48 U.S.C. § 2161 — Applicability of other laws; definitions
submitted 10 years ago by Pub. L. 114-187 to r/title-48-TERRITORIES-AND-INSULAR-POSSESSIONS · 860 words · no verdicts yet
This section lists Bankruptcy Code provisions that apply in cases under the territorial debt-adjustment subchapter and gives special meanings to several terms. It also provides rules for references, claim similarity, and operative provisions.
(a) The following provisions of title 11 apply in a case under this subchapter: sections 101 (except as this section provides), 102, 104, 105, 106, 107, 108, 112, 333, 344, 347(b), 349, 350(b), 351, 361, 362, 364(c), 364(d), 364(e), 364(f), 365, 366, 501, 502, 503, 504, 506, 507(a)(2), 509, 510, 524(a)(1), 524(a)(2), 544, 545, 546, 547, 548, 549(a), 549(c), 549(d), 550, 551, 552, 553, 555, 556, 557, 559, 560, 561, 562, 902 (except as this section provides), 922, 923, 924, 925, 926, 927, 928, 942, 944, 945, 946, 1102, 1103, 1109, 1111(b), 1122, 1123(a)(1), 1123(a)(2), 1123(a)(3), 1123(a)(4), 1123(a)(5), 1123(b), 1123(d), 1124, 1125, 1126(a), 1126(b), 1126(c), 1126(e), 1126(f), 1126(g), 1127(d), 1128, 1129(a)(2), 1129(a)(3), 1129(a)(6), 1129(a)(8), 1129(a)(10), 1129(b)(1), 1129(b)(2)(A), 1129(b)(2)(B), 1142(b), 1143, 1144, 1145, and 1146(a). Section 930 also applies, but it does not apply during the first 120 days after the case begins.
(b) A term used in an applicable title 11 section has the meaning given to it for that section, unless this subchapter defines it differently.
(c) This subchapter defines these terms:
(c)(1) “Affiliate” also means (A) for a territory*, any territorial instrumentality*; and (B) for a territorial instrumentality, the governing territory and any other territorial instrumentalities of that territory.
(c)(2) “Debtor” means the territory or covered territorial instrumentality* concerning which a case under this subchapter has begun.
(c)(3) When section 1126 of title 11 uses “holder of a claim or interest,” that term excludes any Issuer or Authorized Instrumentality of the Territory Government Issuer, as defined in subchapter VI, or any corporation, trust, or other legal entity controlled by the Issuer or an Authorized Territorial Instrumentality of the Territory Government Issuer. Beneficiaries of those claims are not excluded if this subparagraph does not refer to them. For each excluded trust or other legal entity, the court must, at any time after the case begins and at the request of a participant or beneficiary, order appointment of a separate creditors’ committee under section 1102(a)(2) of title 11. For an Insured Bond*, the term means the monoline insurer that insures the bond, to the extent that insurer has the right under the applicable documents to vote the bond to direct remedies or consent to proposed amendments or modifications.
(c)(4) “Insured Bond” means a bond subject to a financial guarantee or similar insurance contract, policy, or surety issued by a monoline insurer.
(c)(5) When “property of the estate” is used in an applicable title 11 section, it means the debtor’s property.
(c)(6) When “State” is used in an applicable title 11 section, it means State or territory when referring to the relationship of a State to its municipality or of a territory to its territorial instrumentality. This section does not define “State” beyond this rule.
(c)(7) “Trustee” means the Oversight Board*, except as provided in section 926 of title 11. In this paragraph, “trustee” does not mean the U.S. Trustee or an official of the United States Trustee Program, which is part of the United States Department of Justice.
(d) Only for this subchapter, a reference in an applicable title 11 section to “this title,” “this chapter,” or similar words means this subchapter. A reference in the Federal Rules of Bankruptcy Procedure made applicable here to “this title,” “title 11,” “Chapter 9,” “Chapter 11,” “the Code,” or similar words also means this subchapter, as applicable.
(e) When deciding whether claims are “substantially similar” for section 1122 of title 11, the Oversight Board must consider whether the claims are secured and whether they have priority over other claims. This section does not otherwise define “substantially similar.”
(f) An applicable section that operates if the debtor’s business is authorized to operate also operates in a case under this subchapter.
