[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5116 Introduced in House (IH)]
103d CONGRESS
2d Session
H. R. 5116
To amend title 11 of the United States Code.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 28, 1994
Mr. Brooks (for himself, Mr. Fish, and Mr. Synar) introduced the
following bill; which was referred to the Committee on the Judiciary
_______________________________________________________________________
A BILL
To amend title 11 of the United States Code.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
(a) Short Title.--This Act may be cited as the ``Bankruptcy Reform
Act of 1994''.
(b) Table of Contents.--The table of contents is as follows:
Sec. 1. Short title.
TITLE I--IMPROVED BANKRUPTCY ADMINISTRATION
Sec. 101. Expedited hearing on automatic stay.
Sec. 102. Jurisdiction to review interlocutory orders increasing
certain time periods for filing plan.
Sec. 103. Expedited procedure for reaffirmation of debts.
Sec. 104. Powers of bankruptcy courts.
Sec. 105. Participation by bankruptcy administrator at meetings of
creditors and equity security holders.
Sec. 106. Definition relating to eligibility to serve on chapter 11
committees.
Sec. 107. Increased incentive compensation for trustees.
Sec. 108. Dollar adjustments.
Sec. 109. Premerger notification.
Sec. 110. Allowance of creditor committee expenses.
Sec. 111. Supplemental injunctions; settlement of claims and demands
for payment.
Sec. 112. Authority of bankruptcy judges to conduct jury trials in
civil proceedings.
Sec. 113. Sovereign immunity.
TITLE II--COMMERCIAL BANKRUPTCY ISSUES
Sec. 201. Aircraft equipment and vessels; rolling stock equipment.
Sec. 202. Limitation on liability of non-insider transferee for avoided
transfer.
Sec. 203. Perfection of purchase-money security interest.
Sec. 204. Continued perfection.
Sec. 205. Rejection of unexpired leases of real property or timeshare
interests.
Sec. 206. Contents of plan.
Sec. 207. Priority for independent sales representatives.
Sec. 208. Exclusion from the estate of interests in liquid and gaseous
hydrocarbons transferred by the debtor
pursuant to production payment agreements.
Sec. 209. Seller's right to reclaim goods.
Sec. 210. Investment of money of the estate.
Sec. 211. Election of trustee under chapter 11.
Sec. 212. Rights of partnership trustee against general partners.
Sec. 213. Exclusion from the estate of certain accounts and chattel
paper.
Sec. 214. Timely filing of claims, interests, and adminstrative expense
requests.
Sec. 215. Protection of security interest in post-petition rents.
Sec. 216. Amendment to definition of swap agreement.
TITLE III--CONSUMER BANKRUPTCY ISSUES
Sec. 301. Period for curing default relating to principal residence.
Sec. 302. Nondischargeability of fine under chapter 13.
Sec. 303. Impairment of exemptions.
Sec. 304. Protection of child support and alimony.
Sec. 305. Preservation of home mortgage liens.
Sec. 306. Interest on interest.
Sec. 307. Exception to discharge.
Sec. 308. Payments.
TITLE IV--GOVERNMENTAL BANKRUPTCY ISSUES
Sec. 401. Exception from automatic stay for post-petition property
taxes.
Sec. 402. Municipal bankruptcy.
TITLE V--TECHNICAL CORRECTIONS
Sec. 501. Amendments to bankruptcy definitions, necessitated by
enactment of Public Law 101-647.
Sec. 502. Title 28 of the United States Code.
TITLE VI--SEVERABILITY; EFFECTIVE DATE; APPLICATION OF AMENDMENTS.
Sec. 601. Severability.
Sec. 602. Effective date; application of amendments.
TITLE I--IMPROVED BANKRUPTCY ADMINISTRATION
SEC. 101. EXPEDITED HEARING ON AUTOMATIC STAY.
The last sentence of section 362(e) of title 11, United States
Code, is amended--
(1) by striking ``commenced'' and inserting ``concluded'',
and
(2) by inserting before the period at the end the
following:
``, unless the 30-day period is extended with the consent of the
parties in interest or for a specific time which the court finds is
required by compelling circumstances''.
SEC. 102. JURISDICTION TO REVIEW INTERLOCUTORY ORDERS INCREASING
CERTAIN TIME PERIODS FOR FILING PLAN.
Section 158 of title 28, United States Code, is amended--
(1) in subsection (a) by striking ``from'' the first place
it appears and all that follows through ``decrees,'', and
inserting the following:
``(1) from final judgments, orders, and decrees;
``(2) from interlocutory orders and decrees issued under
section 1121(d) of title 11 increasing the time periods
referred to in section 1121 of such title; and
``(3) with leave of the court, from other interlocutory
orders and decrees;''.
SEC. 103. EXPEDITED PROCEDURE FOR REAFFIRMATION OF DEBTS.
(a) Reaffirmation.--Section 524(c) of title 11, United States Code,
is amended--
(1) in paragraph (2)--
(A) by inserting ``(A)'' after ``(2)'',
(B) by adding ``and'' at the end, and
(C) by inserting after subparagraph (A), as so
designated, the following:
``(B) such agreement contains a clear and
conspicuous statement which advises the debtor that
such agreement is not required under this title, under
nonbankruptcy law, or under any agreement not in
accordance with the provisions of this subsection;'',
and
(2) in paragraph (3)--
(A) in the matter preceding subparagraph (A) by
striking ``such agreement'' the last place it appears,
(B) in subparagraph (A)--
(i) by inserting ``such agreement'' after
``(A)'', and
(ii) by striking ``and'' at the end,
(C) in subparagraph (B)--
(i) by inserting ``such agreement'' after
``(B)'', and
(ii) by adding ``and'' at the end, and
(3) by adding at the end the following:
``(C) the attorney fully advised the debtor of the
legal effect and consequences of--
``(i) an agreement of the kind specified in
this subsection; and
``(ii) any default under such an
agreement;''.
(b) Effect of Discharge.--The third sentence of section 524(d) of
title 11, United States Code, is amended in the matter preceding
paragraph (1) by inserting ``and was not represented by an attorney
during the course of negotiating such agreement'' after ``this
section''.
SEC. 104. POWERS OF BANKRUPTCY COURTS.
(a) Status Conferences.--Section 105 of title 11, United States
Code, is amended by adding at the end the following:
``(d) The court, on its own motion or on the motion of any party in
interest, may--
``(1) hold a status conference regarding any case or
proceeding under this title after notice to the parties in
interest; and
``(2) unless inconsistent with another provision of this
title or with applicable Bankruptcy Rules, issue an order at
any such conference prescribing such limitations and conditions
as the court deems appropriate to ensure that the case is
handled expeditiously and economically, including an order
that--
``(A) sets the date by which the debtor must accept
or reject an executory contract or unexpired lease; or
``(B) in a case under chapter 11 of this title--
``(i) sets a date by which the debtor, or
trustee if one has been appointed, shall file a
disclosure statement and plan;
``(ii) sets a date by which the debtor, or
trustee if one has been appointed, shall
solicit acceptances of a plan;
``(iii) sets the date by which a party in
interest other than a debtor may file a plan;
``(iv) fixes the notice to be provided
regarding the hearing on approval of the
disclosure statement; or
``(v) provides that the hearing on approval
of the disclosure statement may be combined
with the hearing on confirmation of the
plan.''.
(b) Abstention.--Section 1334 of title 28, United States Code, is
amended--
(1) by redesignating subsection (d) as subsection (e), and
(2) in the second sentence of subsection (c)(2)--
(A) by inserting ``(other than a decision not to
abstain in a proceeding described in subsection
(c)(2))'' after ``subsection'', and
(B) by striking ``Any'' and inserting the
following:
``(d) Any''.
