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11 U.S.C. § 557 — Expedited determination of interests in, and abandonment or other disposition of grain assets

Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 557 — Expedited determination of interests in, and abandonment or other disposition of grain assets

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Source file: Laws/federal/codes/united-states-code/title-11/section-557-expedited-determination-of-interests-in-and-abandonment-or-other-disposi--f595788dfd.md
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Source location: Title 11, Chapter 5, § 557; chapter-005-creditors-the-debtor-and-the-estate.md

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**(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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section362/a&num=0&edition=prelim); (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, 1183, 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section503/b&num=0&edition=prelim) 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](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section326/a&num=0&edition=prelim), 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.

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Federal law — U.S. Code and appendices · legal_authorities

28 U.S.C. § 581 — United States trustees

**(a)** The Attorney General shall appoint one United States trustee for each of the following regions composed of Federal judicial districts (without regard to section 451): (1) The judicial districts established for the States of Maine, Massachusetts, New Hampshire, and Rhode Island. (2) The judicial districts established for the States of Connecticut, New York, and Vermont. (3) The judicial districts established for the States of Delaware, New Jersey, and Pennsylvania. (4) The judicial districts established for the States of Maryland, North Carolina, South Carolina, Virginia, and West Virginia and for the District of Columbia. (5) The judicial districts established for the States of Louisiana and Mississippi. (6) The Northern District of Texas and the Eastern District of Texas. (7) The Southern District of Texas and the Western District of Texas. (8) The judicial districts established for the States of Kentucky and Tennessee. (9) The judicial districts established for the States of Michigan and Ohio. (10) The Central District of Illinois and the Southern District of Illinois; and the judicial districts established for the State of Indiana. (11) The Northern District of Illinois; and the judicial districts established for the State of Wisconsin. (12) The judicial districts established for the States of Minnesota, Iowa, North Dakota, and South Dakota. (13) The judicial districts established for the States of Arkansas, Nebraska, and Missouri. (14) The District of Arizona. (15) The Southern District of California; and the judicial districts established for the State of Hawaii, and for Guam and the Commonwealth of the Northern Mariana Islands. (16) The Central District of California. (17) The Eastern District of California and the Northern District of Cal

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 101 — Definitions

In this title the following definitions shall apply: (1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized. (2) The term “affiliate” means— (A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or (D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement. (3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 1202 — Trustee

**(a)** If the United States trustee has appointed an individual under [section 586(b) of title 28](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section586/b&num=0&edition=prelim) to serve as standing trustee in cases under this chapter and if such individual qualifies as a trustee under [section 322 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section322&num=0&edition=prelim), then such individual shall serve as trustee in any case filed under this chapter. Otherwise, the United States trustee shall appoint one disinterested person to serve as trustee in the case or the United States trustee may serve as trustee in the case if necessary. **(b)** The trustee shall— (1) perform the duties specified in sections 704(a)(2), 704(a)(3), 704(a)(5), 704(a)(6), 704(a)(7), and 704(a)(9) of this title; (2) perform the duties specified in section 1106(a)(3) and 1106(a)(4) of this title if the court, for cause and on request of a party in interest, the trustee, or the United States trustee, so orders; (3) appear and be heard at any hearing that concerns— (A) the value of property subject to a lien; (B) confirmation of a plan; (C) modification of the plan after confirmation; or (D) the sale of property of the estate; (4) ensure that the debtor commences making timely payments required by a confirmed plan; (5) if the debtor ceases to be a debtor in possession, perform the duties specified in sections 704(a)(8), 1106(a)(1), 1106(a)(2), 1106(a)(6), 1106(a)(7), and 1203; and (6) if with respect to the debtor there is a claim for a domestic support obligation, provide the applicable notice specified in subsection (c). **(c)** (1) In a case described in subsection (b)(6) to which subsection (b)(6) applies,

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 546 — Limitations on avoiding powers

**(a)** An action or proceeding under section 544, 545, 547, 548, or 553 of this title may not be commenced after the earlier of— (1) the later of— (A) 2 years after the entry of the order for relief; or (B) 1 year after the appointment or election of the first trustee under section 702, 1104, 1163, 1202, or 1302 of this title if such appointment or such election occurs before the expiration of the period specified in subparagraph (A); or (2) the time the case is closed or dismissed. **(b)** (1) The rights and powers of a trustee under sections 544, 545, and 549 of this title are subject to any generally applicable law that— (A) permits perfection of an interest in property to be effective against an entity that acquires rights in such property before the date of perfection; or (B) provides for the maintenance or continuation of perfection of an interest in property to be effective against an entity that acquires rights in such property before the date on which action is taken to effect such maintenance or continuation. (2) If— (A) a law described in paragraph (1) requires seizure of such property or commencement of an action to accomplish such perfection, or maintenance or continuation of perfection of an interest in property; and (B) such property has not been seized or such an action has not been commenced before the date of the filing of the petition; such interest in such property shall be perfected, or perfection of such interest shall be maintained or continued, by giving notice within the time fixed by such law for such seizure or such commencement. **(c)** (1) Except as provided in subsection (d) of this section and in section 507(c), and subject to the prior rights of a holder of a security interest in such goods or the proceeds ther

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 557 — Expedited determination of interests in,

Page 185 TITLE 11—BANKRUPTCY § 557 Exchange Act) or in a resolution of the gov- erning board thereof and a right, whether or not evidenced in writing, arising under common law, under law merchant or by reason of normal busi- ness practice. (Added Pub. L. 97–222, § 6(a), July 27, 1982, 96 Stat. 236; amended Pub. L. 101–311, title II, § 205, June 25, 1990, 104 Stat. 270; Pub. L. 103–394, title V, § 501(b)(7), Oct. 22, 1994, 108 Stat. 4143; Pub. L. 109–8, title IX, §§ 907(h), (o)(8), Apr. 20, 2005, 119 Stat. 178, 182.) Editorial Notes REFERENCES IN TEXT The Commodity Exchange Act, referred to in text, is act Sept. 21, 1922, ch. 369, 42 Stat. 998, as amended, which is classified generally to chapter 1 (§ 1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables. The Federal Deposit Insurance Corporation Improve- ment Act of 1991, referred to in text, is Pub. L. 102–242, Dec. 19, 1991, 105 Stat. 2236, as amended. For complete classification of this Act to the Code, see Short Title of 1991 Amendment note set out under section 1811 of Title 12, Banks and Banking, and Tables. AMENDMENTS 2005—Pub. L. 109–8, § 907(o)(8), inserted ‘‘, financial participant,’’ after ‘‘commodity broker’’ in first sen- tence. Pub. L. 109–8, § 907(h), substituted ‘‘Contractual right to liquidate, terminate, or accelerate a commodities contract or forward contract’’ for ‘‘Contractual right to liquidate a commodities contract or forward contract’’ in section catchline, ‘‘liquidation, termination, or ac- celeration’’ for ‘‘liquidation’’ in first sentence, and ‘‘As used in this section, the term ‘contractual right’ in- cludes a right set forth in a rule or bylaw of a deriva- tives clearing organization (as defin

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