

(2)by striking "such property" and inserting "such real property",

and (3) by striking "the interest" and inserting "such interest

Definitions:

include security interest in the definition of "purchaser"

clarification that sec. 549(c) applies to encumbrancers

Sec. 1201

Sec. 101 of Title 11 is amended "(6) by amending paragraph (54) to read as follows:

(54) the term transfer means-

(A) the creation of a lien;"

Sec. 1201

Sec. 101 of Title 11 is amended "(6) by amending paragraph (54) to read as follows:

(54) the term transfer means-

(A) the creation of a lien;"

Sec. 1201

Sec. 101 of Title 11 is amended

"(6) by striking existing paragraph (54) and inserting,,,

(54) the term transfer means-

(A) the creation of a lien;"