(c) Establishment, Operation, and Termination of Bankruptcy
Appellate Panel Service.--Section 158(b) of title 28, United States
Code, is amended--
(1) by striking paragraphs (3) and (4),
(2) by redesignating paragraph (2) as paragraph (4),
(3) by striking paragraph (1) and inserting the following:
``(1) The judicial council of a circuit shall establish a
bankruptcy appellate panel service composed of bankruptcy judges of the
districts in the circuit who are appointed by the judicial council in
accordance with paragraph (3), to hear and determine, with the consent
of all the parties, appeals under subsection (a) unless the judicial
council finds that--
``(A) there are insufficient judicial resources available
in the circuit; or
``(B) establishment of such service would result in undue
delay or increased cost to parties in cases under title 11.
Not later than 90 days after making the finding, the judicial council
shall submit to the Judicial Conference a report containing the factual
basis of such finding.
``(2)(A) A judicial council may reconsider, at any time, the
finding described in paragraph (1).
``(B) On the request of a majority of the district judges in a
circuit for which a bankruptcy appellate panel service is established
under paragraph (1), made after the expiration of the 1-year period
beginning on the date such service is established, the judicial council
of the circuit shall determine whether a circumstance specified in
subparagraph (A) or (B) of such paragraphs exists.
``(C) On its own motion, after the expiration of the 3-year period
beginning on the date an bankruptcy appellate panel service is
established under paragraph (1), the judicial council of the circuit
may determine whether a circumstance specified in subparagraph (A) or
(B) of such paragraphs exists.
``(D) If the judicial council finds that either of such
circumstances exists, the judicial council may provide for the
completion of the appeals then pending before such service and the
orderly termination of such service.
``(3) Bankruptcy judges appointed under paragraph (1) shall be
appointed and may be reappointed under such paragraph.'', and
(4) by inserting after paragraph (4), as so redesignated,
the following:
``(5) An appeal to be heard under this subsection shall be heard by
a panel of 3 members of the bankruptcy appellate panel service, except
that a member of such service may not hear an appeal originating in the
district for which such member is appointed or designated under section
152 of this title.
``(6) Appeals may not be heard under this subsection by a panel of
the bankruptcy appellate panel service unless the district judges for
the district in which the appeals occur, by majority vote, have
authorized such service to hear and determine appeals originating in
such district.''.
(d) Appeals To Be Heard by Bankruptcy Appellate Panel Service.--
Section 158 of title 28, United States Code, is amended--
(1) in subsection (c) by striking ``(c)'' and inserting
``(2)'', and
(2) by inserting after subsection (b) the following:
``(c)(1) Subject to subsection (b), each appeal under subsection
(a) shall be heard by a 3-judge panel of the bankruptcy appellate panel
service established under subsection (b)(1) unless--
``(A) the appellant elects at the time of filing the
appeal; or
``(B) any other party elects, not later than 30 days after
service of notice of the appeal;
to have such appeal heard by the district court.''.
(e) Rules of Procedure and Evidence; Method of Prescribing.--
Section 2073 of title 28, United States Code, is amended--
(1) in subsection (a)(2) by striking ``section 2072'' and
inserting ``sections 2072 and 2075'', and
(2) in subsections (d) and (e) by inserting ``or 2075''
after ``2072'' each place it appears.
(f) Effective Date of Bankruptcy Rules.--Section 2075 of title 28,
United States Code, is amended by striking ``ninety days'' and
inserting ``180 days''.
SEC. 105. PARTICIPATION BY BANKRUPTCY ADMINISTRATOR AT MEETINGS OF
CREDITORS AND EQUITY SECURITY HOLDERS.
(a) Presiding Officer.--A bankruptcy administrator appointed under
section 302(d)(3)(I) of the Bankruptcy Judges, United States Trustees,
and Family Farmer Bankruptcy Act of 1986 (28 U.S.C. 581 note; Public
Law 99-554; 100 Stat. 3123), as amended by section 317(a) of the
Federal Courts Study Committee Implementation Act of 1990 (Public Law
101-650; 104 Stat. 5115), or the bankruptcy administrator's designee
may preside at the meeting of creditors convened under section 341(a)
of title 11, United States Code. The bankruptcy administrator or the
bankruptcy administrator's designee may preside at any meeting of
equity security holders convened under section 341(b) of title 11,
United States Code.
(b) Examination of the Debtor.--The bankruptcy administrator or the
bankruptcy administrator's designee may examine the debtor at the
meeting of creditors and may administer the oath required under section
343 of title 11, United States Code.
SEC. 106. DEFINITION RELATING TO ELIGIBILITY TO SERVE ON CHAPTER 11
COMMITTEES.
Section 101(41) of title 11, United States Code, is amended to read
as follows:
``(41) `person' includes individual, partnership, and
corporation, but does not include governmental unit, except
that a governmental unit that--
``(A) acquires an asset from a person--
``(i) as a result of the operation of a
loan guarantee agreement; or
``(ii) as receiver or liquidating agent of
a person;
``(B) is a guarantor of a pension benefit payable
by or on behalf of the debtor or an affiliate of the
debtor; or
``(C) is the legal or beneficial owner of an asset
of--
``(i) an employee pension benefit plan that
is a governmental plan, as defined in section
414(d) of the Internal Revenue Code of 1986; or
``(ii) an eligible deferred compensation
plan, as defined in section 457(b) of the
Internal Revenue Code of 1986;
shall be considered, for purposes of section 1102 of this
title, to be a person with respect to such asset or such
benefit;''.
SEC. 107. INCREASED INCENTIVE COMPENSATION FOR TRUSTEES.
Section 326(a) of title 11, United States Code, is amended by
striking ``fifteen'' and all that follows through ``$3,000'' the last
place it appears, and inserting the following:
``25 percent on the first $5,000 or less, 10 percent on any amount in
excess of $5,000 but not in excess of $50,000, 5 percent on any amount
in excess of $50,000 but not in excess of $1,000,000, and reasonable
compensation not to exceed 3 percent of such moneys in excess of
$1,000,000''.
SEC. 108. DOLLAR ADJUSTMENTS.
(a) Who May Be a Debtor Under Chapter 13.--Section 109(e) of title
11, United States Code, is amended--
(1) by striking ``$100,000'' each place it appears and
inserting ``$250,000'', and
(2) by striking ``$350,000'' each place it appears and
inserting ``$750,000''.
(b) Involuntary Cases.--Section 303(b) of title 11, United States
Code, is amended--
(1) in paragraph (1) by striking ``$5,000'' and inserting
``$10,000'', and
(2) in paragraph (2) by striking ``$5,000'' and inserting
``$10,000''.
(c) Priorities.--Section 507(a) of title 11, United States Code, is
amended--
(1) in paragraph (3)(B) by striking ``$2,000'' and
inserting ``$4,000'',
(2) in paragraph (4)(B)(i) by striking ``$2,000'' and
inserting ``$4,000'',
(3) in paragraph (5) by striking ``$2,000'' and inserting
``$4,000'', and
(4) in paragraph (6) by striking ``$900'' and inserting
``$1,800''.
(d) Exemptions.--Section 522(d) of title 11, United States Code, is
amended--
(1) in paragraph (1) by striking ``$7,500'' and inserting
``$15,000'',
(2) in paragraph (2) by striking ``$1,200'' and inserting
``$2,400'',
(3) in paragraph (3)--
(A) by striking ``$200'' and inserting ``$400'',
and
(B) by striking ``$4,000'' and inserting
``$8,000'',
(4) in paragraph (4) by striking ``$500'' and inserting
``$1,000'',
(5) in paragraph (5)--
(A) by striking ``$400'' and inserting ``$800'',
and
(B) by striking ``$3,750'' and inserting
``$7,500'',
(6) in paragraph (6) by striking ``$750'' and inserting
``$1,500'',
(7) in paragraph (8) by striking ``$4,000'' and inserting
``$8,000'', and
(8) in paragraph (11)(D) by striking ``$7,500'' and
inserting ``$15,000''.
