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11 U.S.C. § 944Effect of confirmation

submitted 48 years ago by Pub. L. 95-598 to r/title-11-BANKRUPTCY · 189 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section explains when a confirmed plan binds the debtor and creditors and when the debtor is discharged from debts. It lists debts that are not discharged.

(a) The provisions of a confirmed plan bind the debtor and any creditor, whether or not— (1) a proof of that creditor’s claim is filed or deemed filed under section 501 of this title ; (2) that claim is allowed under section 502 of this title ; or (3) that creditor has accepted the plan. (b) Except as provided in subsection (c) of this section, the debtor is discharged from all debts as of the time when— (1) the plan is confirmed; (2) the debtor deposits any consideration to be distributed under the plan with a disbursing agent appointed by the court; and (3) the court has determined— (A) that any security so deposited will constitute, after distribution, a valid legal obligation of the debtor; and (B) that any provision made to pay or secure payment of that obligation is valid. (c) The debtor is not discharged under subsection (b) of this section from any debt— (1) excepted from discharge by the plan or order confirming the plan; or (2) owed to an entity that, before confirmation of the plan, had neither notice nor actual knowledge of the case.
the actual law source: uscode.house.gov ↗public domain
(a)

The provisions of a confirmed plan bind the debtor and any creditor, whether or not—

(1)

a proof of such creditor’s claim is filed or deemed filed under section 501 of this title;

(2)

such claim is allowed under section 502 of this title; or

(3)

such creditor has accepted the plan.

(b)

Except as provided in subsection (c) of this section, the debtor is discharged from all debts as of the time when—

(1)

the plan is confirmed;

(2)

the debtor deposits any consideration to be distributed under the plan with a disbursing agent appointed by the court; and

(3)

the court has determined—

(A)

that any security so deposited will constitute, after distribution, a valid legal obligation of the debtor; and

(B)

that any provision made to pay or secure payment of such obligation is valid.

(c)

The debtor is not discharged under subsection (b) of this section from any debt

(1)

excepted from discharge by the plan or order confirming the plan; or

(2)

owed to an entity that, before confirmation of the plan, had neither notice nor actual knowledge of the case.

Source credit: (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2624.)

history & why it existsrecord from the source credit
  • 1978Enacted · Pub. L. 95-598 · 92 Stat. 2624

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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