Sections 101 (except as otherwise provided in this section), 102, 104, 105, 106, 107, 108, 112, 333, 344, 347(b), 349, 350(b), 351, 361, 362, 364(c), 364(d), 364(e), 364(f), 365, 366, 501, 502, 503, 504, 506, 507(a)(2), 509, 510, 524(a)(1), 524(a)(2), 544, 545, 546, 547, 548, 549(a), 549(c), 549(d), 550, 551, 552, 553, 555, 556, 557, 559, 560, 561, 562, 902 (except as otherwise provided in this section), 922, 923, 924, 925, 926, 927, 928, 942, 944, 945, 946, 1102, 1103, 1109, 1111(b), 1122, 1123(a)(1), 1123(a)(2), 1123(a)(3), 1123(a)(4), 1123(a)(5), 1123(b), 1123(d), 1124, 1125, 1126(a), 1126(b), 1126(c), 1126(e), 1126(f), 1126(g), 1127(d), 1128, 1129(a)(2), 1129(a)(3), 1129(a)(6), 1129(a)(8), 1129(a)(10), 1129(b)(1), 1129(b)(2)(A), 1129(b)(2)(B), 1142(b), 1143, 1144, 1145, and 1146(a) of title 11 apply in a case under this subchapter and section 930 of title 11 applies in a case under this subchapter; however, section 930 shall not apply in any case during the first 120 days after the date on which such case is commenced under this subchapter.
A term used in a section of title 11, made applicable in a case under this subchapter by subsection (a), has the meaning given to the term for the purpose of the applicable section, unless the term is otherwise defined in this subchapter.
In this subchapter:
The term “affiliate” means, in addition to the definition made applicable in a case under this subchapter by subsection (a)—
for a territory*, any territorial instrumentality*; and
for a territorial instrumentality, the governing territory and any of the other territorial instrumentalities of the territory.
The term “debtor” means the territory or covered territorial instrumentality* concerning which a case under this subchapter has been commenced.
The term “holder of a claim or interest”, when used in section 1126 of title 11, made applicable in a case under this subchapter by subsection (a)—
shall exclude any Issuer or Authorized Instrumentality of the Territory Government Issuer (as defined under subchapter VI of this chapter) or a corporation, trust or other legal entity that is controlled by the Issuer or an Authorized Territorial Instrumentality of the Territory Government Issuer, provided that the beneficiaries of such claims, to the extent they are not referenced in this subparagraph, shall not be excluded, and that, for each excluded trust or other legal entity, the court shall, upon the request of any participant or beneficiary of such trust or entity, at any time after the commencement of the case, order the appointment of a separate committee of creditors pursuant to section 1102(a)(2) of title 11; and
with reference to Insured Bonds, shall mean the monoline insurer insuring such Insured Bond* to the extent such insurer is granted the right to vote Insured Bonds for purposes of directing remedies or consenting to proposed amendments or modifications as provided in the applicable documents pursuant to which such Insured Bond was issued and insured.
The term “Insured Bond” means a bond subject to a financial guarantee or similar insurance contract, policy and/or surety issued by a monoline insurer.
The term “property of the estate”, when used in a section of title 11 made applicable in a case under this subchapter by subsection (a), means property of the debtor.
The term “State” 1 when used in a section of title 11 made applicable in a case under this subchapter by subsection (a) 1 means State or territory when used in reference to the relationship of a State to the municipality of the State or the territorial instrumentality of a territory, as applicable.
The term “trustee”, when used in a section of title 11 made applicable in a case under this subchapter by subsection (a), means the Oversight Board*, except as provided in section 926 of title 11. The term “trustee” as described in this paragraph does not mean the U.S. Trustee, an official of the United States Trustee Program, which is a component of the United States Department of Justice.
Solely for purposes of this subchapter, a reference to “this title”, “this chapter”, or words of similar import in a section of title 11 made applicable in a case under this subchapter by subsection (a) or to “this title”, “title 11”, “Chapter 9”, “Chapter 11”, “the Code”, or words of similar import in the Federal Rules of Bankruptcy Procedure made applicable in a case under this subchapter shall be deemed to be a reference to this subchapter.
In determining whether claims are “substantially similar” for the purpose of section 1122 of title 11, made applicable in a case under this subchapter by subsection (a), the Oversight Board shall consider whether such claims are secured and whether such claims have priority over other claims.
A section made applicable in a case under this subchapter by subsection (a) that is operative if the business of the debtor is authorized to be operated is operative in a case under this subchapter.
Source credit: (Pub. L. 114–187, title III, § 301, June 30, 2016, 130 Stat. 577.)
- 2016Enacted · Pub. L. 114-187 · 130 Stat. 577
A history note hasn’t been published yet. The record shows enactment by Pub. L. 114-187 on 2016-06-30.
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