Common use of Application of Amendments Clause in Contracts

Application of Amendments. The amendments made by this Act [amending this section] shall apply only with respect to cases commenced under title 11 of the United States Code in the 7-year period beginning on the effective date of this Act.’’ EFFECTIVE DATE OF 2005 AMENDMENT Amendment by Pub. L. 109–8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of this title. EFFECTIVE DATE OF 1998 AMENDMENT Amendment by Pub. L. 105–183 applicable to any case brought under an applicable provision of this title that is pending or commenced on or after June 19, 1998, see section 5 of Pub. L. 105–183, set out as a note under sec- tion 544 of this title. EFFECTIVE DATE OF 1986 AMENDMENT Effective date and applicability of amendment by Pub. L. 99–554 dependent upon the judicial district in- volved, see section 302(d), (e) of Pub. L. 99–554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure. EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title. SCHEDULES OF REASONABLE AND NECESSARY EXPENSES Pub. L. 109–8, title I, § 107, Apr. 20, 2005, 119 Stat. 42, provided that: ‘‘For purposes of section 707(b) of title 11, United States Code, as amended by this Act, the Xx- xxxxxx of the Executive Office for United States Trust- ees shall, not later than 180 days after the date of en- actment of this Act [Apr. 20, 2005], issue schedules of reasonable and necessary administrative expenses of administering a chapter 13 plan for each judicial dis- trict of the United States.’’

Application of Amendments. The amendments made by this Act [amending this section] shall apply only with respect to cases commenced under title 11 of the United States Code in the 7-year period beginning on the effective date of this Act.’’ EFFECTIVE DATE OF Effective Date of 2005 AMENDMENT Amendment Amendment by Pub. L. 109–8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of this title. EFFECTIVE DATE OF 1998 AMENDMENT Amendment by Pub. L. 105–183 applicable to any case brought under an applicable provision of this title that is pending or commenced on or after June 19, 1998, see section 5 of Pub. L. 105–183, set out as a note under sec- tion 544 of this title. EFFECTIVE DATE OF 1986 AMENDMENT Effective date and applicability of amendment by Pub. L. 99–554 dependent upon the judicial district in- volved, see section 302(d), (e) of Pub. L. 99–554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure. EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title. SCHEDULES OF REASONABLE AND NECESSARY EXPENSES Pub. L. 109–8, title I, § 107, Apr. 20, 2005, 119 Stat. 42, provided that: ‘‘For purposes of section 707(b) of title 11, United States Code, as amended by this Act, the Xx- xxxxxx of the Executive Office for United States Trust- ees shall, not later than 180 days after the date of en- actment of this Act [Apr. 20, 2005], issue schedules of reasonable and necessary administrative expenses of administering a chapter 13 plan for each judicial dis- trict of the United States.’’ The dollar amounts specified in this section were ad- justed by notices of the Judicial Conference of the United States pursuant to section 104 of this title as follows: By notice dated Feb. 12, 2013, 78 F.R. 12089, effective Apr. 1, 2013, in subsec. (b)(2)(A)(i)(I), dollar amount ‘‘7,025’’ was adjusted to ‘‘7,475’’; in subsec. (b)(2)(A)(i)(II), dollar amount ‘‘11,725’’ was adjusted to ‘‘12,475’’; in subsec. (b)(2)(A)(ii)(IV), dollar amount ‘‘1,775’’ was adjusted to ‘‘1,875’’; in subsec. (b)(2)(B)(iv)(I), dollar amount ‘‘7,025’’ was adjusted to ‘‘7,475’’; in subsec. (b)(2)(B)(iv)(II), dollar amount ‘‘11,725’’ was adjusted to ‘‘12,475’’; in subsec. (b)(5)(B), dollar amount ‘‘1,175’’ was adjusted to ‘‘1,250’’; in sub- sec. (b)(6)(C), dollar amount ‘‘625’’ was adjusted to ‘‘675’’; and, in subsec. (b)(7)(A)(iii), dollar amount ‘‘625’’ was adjusted to ‘‘675’’. See notice of the Judicial Xxx- xxxxxxx of the United States set out as a note under section 104 of this title. By notice dated Feb. 19, 2010, 75 F.R. 8747, effective Apr. 1, 2010, in subsec. (b)(2)(A)(i)(I), dollar amount ‘‘6,575’’ was adjusted to ‘‘7,025’’; in subsec. (b)(2)(A)(i)(II), dollar amount ‘‘10,950’’ was adjusted to ‘‘11,725’’; in subsec. (b)(2)(A)(ii)(IV), dollar amount ‘‘1,650’’ was adjusted to ‘‘1,775’’; in subsec. (b)(2)(B)(iv)(I), dollar amount ‘‘6,575’’ was adjusted to ‘‘7,025’’; in subsec. (b)(2)(B)(iv)(II), dollar amount ‘‘10,950’’ was adjusted to ‘‘11,725’’; in subsec. (b)(5)(B), dollar amount ‘‘1,100’’ was adjusted to ‘‘1,175’’; in sub- sec. (b)(6)(C), dollar amount ‘‘575’’ was adjusted to ‘‘625’’; and, in subsec. (b)(7)(A)(iii), dollar amount ‘‘575’’ was adjusted to ‘‘625’’. By notice dated Feb. 7, 2007, 72 F.R. 7082, effective Apr. 1, 2007, in subsec. (b)(2)(A)(i)(I), dollar amount ‘‘6,000’’ was adjusted to ‘‘6,575’’; in subsec. (b)(2)(A)(i)(II), dollar amount ‘‘10,000’’ was adjusted to ‘‘10,950’’; in subsec. (b)(2)(A)(ii)(IV), dollar amount ‘‘1,500’’ was adjusted to ‘‘1,650’’; in subsec. (b)(5)(B), dol- lar amount ‘‘1,000’’ was adjusted to ‘‘1,100’’; in subsec. (b)(6)(C), dollar amount ‘‘525’’ was adjusted to ‘‘575’’; and, in subsec. (b)(7)(A), dollar amount ‘‘525’’ was ad- justed to ‘‘575’’. United States Supreme Court to prescribe general rules implementing the practice and procedure to be followed under subsec. (b) of this section, with section 2075 of Title 28, Judiciary and Judicial Procedure, to apply with respect to such general rules, see section 320 of Pub. L. 98–353, set out as a note under section 2075 of Title 28. SUBCHAPTER II—COLLECTION, LIQUIDA- TION, AND DISTRIBUTION OF THE ES- XXXX The court may authorize the trustee to oper- ate the business of the debtor for a limited pe- riod, if such operation is in the best interest of the estate and consistent with the orderly liq- uidation of the estate. (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2606.) This section is derived from section 2a(5) of the Bank- ruptcy Act [section 11(a)(5) of former title 11]. It per- mits the court to authorize the operation of any busi- ness of the debtor for a limited period, if the operation is in the best interest of the estate and consistent with orderly liquidation of the estate. An example is the op- eration of a watch company to convert watch move- ments and cases into completed watches which will bring much higher prices than the component parts would have brought. An individual debtor may, whether or not the debtor has waived the right to redeem under this section, redeem tangible personal property in- tended primarily for personal, family, or house- hold use, from a lien securing a dischargeable consumer debt, if such property is exempted under section 522 of this title or has been aban- doned under section 554 of this title, by paying the holder of such lien the amount of the al- lowed secured claim of such holder that is se- cured by such lien in full at the time of redemp- tion. (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2606; Pub. L. 109–8, title III, § 304(2), Apr. 20, 2005, 119 Stat. 79.) Section 722 of the House amendment adopts the posi- tion taken in H.R. 8200 as passed by the House and re- jects the alternative contained in section 722 of the Senate amendment. SENATE REPORT NO. 95–989 This section is new and is broader than rights of re- demption under the Uniform Commercial Code. It au- thorizes an individual debtor to redeem tangible per- xxxxx property intended primarily for personal, family, or household use, from a lien securing a nonpurchase money dischargeable consumer debt. It applies only if the debtor’s interest in the property is exempt or has been abandoned. This right to redeem is a very substantial change from current law. To prevent abuses such as may occur when the debtor deliberately allows the property to de- preciate in value, the debtor will be required to pay the fair market value of the goods or the amount of the claim if the claim is less. The right is personal to the debtor and not assignable. HOUSE REPORT NO. 95–595 This section is new and is broader than rights of re- demption under the Uniform Commercial Code. It au- thorizes an individual debtor to redeem tangible per- xxxxx property intended primarily for personal, family, or household use, from a lien securing a dischargeable consumer debt. It applies only if the debtor’s interest in the property is exempt or has been abandoned. The right to redeem extends to the whole of the prop- erty, not just the debtor’s exempt interest in it. Thus, for example, if a debtor owned a $2,000 car, subject to a $1,200 lien, the debtor could exempt his $800 interest in the car. The debtor is permitted a $1,500 exemption in a car, proposed 11 U.S.C. 522(d)(2). This section per- mits him to pay the holder of the lien $1,200 and redeem the entire car, not just the remaining $700 of his exemp- tion. The redemption is accomplished by paying the holder of the lien the amount of the allowed claim se- cured by the lien. The provision amounts to a right of first refusal for the debtor in consumer goods that might otherwise be repossessed. The right of redemp- tion under this section is not waivable.