(e) Future Adjustments.--Section 104 of title 11, United States
Code, is amended--
(1) by inserting ``(a)'' before ``The'', and
(2) by adding at the end the following:
``(h)(1) On April 1, 1998, and at each 3-year interval ending on
April 1 thereafter, each dollar amount in effect under sections 109(e),
303(b), 507(a), 522(d), and 523(a)(2)(C) immediately before such April
1 shall be adjusted--
``(A) to reflect the change in the Consumer Price Index for
All Urban Consumers, published by the Department of Labor, for
the most recent 3-year period ending immediately before January
1 preceding such April 1, and
``(B) to round to the nearest $25 the dollar amount that
represents such change.
``(2) Not later than March 1, 1998, and at each 3-year interval
ending on March 1 thereafter, the Judicial Conference of the United
States shall publish in the Federal Register the dollar amounts that
will become effective on such April 1 under sections 109(e), 303(b),
507(a), and 522(d) of this title.
``(3) Adjustments made in accordance with paragraph (1) shall not
apply with respect to cases commenced before the date of such
adjustments.''.
SEC. 109. PREMERGER NOTIFICATION.
Subparagraphs (A) and (B) of section 363(b) of title 11, United
States Code, are amended to read as follows:
``(A) notwithstanding subsection (a) of such
section, the notification required by such subsection
to be given by the debtor shall be given by the
trustee; and
``(B) notwithstanding subsection (b) of such
section, each waiting period applicable under such
subsection shall end on the 10th day after the date of
the receipt required by subsection (b)(1)(A) of such
section unless such waiting period is extended--
``(i) pursuant to subsection (g)(2) of such
section or, in the case of a tender offer,
pursuant to subsection (e)(2) of such section;
or
``(ii) by the court after notice and a
hearing.''.
SEC. 110. ALLOWANCE OF CREDITOR COMMITTEE EXPENSES.
Section 503(b)(3) of title 11, United States Code, is amended--
(1) in subparagraph (D) by striking ``or'' at the end,
(2) in subparagraph (E) by inserting ``or'' at the end, and
(3) by adding at the end the following:
``(F) a member of a committee appointed under
section 1102 of this title, if such expenses are
incurred in the performance of the duties of such
committee;''.
SEC. 111. SUPPLEMENTAL INJUNCTIONS; SETTLEMENT OF CLAIMS AND DEMANDS
FOR PAYMENT.
(a) Supplemental Injunctions.--Section 524 of title 11, United
States Code, is amended by adding at the end the following:
``(g)(1)(A) After notice and hearing, a court that enters an order
confirming a plan of reorganization under chapter 11 may issue an
injunction to supplement the injunctive effect of a discharge under
this section.
``(B) An injunction may be issued under subparagraph (A) to enjoin
persons and governmental units from taking legal action for the purpose
of directly or indirectly collecting, recovering, or receiving payment
or recovery of, on, or with respect to any claim or demand that, under
a plan of reorganization, is to be paid in whole or in part by a trust
described in paragraph (2)(B)(i), except such legal actions as are
expressly allowed by the injunction, the confirmation order, or the
plan of reorganization.
``(2)(A) If the requirements of subparagraph (B) are met at any
time, then, after entry of an injunction under paragraph (1), any
proceeding that involves the validity, application, construction, or
modification of the injunction or of this subsection with respect to
the injunction may be commenced only in the district court in which the
injunction was entered, and such court shall have exclusive
jurisdiction over any such proceeding without regard to the amount in
controversy.
``(B) The requirements of this subparagraph are that--
``(i) the injunction is to be implemented in connection
with a trust that, pursuant to the plan of reorganization--
``(I) is to assume the liabilities of a debtor
which at the time of entry of the order for relief has
been named as a defendant in personal injury, wrongful
death, or property-damage actions seeking recovery for
damages allegedly caused by the presence of, or
exposure to, asbestos or asbestos-containing products;
``(II) is to be funded in whole or in part by the
securities of 1 or more debtors involved in the plan of
reorganization and by the obligation of such debtor or
debtors to make future payments, including dividends;
``(III) is to own, or by the exercise of rights
granted under the plan could own, a majority of the
voting shares of--
``(aa) each such debtor;
``(bb) the parent corporation of each such
debtor; or
``(cc) a subsidiary of each such debtor
that is also a debtor; and
``(IV) is to use its assets or income to pay claims
and demands; and
``(ii) the court, at any time pursuant to its authority
under the plan, over the trust, or otherwise, determines that--
``(I) the debtor may be subject to substantial
future demands for payment arising out of the same or
similar conduct or events that gave rise to the claims
that are addressed by the injunction;
``(II) the actual amounts, numbers, and timing of
such future demands cannot be determined;
``(III) pursuit of such demands outside the
procedures prescribed by the plan may threaten the
plan's purpose to deal equitably with claims and future
demands;
``(IV) as part of the process of seeking approval
of the plan of reorganization--
``(aa) the terms of the injunction proposed
to be issued under paragraph (1)(A), including
any provisions barring actions against third
parties pursuant to paragraph (4)(A), shall be
set out in the plan of reorganization and in
any disclosure statement supporting the plan;
and
``(bb) a separate class or classes of the
claimants whose claims are to be addressed by a
trust described in clause (i) is established
and votes, by at least 75 percent of those
voting, in favor of the plan; and
``(V) pursuant to court orders or otherwise, the
trust will operate through mechanisms such as
structured, periodic or supplemental payments, pro rata
distributions, matrices, or periodic review of
estimates of the numbers and values of present claims
and future demands or other comparable alternates, that
provide reasonable assurance that the trust will value,
and be in a financial position to pay, present claims
and future demands that involve similar claims in
substantially the same manner, except that with respect
to a trust in existence on the date of the enactment of
the Bankruptcy Amendments of 1994 that is subject to a
court order staying it from settling or paying further
claims--
``(aa) the requirements of this subclause
shall apply as of the date such stay is lifted
or otherwise dissolved; and
``(bb) such a trust that meets the
requirements of the subclause as of the date
such stay is lifted or dissolved, shall be
treated for all legal purposes as being in
compliance with this subsection from the date
of the enactment of such Act.
``(3)(A) If the requirements of paragraph (2)(B) are met and the
order approving the plan of reorganization was issued or affirmed by
the district court that has jurisdiction over the reorganization
proceedings, then after the time for appeal of the order that issues or
affirms the plan of reorganization--
``(i) the injunction shall be valid and enforceable and may
not be revoked or modified by any court except through appeal
in accordance with paragraph (6);
``(ii) no entity that pursuant to the plan of
reorganization or thereafter becomes a direct or indirect
transferee of, or successor to any assets of, a debtor or trust
that is the subject of the injunction shall be liable with
respect to any claim or demand made against it by reason of its
becoming such a transferee or successor; and
``(iii) no entity that pursuant to the plan of
reorganization or thereafter makes a loan to such a debtor or
trust or to such a successor or transferee shall, by reason of
making the loan, be liable with respect to any claim or demand
made against it, nor shall any pledge of assets made in
connection with such a loan be upset or impaired for that
reason;
``(B) Subparagraph (A) shall not be construed to--
``(i) imply that an entity described in subparagraph (A)
(ii) or (iii) would, if this paragraph were not applicable,
have liability by reason of any of the acts described in
subparagraph (A);
``(ii) relieve any such entity of the duty to comply with,
or of liability under, any Federal or State law regarding the
making of a fraudulent conveyance in a transaction described in
subparagraph (A) (ii) or (iii); or
``(iii) relieve a debtor of the debtor's obligation to
comply with the terms of the plan of reorganization or affect
the power of the court to exercise its authority under sections
1141 and 1142 to compel the debtor to do so.
