Applying adequate protection payments from postpetition rents: do they reduce the debt?

Article Abstract:

The Bankruptcy Court for the Eastern District of New York held in the case of 354 East 66th Street Realty Corp. that adequate protection payments from postpetition rents should reduce the debt, applying first to the undersecured portion of the debt and then to the secured portion. In this case, the undersecured portion of the debt was paid in full, and therefore the creditor was not allowed to vote on the reorganization plan as a member of the unsecured creditor class. The court stressed the importance of harmonizing the application of various sections of the Bankruptcy Code to support the overall goal of reorganization.

Cases, Secured transactions, Rents (Property)

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A trap in the Bankruptcy Reform Act of 1994: lulling reclaiming sellers to sleep

Article Abstract:

A 1994 Bankruptcy Reform Act's provision designed to aid reclaiming sellers may have the unintended effect of misleading vendors into thinking they have a 20-day period in which to make reclamation demands. Vendors could be hurt by relying on the 10 extra days provided by the Act, which, in actuality, only preserves states' demand laws, usually based on the UCC's 10-day period. The law does not create federal reclamation rights for vendors attempting to reclaim goods delivered to bankrupt buyers.

Interpretation and construction, Bankruptcy law

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Local bankruptcy court rules and procedures: needed relief for the national practitioner

Article Abstract:

Rule 9029, the federal bankruptcy rule governing local bankruptcy rules, is about to make it easier for practitioners to locate local rules by requiring that such rules conform to a uniform numbering system. This will also make computerized research much easier. The system will be prescribed by the Judicial Conference of the United States. The changed Rule 9029 goes into effect on Dec 1, 1995. The rule also protects lawyers from sanctions resulting from unknowingly breaking local rules.

Practice, Court rules, Bankruptcy courts

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