Application of Amendments. The amendments made by this Act [amending this section] shall apply only with respect to cases commenced under title 11 of the United States Code in the 711-year period beginning on the effective date of this Act.’’ EFFECTIVE DATE OF Effective Date of 2005 AMENDMENT Amendment Amendment by Pub. L. 109–8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of this title. EFFECTIVE DATE OF 1998 AMENDMENT Amendment by Pub. L. 105–183 applicable to any case brought under an applicable provision of this title that is pending or commenced on or after June 19, 1998, see section 5 of Pub. L. 105–183, set out as a note under sec- tion 544 of this title. EFFECTIVE DATE OF 1986 AMENDMENT Effective date and applicability of amendment by Pub. L. 99–554 dependent upon the judicial district in- volved, see section 302(d), (e) of Pub. L. 99–554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure. EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title. SCHEDULES OF REASONABLE AND NECESSARY EXPENSES Pub. L. 109–8, title I, § 107, Apr. 20, 2005, 119 Stat. 42, provided that: ‘‘For purposes of section 707(b) of title 11, United States Code, as amended by this Act, the Xx- xxxxxx of the Executive Office for United States Trust- ees shall, not later than 180 days after the date of en- actment of this Act [Apr. 20, 2005], issue schedules of reasonable and necessary administrative expenses of administering a chapter 13 plan for each judicial dis- trict of the United States.’’ The dollar amounts specified in this section were ad- justed by notices of the Judicial Conference of the United States pursuant to section 104 of this title as follows: By notice dated Feb. 16, 2016, 81 F.R. 8748, effective Apr. 1, 2016, in subsec. (b)(2)(A)(i)(I), dollar amount ‘‘7,475’’ was adjusted to ‘‘7,700’’; in subsec. (b)(2)(A)(i)(II), dollar amount ‘‘12,475’’ was adjusted to ‘‘12,850’’; in subsec. (b)(2)(A)(ii)(IV), dollar amount ‘‘1,875’’ was adjusted to ‘‘1,925’’; in subsec. (b)(2)(B)(iv)(I), dollar amount ‘‘7,475’’ was adjusted to ‘‘7,700’’; in subsec. (b)(2)(B)(iv)(II), dollar amount ‘‘12,475’’ was adjusted to ‘‘12,850’’; in subsec. (b)(5)(B), dollar amount ‘‘1,250’’ was adjusted to ‘‘1,300’’; in sub- sec. (b)(6)(C), dollar amount ‘‘675’’ was adjusted to ‘‘700’’; and, in subsec. (b)(7)(A)(iii), dollar amount ‘‘675’’ was adjusted to ‘‘700’’. See notice of the Judicial Xxx- xxxxxxx of the United States set out as a note under section 104 of this title. By notice dated Feb. 12, 2013, 78 F.R. 12089, effective Apr. 1, 2013, in subsec. (b)(2)(A)(i)(I), dollar amount ‘‘7,025’’ was adjusted to ‘‘7,475’’; in subsec. (b)(2)(A)(i)(II), dollar amount ‘‘11,725’’ was adjusted to ‘‘12,475’’; in subsec. (b)(2)(A)(ii)(IV), dollar amount ‘‘1,775’’ was adjusted to ‘‘1,875’’; in subsec. (b)(2)(B)(iv)(I), dollar amount ‘‘7,025’’ was adjusted to ‘‘7,475’’; in subsec. (b)(2)(B)(iv)(II), dollar amount ‘‘11,725’’ was adjusted to ‘‘12,475’’; in subsec. (b)(5)(B), dollar amount ‘‘1,175’’ was adjusted to ‘‘1,250’’; in sub- sec. (b)(6)(C), dollar amount ‘‘625’’ was adjusted to ‘‘675’’; and, in subsec. (b)(7)(A)(iii), dollar amount ‘‘625’’ was adjusted to ‘‘675’’. By notice dated Feb. 19, 2010, 75 F.R. 8747, effective Apr. 1, 2010, in subsec. (b)(2)(A)(i)(I), dollar amount ‘‘6,575’’ was adjusted to ‘‘7,025’’; in subsec. (b)(2)(A)(i)(II), dollar amount ‘‘10,950’’ was adjusted to ‘‘11,725’’; in subsec. (b)(2)(A)(ii)(IV), dollar amount ‘‘1,650’’ was adjusted to ‘‘1,775’’; in subsec. (b)(2)(B)(iv)(I), dollar amount ‘‘6,575’’ was adjusted to ‘‘7,025’’; in subsec. (b)(2)(B)(iv)(II), dollar amount ‘‘10,950’’ was adjusted to ‘‘11,725’’; in subsec. (b)(5)(B), dollar amount ‘‘1,100’’ was adjusted to ‘‘1,175’’; in sub- sec. (b)(6)(C), dollar amount ‘‘575’’ was adjusted to ‘‘625’’; and, in subsec. (b)(7)(A)(iii), dollar amount ‘‘575’’ was adjusted to ‘‘625’’. By notice dated Feb. 7, 2007, 72 F.R. 7082, effective Apr. 1, 2007, in subsec. (b)(2)(A)(i)(I), dollar amount ‘‘6,000’’ was adjusted to ‘‘6,575’’; in subsec. (b)(2)(A)(i)(II), dollar amount ‘‘10,000’’ was adjusted to ‘‘10,950’’; in subsec. (b)(2)(A)(ii)(IV), dollar amount ‘‘1,500’’ was adjusted to ‘‘1,650’’; in