``(4)(A)(i) Subject to subparagraph (B), an injunction under
paragraph (1) shall be valid and enforceable against all persons and
governmental units that it addresses.
``(ii) Notwithstanding the provisions of section 524(e), such an
injunction may bar any action directed against a third party who is
identifiable from the terms of the injunction (by name or as part of an
identifiable group) and is alleged to be directly or indirectly liable
for the conduct of, claims against, or demands on the debtor by reason
of--
``(I) the party's ownership of a financial interest in the
debtor, a past or present affiliate of the debtor, or a
predecessor in interest of the debtor;
``(II) the party's involvement in the management of the
debtor or a predecessor in interest of the debtor, or service
as an officer, director or employee of the debtor or a related
party;
``(III) the party's provision of insurance to the debtor or
a related party; or
``(IV) the party's involvement in a transaction affecting
the corporate structure or financial condition of the debtor or
a related party, including, but not limited to--
``(aa) involvement in providing financing (debt or
equity), or advice to a person or entity involved in
such a transaction; or
``(bb) acquiring or selling a financial interest in
an entity as part of such a transaction.
``(iii) As used in subparagraph (A), the term `related party'
means--
``(I) a past or present affiliate of the debtor;
``(II) a predecessor in interest of the debtor; or
``(III) any person or entity that owned a financial
interest in--
``(aa) the debtor;
``(bb) a past or present affiliate of the debtor;
or
``(cc) a predecessor interest in the debtor.
``(B) With respect to a demand (including a demand directed against
a third party described in subparagraph (a)(ii)) that is made
subsequent to the confirmation of a plan against any person or entity
that is the subject of an injunction issued under paragraph (1), the
injunction shall be valid and enforceable if, as part of the
proceedings leading to its issuance, the court appointed a legal
representative for the purpose of protecting the rights of persons that
might subsequently assert such a demand.
``(5) In this subsection, the term `demand' means a demand for
payment, present or future, that--
``(A) was not a claim during the proceedings leading to the
confirmation of a plan of reorganization;
``(B) arises out of the same or similar conduct or events
that gave rise to the claims addressed by the injunction issued
under paragraph (1); and
``(C) pursuant to the plan, is to be paid by a trust
described in paragraph (2)(B)(i).
``(6) Paragraph (3)(A)(i) does not bar an action taken by or at the
direction of an appellate court on appeal of an injunction issued under
paragraph (1) or of the order of confirmation that relates to the
injunction.
``(7) This subsection applies to any injunction of the nature
described in paragraph (1)(B) in effect, and any trust of the nature
described in paragraph (2)(B) in existence, on or after the date of
enactment of this subsection.
``(8) This subsection does not affect the operation of section 1144
or the power of the district court to refer a proceeding under section
157 of title 28 or any reference of a proceeding made prior to the date
of enactment of this subsection.
``(9) Nothing in subsection (g) shall affect the court's authority
to issue an injunction (including an injunction that requires claims
and demands to be presented for payment solely to a trust or any other
type of court approved settlement vehicle) which is entered pursuant to
an order approving a plan of reorganization.''.
(b) Settlement of Claims and Demands for Payment.--Section 105 of
title 11, United States Code, is amended by adding at the end the
following:
``(d) A court may issue an injunction that requires claims and
demands to be presented for payment solely to a trust or other vehicle
that is established for the purpose of settling such claims and demands
and is approved by the court and entered into pursuant to an order
approving a plan of reorganization.''.
SEC. 112. AUTHORITY OF BANKRUPTCY JUDGES TO CONDUCT JURY TRIALS IN
CIVIL PROCEEDINGS.
Section 157(c) of title 28, United States Code, is amended by
adding at the end the following:
``(3) If the right to a jury trial applies in a proceeding that may
be heard under paragraph (1) or (2) of this subsection by a bankruptcy
judge, the bankruptcy judge may conduct the jury trial, and may if
specially designated to exercise such jurisdiction by the district and
with the consent of all the parties.''.
SEC. 113. SOVEREIGN IMMUNITY.
Section 106 of title 11, United States Code, is amended to read as
follows:
``Sec. 106. Waiver of sovereign immunity
``(a) Notwithstanding an assertion of sovereign immunity, except as
provided in subsection (d)--
``(1) all provisions of this title shall apply to
governmental units;
``(2) the court may hear and determine any issue arising
with respect to the application of such provisions to
governmental units; and
``(3) the court may issue and enforce any order, process,
or judgment against a governmental unit, including an order or
judgment awarding a money recovery, to the same extent as
against any other entity.
``(b) A governmental unit is deemed to have waived sovereign
immunity with respect to a claim against such governmental unit that is
property of the estate and that arose out of the same transaction or
occurrence out of which the claim of such governmental unit arose.
``(c) Notwithstanding any assertion of sovereign immunity by a
governmental unit, there shall be offset against a claim or interest of
a governmental unit any claim against such governmental unit that is
property of the estate.
``(d) Except as provided in subsections (b) and (c), a governmental
unit may assert sovereign immunity with respect to a claim of the
estate against such governmental unit only if such claim--
``(1) is not a tax claim or related to a tax claim subject
to determination under section 505; and
``(2)(A) is a claim of the debtor against such governmental
unit that arose before the commencement of the case and became
property of the estate only under paragraph (1) or (2) of
section 541(a); or
``(B) arises under nonbankruptcy law after the commencement
of the case from the operation of the business of the
debtor.''.
TITLE II--COMMERCIAL BANKRUPTCY ISSUES
SEC. 201. AIRCRAFT EQUIPMENT AND VESSELS; ROLLING STOCK EQUIPMENT.
(a) Amendment of Section 1110.--Section 1110 of title 11, United
States Code, is amended to read as follows:
``Sec. 1110. Aircraft equipment and vessels
``(a)(1) The right of a secured party with a security interest in
equipment described in paragraph (2) or of a lessor or conditional
vendor of such equipment to take possession of such equipment in
compliance with a security agreement, lease, or conditional sale
contract is not affected by section 362 or 363 or by any power of the
court to enjoin the taking of possession unless--
``(A) before the date that is 60 days after the date of the
order for relief under this chapter, the trustee, subject to
the court's approval, agrees to perform all obligations of the
debtor that become due on or after the date of the order under
such security agreement, lease, or conditional sale contract;
and
``(B) any default, other than a default of a kind specified
in section 365(b)(2), under such security agreement, lease, or
conditional sale contract--
``(i) that occurs before the date of the order is
cured before the expiration of such 60-day period; and
``(ii) that occurs after the date of the order is
cured before the later of--
``(I) the date that is 30 days after the
date of the default; or
``(II) the expiration of such 60-day
period.
``(2) Equipment is described in this paragraph if it is--
``(A) an aircraft, aircraft engine, propeller, appliance,
or spare part (as defined in section 40102 of title 49) that is
subject to a security interest granted by, leased to, or
conditionally sold to a debtor that is a citizen of the United
States (as defined in 40102 of title 49) holding an air carrier
operating certificate issued by the Secretary of Transportation
pursuant to chapter 447 of title 49 for aircraft capable of
carrying 10 or more individuals; or
``(B) a documented vessel (as defined in section 30101(1)
of title 46) that is subject to a security interest granted by,
leased to, or conditionally sold to a debtor that is a water
carrier that holds a certificate of public convenience and
necessity or permit issued by the Interstate Commerce
Commission.
``(3) Paragraph (1) applies to a secured party, lessor, or
conditional vendor acting in its own behalf or acting as trustee or
otherwise in behalf of another party.
