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48 U.S.C. § 2195Protection from inter-debtor transfers

submitted 10 years ago by Pub. L. 114-187 to r/title-48-TERRITORIES-AND-INSULAR-POSSESSIONS · 140 words · no verdicts yet

in plain englishAI-generated · not legal advice

A translation hasn’t been published for this section yet. The official text below is complete and authoritative.

the actual law source: uscode.house.gov ↗public domain
(a) Protection of creditors

While an Oversight Board for Puerto Rico is in existence, if any property of any territorial instrumentality of Puerto Rico is transferred in violation of applicable law under which any creditor has a valid pledge of, security interest in, or lien on such property, or which deprives any such territorial instrumentality of property in violation of applicable law assuring the transfer of such property to such territorial instrumentality for the benefit of its creditors, then the transferee shall be liable for the value of such property.

(b) Enforceability

A creditor may enforce rights under this section by bringing an action in the United States District Court for the District of Puerto Rico after the expiration or lifting of the stay of section 2194 of this title, unless a stay under subchapter III is in effect.

Source credit: (Pub. L. 114–187, title IV, § 407, June 30, 2016, 130 Stat. 592.)

history & why it existsrecord from the source credit
  • 2016Enacted · Pub. L. 114-187 · 130 Stat. 592

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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