11 U.S.C. § 1532 — Rule of payment in concurrent proceedings

submitted 21 years ago by Pub. L. 109-8 to r/title-11-BANKRUPTCY · 76 words · no verdicts yet

in plain englishAI-generated · not legal advice

A creditor that was paid on a claim in a foreign insolvency proceeding may not receive payment again on that claim in a case under another chapter involving the same debtor while other creditors in the same class receive proportionally less.

Without affecting secured claims or rights in rem, a creditor that received payment on its claim in a foreign insolvency proceeding under an insolvency law may not receive payment on the same claim in a case under another chapter of this title concerning the debtor, as long as payments to other creditors in the same class are proportionally smaller than the payment that creditor already received.

the actual law source: uscode.house.gov ↗public domain

Without prejudice to secured claims or rights in rem, a creditor who has received payment with respect to its claim in a foreign proceeding pursuant to a law relating to insolvency may not receive a payment for the same claim in a case under any other chapter of this title regarding the debtor, so long as the payment to other creditors of the same class is proportionately less than the payment the creditor has already received.

Source credit: (Added Pub. L. 109–8, title VIII, § 801(a), Apr. 20, 2005, 119 Stat. 145.)

history & why it existsrecord from the source credit

2005Enacted · Pub. L. 109-8 · 119 Stat. 145

A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-8 on 2005-04-20.

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