``(b) The trustee and the secured party, lessor, or conditional
vendor whose right to take possession is protected under subsection (a)
may agree, subject to the court's approval, to extend the 60-day period
specified in subsection (a)(1).
``(c) With respect to equipment first placed in service on or prior
to the date of enactment of this subsection, for purposes of this
section--
``(1) the term `lease' includes any written agreement with
respect to which the lessor and the debtor, as lessee, have
expressed in the agreement or in a substantially
contemporaneous writing that the agreement is to be treated as
a lease for Federal income tax purposes; and
``(2) the term `security interest' means a purchase-money
equipment security interest.''.
(b) Amendment of Section 1168.--Section 1168 of title 11, United
States Code, is amended to read as follows:
``Sec. 1168. Rolling stock equipment
``(a)(1) The right of a secured party with a security interest in
or of a lessor or conditional vendor of equipment described in
paragraph (2) to take possession of such equipment in compliance with
an equipment security agreement, lease, or conditional sale contract is
not affected by section 362 or 363 or by any power of the court to
enjoin the taking of possession, unless--
``(A) before the date that is 60 days after the date of
commencement of a case under this chapter, the trustee, subject
to the court's approval, agrees to perform all obligations of
the debtor that become due on or after the date of commencement
of the case under such security agreement, lease, or
conditional sale contract; and
``(B) any default, other than a default of a kind described
in section 365(b)(2), under such security agreement, lease, or
conditional sale contract--
``(i) that occurs before the date of commencement
of the case and is an event of default therewith is
cured before the expiration of such 60-day period; and
``(ii) that occurs or becomes an event of default
after the date of commencement of the case is cured
before the later of--
``(I) the date that is 30 days after the
date of the default or event of default; or
``(II) the expiration of such 60-day
period.
``(2) Equipment is described in this paragraph if it is rolling
stock equipment or accessories used on such equipment, including
superstructures and racks, that is subject to a security interest
granted by, leased to, or conditionally sold to the debtor.
``(3) Paragraph (1) applies to a secured party, lessor, or
conditional vendor acting in its own behalf or acting as trustee or
otherwise in behalf of another party.
``(b) The trustee and the secured party, lessor, or conditional
vendor whose right to take possession is protected under subsection (a)
may agree, subject to the court's approval, to extend the 60-day period
specified in subsection (a)(1).
``(c) With respect to equipment first placed in service on or prior
to the date of enactment of this subsection, for purposes of this
section--
``(1) the term `lease' includes any written agreement with
respect to which the lessor and the debtor, as lessee, have
expressed in the agreement or in a substantially
contemporaneous writing that the agreement is to be treated as
a lease for Federal income tax purposes; and
``(2) the term `security interest' means a purchase-money
equipment security interest.
``(d) With respect to equipment first placed in service after the
date of enactment of this subsection, for purposes of this section, the
term `rolling stock equipment' includes rolling stock equipment that is
substantially rebuilt and accessories used on such equipment.''.
SEC. 202. LIMITATION ON LIABILITY OF NON-INSIDER TRANSFEREE FOR AVOIDED
TRANSFER.
Section 550 of title 11, United States Code, is amended--
(1) by redesignating subsections (c), (d), and (e) as
subsections (d), (e), and (f), respectively, and
(2) by inserting after subsection (b) the following:
``(c) If a transfer made between ninety days and one year before
the filing of the petition--
``(1) is avoided under section 547(b) of this title; and
``(2) was made for the benefit of a creditor that at the
time of such transfer was an insider;
the trustee may not recover under subsection (a) from a transferee that
is not an insider.''.
SEC. 203. PERFECTION OF PURCHASE-MONEY SECURITY INTEREST.
Section 547(c)(3)(B) of title 11, United States Code, is amended by
striking ``10'' and inserting ``20''.
SEC. 204. CONTINUED PERFECTION.
(a) Automatic Stay.--Section 362(b)(3) of title 11, United States
Code, is amended by inserting ``, or to maintain or continue the
perfection of,'' after ``to perfect''.
(b) Limitations on Avoiding Powers.--Section 546(b) of title 11,
United States Code, is amended to read as follows:
``(b)(1) The rights and powers of a trustee under sections 544,
545, and 549 of this title are subject to any generally applicable law
that--
``(A) permits perfection of an interest in property to be
effective against an entity that acquires rights in such
property before the date of perfection; or
``(B) provides for the maintenance or continuation of
perfection of an interest in property to be effective against
an entity that acquires rights in such property before the date
on which action is taken to effect such maintenance or
continuation.
``(2) If--
``(A) a law described in paragraph (1) requires seizure of
such property or commencement of an action to accomplish such
perfection, or maintenance or continuation of perfection of an
interest in property; and
``(B) such property has not been seized or an action has
not been commenced before the date of the filing of the
petition;
such interest in such property shall be perfected, or perfection of
such interest shall be maintained or continued, by notice within the
time fixed by such law for such seizure or such commencement.''.
SEC. 205. REJECTION OF UNEXPIRED LEASES OF REAL PROPERTY OR TIMESHARE
INTERESTS.
(a) Amendment to Section 365.--Section 365(h) of title 11, United
States Code, is amended to read as follows:
``(h)(1)(A) If the trustee rejects an unexpired lease of real
property under which the debtor is the lessor and--
``(i) if the rejection by the trustee amounts to such a
breach as would entitle the lessee to treat such lease as
terminated by virtue of its terms, applicable nonbankruptcy
law, or any agreement made by the lessee, then the lessee under
such lease may treat such lease as terminated by the rejection;
or
``(ii) if the term of such lease has commenced, the lessee
may retain its rights under such lease (including rights such
as those relating to the amount and timing of payment of rent
and other amounts payable by the lessee and any right of use,
possession, quiet enjoyment, subletting, assignment, or
hypothecation) that are in or appurtenant to the real property
for the balance of the term of such lease and for any renewal
or extension of such rights are enforceable under applicable
nonbankruptcy law.
``(B) If the lessee retains its rights under subparagraph (A)(ii),
the lessee may offset against the rent reserved under such lease for
the balance of the term after the date of the rejection of such lease
and for the term of any renewal or extension of such lease, the value
of any damage caused by the nonperformance after the date of such
rejection, of any obligation of the debtor under such lease, but the
lessee shall not have any other right against the estate or the debtor
on account of any damage occurring after such date caused by such
nonperformance.
``(C) The rejection of a lease of real property in a shopping
center with respect to which the lessee elects to retain its rights
under subparagraph (A)(ii) does not affect the enforceability under
applicable nonbankruptcy law of any provision in the lease pertaining
to radius, location, use, exclusivity, or tenant mix or balance.
``(D) In this paragraph, `lessee' includes any successor, assign,
or mortgagee permitted under the terms of such lease.
``(2)(A) If the trustee rejects a timeshare interest under a
timeshare plan under which the debtor is the timeshare interest seller
and--
``(i) if the rejection amounts to such a breach as would
entitle the timeshare interest purchaser to treat the timeshare
plan as terminated under its terms, applicable nonbankruptcy
law, or any agreement made by timeshare interest purchaser, the
timeshare interest purchaser under the timeshare plan may treat
the timeshare plan as terminated by such rejection; or
``(ii) if the term of such timeshare interest has
commenced, then the timeshare interest purchaser may retain its
rights in such timeshare interest for the balance of such term
and for any term of renewal or extension of such timeshare
interest to the extent that such rights are enforceable under
applicable nonbankruptcy law.
``(B) If the timeshare interest purchaser retains its rights under
subparagraph (A), such timeshare interest purchaser may offset against
the moneys due for such timeshare interest for the balance of the term
after the date of the rejection of such timeshare interest, and the
term of any renewal or extension of such timeshare interest, the value
of any damage caused by the nonperformance after the date of such
rejection, of any obligation of the debtor under such timeshare plan,
but the timeshare interest purchaser shall not have any right against
the estate or the debtor on account of any damage occurring after such
date caused by such nonperformance.''.