subsec. (b)(5)(B), dol- lar amount ‘‘1,000’’ was adjusted to ‘‘1,100’’; in subsec. (b)(6)(C), dollar amount ‘‘525’’ was adjusted to ‘‘575’’; and, in subsec. (b)(7)(A), dollar amount ‘‘525’’ was ad- justed to ‘‘575’’. United States Supreme Court to prescribe general rules implementing the practice and procedure to be followed under subsec. (b) of this section, with section 2075 of Title 28, Judiciary and Judicial Procedure, to apply with respect to such general rules, see section 320 of Pub. L. 98–353, set out as a note under section 2075 of Title 28. SUBCHAPTER II—COLLECTION, LIQUIDA- TION, AND DISTRIBUTION OF THE ES- XXXX The court may authorize the trustee to oper- ate the business of the debtor for a limited pe- riod, if such operation is in the best interest of the estate and consistent with the orderly liq- uidation of the estate. (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2606.) This section is derived from section 2a(5) of the Bank- ruptcy Act [section 11(a)(5) of former title 11]. It per- mits the court to authorize the operation of any busi- ness of the debtor for a limited period, if the operation is in the best interest of the estate and consistent with orderly liquidation of the estate. An example is the op- eration of a watch company to convert watch move- ments and cases into completed watches which will bring much higher prices than the component parts would have brought. An individual debtor may, whether or not the debtor has waived the right to redeem under this section, redeem tangible personal property in- tended primarily for personal, family, or house- hold use, from a lien securing a dischargeable consumer debt, if such property is exempted under section 522 of this title or has been aban- doned under section 554 of this title, by paying the holder of such lien the amount of the al- lowed secured claim of such holder that is se- cured by such lien in full at the time of redemp- tion. (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2606; Pub. L. 109–8, title III, § 304(2), Apr. 20, 2005, 119 Stat. 79.) Section 722 of the House amendment adopts the posi- tion taken in H.R. 8200 as passed by the House and re- jects the alternative contained in section 722 of the Senate amendment. SENATE REPORT NO. 95–989 This section is new and is broader than rights of re- demption under the Uniform Commercial Code. It au- thorizes an individual debtor to redeem tangible per- xxxxx property intended primarily for personal, family, or household use, from a lien securing a nonpurchase money dischargeable consumer debt. It applies only if the debtor’s interest in the property is exempt or has been abandoned. This right to redeem is a very substantial change from current law. To prevent abuses such as may occur when the debtor deliberately allows the property to de- preciate in value, the debtor will be required to pay the fair market value of the goods or the amount of the claim if the claim is less. The right is personal to the debtor and not assignable. HOUSE REPORT NO. 95–595 This section is new and is broader than rights of re- demption under the Uniform Commercial Code. It au- thorizes an individual debtor to redeem tangible per- xxxxx property intended primarily for personal, family, or household use, from a lien securing a dischargeable consumer debt. It applies only if the debtor’s interest in the property is exempt or has been abandoned. The right to redeem extends to the whole of the prop- erty, not just the debtor’s exempt interest in it. Thus, for example, if a debtor owned a $2,000 car, subject to a $1,200 lien, the debtor could exempt his $800 interest in the car. The debtor is permitted a $1,500 exemption in a car, proposed 11 U.S.C. 522(d)(2). This section per- mits him to pay the holder of the lien $1,200 and redeem the entire car, not just the remaining $700 of his exemp- tion. The redemption is accomplished by paying the holder of the lien the amount of the allowed claim se- cured by the lien. The provision amounts to a right of first refusal for the debtor in consumer goods that might otherwise be repossessed. The right of redemp- tion under this section is not waivable.

