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11 U.S.C. § 554 — Abandonment of property of the estate

submitted 48 years ago by Pub. L. 95-598 to r/title-11-BANKRUPTCY · 149 words · no verdicts yet

in plain englishAI-generated · not legal advice

After notice and a hearing, a trustee may abandon estate property that burdens the estate or has little value or benefit. A court may order that abandonment, and rules govern property left at case closing.

(a) After notice and a hearing, the trustee may abandon estate property that burdens the estate or has insignificant value and benefit to the estate. (b) At an interested party’s request, and after notice and a hearing, the court may order the trustee to abandon such property. (c) Unless the court orders otherwise, property listed under section 521(a)(1) that has not been administered when the case closes is abandoned to the debtor and treated as administered for section 350. (d) Unless the court orders otherwise, estate property that is not abandoned under this section and is not administered remains estate property.
the actual law source: uscode.house.gov ↗public domain
(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(a)(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.

Source credit: (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2603; 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; Pub. L. 111–327, § 2(a)(23), Dec. 22, 2010, 124 Stat. 3560.)

history & why it existsrecord from the source credit
  • 1978Enacted · Pub. L. 95-598 · 92 Stat. 2603
  • 1984Amended · Pub. L. 98-353 · 98 Stat. 380
  • 1986Amended · Pub. L. 99-554 · 100 Stat. 3118
  • 2010Amended · Pub. L. 111-327 · 124 Stat. 3560

A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-598 on 1978-11-06.

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