(b) Technical Amendment.--Section 553(b)(1) of title 11, United
States Code, is amended by striking ``365(h)(2)'' and inserting
``365(h)''.
SEC. 206. CONTENTS OF PLAN.
Section 1123(b) of title 11, United States Code, is amended--
(1) in paragraph (4) by striking ``and'' at the end,
(2) by redesignating paragraph (5) as paragraph (6), and
(3) by inserting after paragraph (4) the following:
``(5) in a case in which the debtor is a small business,
modify the rights of holders of secured claims, except that--
``(A) the rights of a holder of a claim secured
only by a security interest in real property that is
the debtor's principal residence may not be modified;
and
``(B) notwithstanding section 506(a), the rights of
the holder of the most senior security interest in real
property that is the debtor's principal residence may
not be modified to reduce the secured claim to a value
that is less than the value of the allowed claim;
and''.
SEC. 207. PRIORITY FOR INDEPENDENT SALES REPRESENTATIVES.
Section 507(a)(3) of title 11, United States Code, is amended to
read as follows:
``(3) Third, allowed unsecured claims, but only to the
extent of $2,000 for each individual or corporation, as the
case may be, earned within 90 days before the date of the
filing of the petition or the date of the cessation of the
debtor's business, whichever occurs first, for--
``(A) wages, salaries, or commissions, including
vacation, severance, and sick leave pay earned by an
individual; or
``(B) sales commissions earned by an individual or
by a corporation with only 1 employee, acting as an
independent contractor in the sale of goods or services
for the debtor in the ordinary course of the debtor's
business if, and only if, during the 12 months
preceding that date, at least 75 percent of the amount
that the individual or corporation earned by acting as
an independent contractor in the sale of goods or
services was earned from the debtor;''.
SEC. 208. EXCLUSION FROM THE ESTATE OF INTERESTS IN LIQUID AND GASEOUS
HYDROCARBONS TRANSFERRED BY THE DEBTOR PURSUANT TO
PRODUCTION PAYMENT AGREEMENTS.
(a) Definition.--Section 101 of title 11, United States Code, is
amended--
(1) by inserting after paragraph (42) the following:
``(42A) `production payment' means a payment (in cash or in
kind)--
``(A) contingent on the production of a liquid or
gaseous hydrocarbon from particular real property; and
``(B) attributable to part of a specified volume,
or part of a specified value, of the liquid or gaseous
hydrocarbon produced from such property, and determined
without regard to production costs.''.
(b) Property of the Estate.--Section 541(b)(4) of title 11, United
States Code, is amended--
(1) in subparagraph (A) by striking ``(A)'' and inserting
``(A)(i)'',
(2) in subparagraph (B)--
(A) by striking ``(B)'' and inserting ``(ii),''
(B) by striking ``such interest'' and inserting
``the interest referred to in clause (i)'', and
(C) by striking the period at the end and inserting
``; or'', and
(3) by adding at the end the following:
``(B)(i) the debtor has transferred or has agreed
to transfer such interest pursuant to a written
agreement to make production payments to a person who
does not participate in the production of the liquid or
gaseous hydrocarbon with respect to which such payments
are made; and
``(ii) but for the operation of this paragraph, the
estate could include the interest referred to in clause
(i) only by virtue of section 365 of this title.''.
SEC. 209. SELLER'S RIGHT TO RECLAIM GOODS.
Section 546(c)(1) of title 11, United States Code, is amended by
striking ``ten'' and inserting ``20''.
SEC. 210. INVESTMENT OF MONEY OF THE ESTATE.
Section 345(b) of title 11, United States Code, is amended--
(1) in paragraph (2) by striking the period at the end and
inserting a semicolon, and
(2) by adding ``unless the court for cause orders
otherwise.'' at the end of such subsection.
SEC. 211. ELECTION OF TRUSTEE UNDER CHAPTER 11.
(a) Election Authorized.--Section 1104 of title 11 of the United
States Code is amended--
(1) by redesignating subsections (b) and (c) as subsections
(c) and (d), respectively, and
(2) by inserting after subsection (a) the following:
``(b) Except as provided in section 1163 of this title, on the
request of a party in interest made not later than 30 days after the
court orders the appointment of a trustee under subsection (a), the
United States trustee shall convene a meeting of creditors for the
purpose of electing one disinterested person to serve as trustee in the
case. The election of a trustee shall be conducted in the manner
provided in subsections (a), (b), and (c) of section 702 of this
title.''.
(b) Conforming Amendment.--Section 1106(b) of title 11, United
States Code, is amended by striking ``1104(c)'' and inserting
``1104(d)''.
SEC. 212. RIGHTS OF PARTNERSHIP TRUSTEE AGAINST GENERAL PARTNERS.
Section 723(a) of title 11, United States Code, is amended by
striking ``for the full amount of the deficiency'' and inserting ``to
the extent that under applicable nonbankruptcy law such general partner
is personally liable for the debts of the partnership''.
SEC. 213. EXCLUSION FROM THE ESTATE OF CERTAIN ACCOUNTS AND CHATTEL
PAPER.
Section 541(b) of title 11, United States Code, is amended--
(1) in subsection (b)--
(A) in paragraph (3) by striking ``or'' at the end,
(B) in paragraph (4) by striking the period at the
end and inserting ``; or'', and
(C) by adding at the end the following:
``(5) any interest of the debtor in any account or chattel
paper to the extent that--
``(A) such interest was actually sold under
applicable nonbankruptcy law by the debtor before the
date of commencement of the case, but without taking
into consideration whether the purchaser filed a
financing statement before such date; and
``(B) but for the operation, the estate could
include such interest only by virtue of section 542 of
this title.'', and
(2) by adding at the end the following:
``(e) For purposes of this section--
``(1) `account' means any right to payment for goods sold
or leased or for services rendered that is not evidence by an
instrument or chattel paper, whether or not it has been earned
by performance, and includes all right to payment earned or
unearned under a charter or other contract involving the use or
hire of a vessel and all rights incident to such charter or
such contract; and
``(2) `chattel paper' means--
``(A) a writing or writings that evidence both a
monetary obligation and a security interest in or lease
of specific goods (excluding a charter or other
contract involving the use or hire of a vessel); or
``(B) if a transaction described in subparagraph
(A) is evidenced both by such a security agreement or a
lease and by an instrument or a series of instruments,
the group of these writings taken together.''.
SEC. 214. TIMELY FILING OF CLAIMS, INTERESTS, AND ADMINSTRATIVE EXPENSE
REQUESTS.
(a) Objection to Claims Filed Untimely.--Section 502(b) of title
11, United States Code, is amended--
(1) in paragraph (7) by striking ``or'' at the end,
(2) in paragraph (8) by striking the period at the end and
inserting ``; or'', and
(3) by adding at the end the following:
``(9) such claim is not timely filed, except to the extent
tardily filing permitted under paragraph (2) or (3) of section
726(a).''.
(b) Filing of Request for Administrative Expenses.--Section 503(a)
of title 11, United States Code, is amended--
(1) by inserting ``timely'' after ``may'', and
(2) by inserting ``, or may tardily file such request if
permitted by the court for cause'' before the period at the
end.
SEC. 215. PROTECTION OF SECURITY INTEREST IN POST-PETITION RENTS.