Application of Amendments. The amendments made by this Act [amending this section] shall apply only with respect to cases commenced under title 11 of the United States Code in the 7-year period beginning on the effective date of this Act.’’ EFFECTIVE DATE OF 2005 AMENDMENT Amendment by Pub. L. 109–8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of this title. EFFECTIVE DATE OF 1998 AMENDMENT Amendment by Pub. L. 105–183 applicable to any case brought under an applicable provision of this title that is pending or commenced on or after June 19, 1998, see section 5 of Pub. L. 105–183, set out as a note under sec- tion 544 of this title. EFFECTIVE DATE OF 1986 AMENDMENT Effective date and applicability of amendment by Pub. L. 99–554 dependent upon the judicial district in- volved, see section 302(d), (e) of Pub. L. 99–554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure. EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title. SCHEDULES OF REASONABLE AND NECESSARY EXPENSES Pub. L. 109–8, title I, § 107, Apr. 20, 2005, 119 Stat. 42, provided that: ‘‘For purposes of section 707(b) of title 11, United States Code, as amended by this Act, the Xx- xxxxxx of the Executive Office for United States Trust- ees shall, not later than 180 days after the date of en- actment of this Act [Apr. 20, 2005], issue schedules of reasonable and necessary administrative expenses of administering a chapter 13 plan for each judicial dis- trict of the United States.’’ The dollar amounts specified in this section were ad- justed by notices of the Judicial Conference of the United States pursuant to section 104 of this title as follows: By notice dated Feb. 19, 2010, 75 F.R. 8747, effective Apr. 1, 2010, in subsec. (b)(2)(A)(i)(I), dollar amount ‘‘6,575’’ was adjusted to ‘‘7,025’’; in subsec. (b)(2)(A)(i)(II), dollar amount ‘‘10,950’’ was adjusted to ‘‘11,725’’; in subsec. (b)(2)(A)(ii)(IV), dollar amount ‘‘1,650’’ was adjusted to ‘‘1,775’’; in subsec.

Application of Amendments. The amendments made by this Act [amending this section] shall apply only with respect to cases commenced under title 11 of the United States Code in the 711-year period beginning on the effective date of this Act.’’ EFFECTIVE DATE OF 2005 AMENDMENT Amendment by Pub. L. 109–8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of this title. EFFECTIVE DATE OF 1998 AMENDMENT Amendment by Pub. L. 105–183 applicable to any case brought under an applicable provision of this title that is pending or commenced on or after June 19, 1998, see section 5 of Pub. L. 105–183, set out as a note under sec- tion 544 of this title. EFFECTIVE DATE OF 1986 AMENDMENT Effective date and applicability of amendment by Pub. L. 99–554 dependent upon the judicial district in- volved, see section 302(d), (e) of Pub. L. 99–554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure. EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title. SCHEDULES OF REASONABLE AND NECESSARY EXPENSES Pub. L. 109–8, title I, § 107, Apr. 20, 2005, 119 Stat. 42, provided that: ‘‘For purposes of section 707(b) of title 11, United States Code, as amended by this Act, the Xx- xxxxxx of the Executive Office for United States Trust- ees shall, not later than 180 days after the date of en- actment of this Act [Apr. 20, 2005], issue schedules of reasonable and necessary administrative expenses of administering a chapter 13 plan for each judicial dis- trict of the United States.’’