Section 552(b) of title 11, United States Code, is amended--
(1) by inserting ``(1)'' after ``(b)'',
(2) by striking ``rents,'' each place it appears, and
(3) by adding at the end the following:
``(2) Except as provided in sections 363, 506(c), 522, 544, 545,
547, and 548 of this title, if the debtor and an entity entered into a
security agreement before the commencement of the case and if the
security interest created by such security agreement extends to
property of the debtor acquired before the commencement of the case and
to rents of such property, then such security interest extends to such
rents acquired by the estate after the commencement of the case to the
extent provided in such security agreement, except to any extent that
the court, after notice and a hearing and based on the equities of the
case, orders otherwise.''.
SEC. 216. AMENDMENT TO DEFINITION OF SWAP AGREEMENT.
Section 101(55)(A) of title 11, United States Code, is amended by
inserting ``spot foreign exchange agreement,'' after ``forward foreign
exchange agreement''.
TITLE III--CONSUMER BANKRUPTCY ISSUES
SEC. 301. PERIOD FOR CURING DEFAULT RELATING TO PRINCIPAL RESIDENCE.
Section 1322 of title 11, United States Code, is amended--
(1) by redesignating subsection (c) as subsection (d), and
(2) by inserting after subsection (b) the following:
``(c) Notwithstanding subsection (b)(2) and applicable
nonbankruptcy law--
``(1) a default with respect to, or that gave rise to, a
lien on the debtor's principal residence may be cured under
paragraph (3) or (5) of subsection (b) until such residence is
sold under such lien and in accordance with applicable
nonbankruptcy law; and
``(2) in a case in which the last payment on the original
payment schedule for a claim secured only by a security
interest in real property that is the debtor's principal
residence is due before the date on which the final payment
under the plan is due, the plan may provide for the payment of
the claim as modified pursuant to 1325(a)(5).''.
SEC. 302. NONDISCHARGEABILITY OF FINE UNDER CHAPTER 13.
Section 1328(a)(3) of title 11, United States Code, is amended by
inserting ``, or a fine (other than a fine imposed under subchapter C
of chapter 227 of title 18 of the United States Code) to the extent
such fine exceeds $500, '' after ``restitution''.
SEC. 303. IMPAIRMENT OF EXEMPTIONS.
Section 522(f) of title 11, United States Code, is amended--
(1) by inserting ``(1)'' before ``Notwithstanding'',
(2) by redesignating paragraph (1) as subparagraph (A),
(3) by redesignating paragraph (2) as subparagraph (B) and
subparagraphs (A), (B), and (C) of that paragraph as clauses
(i), (ii), and (iii), and
(4) by adding at the end the following:
``(2)(A) For the purposes of this subsection, a lien shall
be considered to impair an exemption to the extent that the sum
of--
``(i) the lien,
``(ii) all other liens on the property that are
equal or greater in seniority to the lien; and
``(iii) the amount of the exemption that the debtor
could claim if there were no liens on the property,
exceeds the value that the debtor's interest in the property
would have in the absence of any liens.
``(B) In the case of a property subject to more than 1
lien, a lien that has been avoided shall not be considered in
making the calculation under subparagraph (A) with respect to
other liens.''.
SEC. 304. PROTECTION OF CHILD SUPPORT AND ALIMONY.
(a) Relief From Automatic Stay.--Section 362(b)(2) of title 11,
United States Code, is amended to read as follows:
``(2) under subsection (a) of this section--
``(A) of the commencement or continuation of an
action or proceeding for--
``(i) the establishment of paternity; or
``(ii) the establishment or modification of
an order for alimony, maintenance, or support;
or
``(B) of the collection of alimony, maintenance, or
support from property that is not property of the
estate;''.
(b) Priority of Claims.--Section 507(a) of title 11, United States
Code, is amended--
(1) in paragraph (8) by striking ``(8) Eighth'' and
inserting ``(9) Ninth'',
(2) in paragraph (7) by striking ``(7) Seventh'' and
inserting ``(8) Eighth'', and
(3) by inserting after paragraph (6) the following:
``(7) Seventh, allowed claims for debts to a spouse, former
spouse, or child of the debtor, for alimony to, maintenance
for, or support of such spouse or child, in connection with a
separation agreement, divorce decree or other order of a court
of record, determination made in accordance with State or
territorial law by a governmental unit, or property settlement
agreement, but not to the extent that such debt--
``(A) is assigned to another entity, voluntarily,
by operation of law, or otherwise; or
``(B) includes a liability designated as alimony,
maintenance, or support, unless such liability is
actually in the nature of alimony, maintenance or
support.''.
(c) Protection of Liens.--Section 522(f)(1) of title 11, United
States Code, is amended by inserting after ``lien'' the following:
``, other than a judicial lien that secures a debt--
``(A) to a spouse, former spouse, or child of the
debtor, for alimony to, maintenance for, or support of
such spouse or child, in connection with a separation
agreement, divorce decree or other order of a court of
record, determination made in accordance with State or
territorial law by a governmental unit, or property
settlement agreement; and
``(B) to the extent that such debt--
``(i) is not assigned to another entity,
voluntarily, by operation of law, or otherwise;
and
``(ii) includes a liability designated as
alimony, maintenance, or support, unless such
liability is actually in the nature of alimony,
maintenance or support.''.
(d) Exception to Discharge.--Section 523 of Title 11, United States
Code, is amended--
(1) in subsection (a)--
(A) in paragraph (11) by striking ``or'' at the
end,
(B) in paragraph (12) by inserting ``or'' after the
semicolon at the end, and
(C) by adding at the end the following:
``(13) assumed or incurred by the debtor in the course of a
divorce or separation or in connection with a separation
agreement, divorce decree or other order of a court of record,
a determination made in accordance with State or territorial
law by a governmental unit, or property settlement agreement,
unless--
``(A) the debtor does not have the ability to pay
such debt from income or property of the debtor not
reasonably necessary to be expended for the maintenance
or support of the debtor or a dependent of the debtor
and, if the debtor is engaged in a business, for the
payment of expenditures necessary for the continuation,
preservation, and operation of such business; or
``(B) discharging such debt would result in a
benefit to the debtor that outweighs the detrimental
consequences to a spouse, former spouse, or child of
the debtor.'', and
(2) in subsection (c)(1) by striking ``or (6)'' each place
it appears and inserting ``(6), or (13)''.
(e) Protection Against Trustee Avoidance.--Section 547(c) of title
11, United States Code, is amended--
(1) in paragraph (6) by striking ``or'' at the end,
(2) by redesignating paragraph (7) as paragraph (8), and
(3) by inserting after paragraph (6) the following:
``(7) to the extent such transfer was a bona fide payment
of a debt to a spouse, former spouse, or child of the debtor,
for alimony to, maintenance for, or support of such spouse or
child, in connection with a separation agreement, divorce
decree or other order of a court of record, determination made
in accordance with State or territorial law by a governmental
unit, or property settlement agreement, but not to the extent
that such debt--
``(A) is assigned to another entity, voluntarily,
by operation of law, or otherwise; or
``(B) includes a liability designated as alimony,
maintenance, or support, unless such liability is
actually in the nature of alimony, maintenance or
support.''.
(f) Appearance Before Court.--Child support creditors or their
representatives shall be permitted to appear and intervene without
charge, and without meeting any special local court rule requirement
for attorney appearances, in any bankruptcy proceeding in any
bankruptcy court or district court of the United States if such
representatives file a form in such court that contains information
detailing the child support debt, its status, and other
characteristics.
(g) Conforming Amendments--Title 11 of the United States Code is
amended--
(1) in section 502(i) by striking ``507(a)(7)'' and
inserting ``507(a)(8)'',
(2) in section 503(b)(1)(B)(i) by striking ``507(a)(7)''
and inserting ``507(a)(8)'',
(3) in section 523(a)(1)(A) by striking ``507(a)(7)'' and
inserting ``507(a)(8)'',
(4) in section 724(b)(2) by striking ``or 507(a)(6)'' and
inserting ``507(a)(6), or 507(a)(7)'',
(5) in section 726(b) by striking ``or (7)'' and inserting
``, (7), or (8)'',
(6) in section 1123(a)(1) by striking ``507(a)(7)'' and
inserting ``507(a)(8)'',
(7) in section 1129(a)(9)--
(i) in subparagraph (B) by striking ``or
507(a)(6)'' and inserting ``, 507(a)(6), or
507(a)(7)'', and
(ii) in subparagraph (C) by striking ``507(a)(7)''
and inserting ``507(a)(8)''.
SEC. 305. PRESERVATION OF HOME MORTGAGE LIENS.
Section 1322(b)(2) of title 11, United States Code, is amended--
(1) by striking ``, other than a claim secured only by a
security interest in real property that is the debtor's
principal residence,'', and
(2) by striking the semicolon at the end and inserting the
following:
``, except that--
``(A) the rights of a holder of a claim secured
only by a security interest in real property that is
the debtor's principal residence may not be modified;
and
``(B) notwithstanding section 506(a), the rights of
the holder of the most senior security interest in real
property that is the debtor's principal residence may
not be modified to reduce the secured claim to a value
that is less than the value of the allowed claim;''.
SEC. 306. INTEREST ON INTEREST.
(a) Chapter 11.--Section 1123 of title 11, United States Code, is
amended by adding at the end the following:
``(d) Notwithstanding subsection (a) of this section and sections
506(b), 1129(a)(7), and 1129(b) of this title, if it is proposed in a
plan to cure a default, the amount necessary to cure the default, shall
be determined in accordance with the underlying agreement and
applicable nonbankruptcy law.''.
(b) Chapter 12.--Section 1222 of title 11, United States Code, is
amended by adding at the end the following:
``(d) Notwithstanding subsection (b)(2) of this section and
sections 506(b) and 1225(a)(5) of this title, if it is proposed in a
plan to cure a default, the amount necessary to cure the default, shall
be determined in accordance with the underlying agreement and
applicable nonbankruptcy law.''.
(c) Chapter 13.--Section 1322 of title 11, United States Code, is
amended by adding at the end the following:
``(f) Notwithstanding subsection (b)(2) of this section and
sections 506(b) and 1325(a)(5) of this title, if it is proposed in a
plan to cure a default, the amount necessary to cure the default, shall
be determined in accordance with the underlying agreement and
applicable nonbankruptcy law.''.
SEC. 307. EXCEPTION TO DISCHARGE.
Section 523(a)(2) of title 11, United States Code, is amended--
(1) by striking ``$500'' and inserting ``$1,000'',
(2) by striking ``forty'' and inserting ``60'', and
(3) by striking ``twenty'' and inserting ``60''.
SEC. 308. PAYMENTS.
Section 1326(a)(2) of title 11, United States Code, is amended in
the second sentence by striking the period and inserting ``as soon as
practicable.''.
TITLE IV--GOVERNMENTAL BANKRUPTCY ISSUES
SEC. 401. EXCEPTION FROM AUTOMATIC STAY FOR POST-PETITION PROPERTY
TAXES.
Section 362(b) of title 11, United States Code, is amended by
inserting after paragraph (16) the following:
``(18) under subsection (a) of this section, of the
creation or perfection of a statutory lien for an ad valorem
property tax imposed by the District of Columbia, or a
political subdivision of a State, if such tax comes due after
the filing of the petition.''.
SEC. 402. MUNICIPAL BANKRUPTCY.
Section 109(c)(2) of title 11, United States Code, is amended by
striking ``generally authorized'' and inserting ``specifically
authorized, in its capacity as a municipality or by name,''.
TITLE V--TECHNICAL CORRECTIONS
SEC. 501. AMENDMENTS TO BANKRUPTCY DEFINITIONS, NECESSITATED BY
ENACTMENT OF PUBLIC LAW 101-647.
(a) Alphabetizing and Redesignating Definitions.--Section 101 of
title 11 of the United States Code, as amended by section 208, is
amended--
(1) by redesignating paragraph (3) as paragraph (21),
(2) by redesignating paragraph (4) and subsequent
paragraphs through paragraph (21) as paragraphs (3) through
(20), respectively,
(3) by transferring paragraph (21), as so redesignated by
paragraph (1), so as to insert such paragraph after paragraph
(20),
(4) by redesignating paragraphs (54) through (57), as in
effect immediately before the enactment of Public Law 101-647,
as paragraphs (61), (62), (36), and (40), respectively,
(5) in paragraph (61), as so redesignated by paragraph (4),
by inserting ``and'' after the semicolon at the end,
(6) in paragraph (62), as so redesignated by paragraph (4),
by striking the semicolon at the end and inserting a period,
(7) in paragraph (36), as so redesignated by paragraph (4),
by striking ``and'' at the end,
(8) in paragraph (40), as so redesignated by paragraph (4),
by striking the period at the end and inserting a semicolon,
(9) by redesignating paragraphs (52) through (57), as so
redesignated by section 2522(e) of Public Law 101-647, as
paragraphs (55) through (60), respectively,
(10) by transferring paragraph (39) so as to insert such
paragraph before paragraph (55), as so redesignated by
paragraph (9) of this subsection,
(11) by redesignating paragraph (39) as paragraph (54),
(12) by redesignating successively numbered paragraphs (40)
through (51) as paragraphs (41) through (53), respectively,
(13) by transferring paragraph (40), as so redesignated by
paragraph (4) of this subsection, so as to insert such
paragraph before paragraph (41), as so redesignated by
paragraph (12) this subsection,
(14) by redesignating paragraph (36) and subsequent
paragraphs through paragraph (38) as paragraphs (37) through
(39), respectively, and
(15) by transferring paragraph (36), as so redesignated by
paragraph (4) of this subsection, so as to insert such
paragraph after paragraph (35).
(b) Conforming and Related Amendments to Title 11 of the United
States Code, Based on Redesignated Definitions.--(1) Section 101 of
title 11 of the United States Code is amended--
(A) in paragraph (5), as so redesignated by subsection (a),
by striking ``section 761(9)'' and inserting ``section 761'',
(B) in paragraph (22) by striking ``section 741(7)'' and
inserting ``section 741'',
(C) in paragraph (35)(B) by striking ``paragraphs (3)'' and
inserting ``paragraphs (21)'',
(D) in paragraph (50)(B)(ii), as so redesignated by
subsection (a), by striking ``section 761(13)'' and inserting
``section 761'', and
(E) in paragraph (56)(A), as so redesignated by subsection
(a), by striking ``section 741(2)'' and inserting ``section
741''.
(2) Section 362(b) of title 11, United States Code, is amended--
(A) in paragraph (6)--
(i) by striking ``section 761(4)'' and inserting
``section 761'',
(ii) by striking ``section 741(7)'' and inserting
``section 741'',
(iii) by striking ``section 101(34), 741(5), or
761(15)'' and inserting ``section 101, 741, or 761'',
and
(iv) by striking ``section 101(35) or 741(8)'' and
inserting ``section 101 or 741'', and
(B) in paragraph (7)--
(i) by striking ``section 741(5) or 761(15)'' and
inserting ``section 741 or 761'', and
(ii) by striking ``section 741(8)'' and inserting
``section 741''.
(3) Section 507(a)(5) of title 11, United States Code, is amended--
(A) by striking ``section 557(b)(1)'' and inserting
``section 557(b)'', and
(B) by striking ``section 557(b)(2)'' and inserting
``section 557(b)''.
(4) Section 546 of title 11, United States Code, is amended--
(A) in subsection (e)--
(i) by striking ``section 101(34), 741(5), or
761(15)'' and inserting ``section 101, 741, or 761'',
and
(ii) by striking ``section 101(35) or 741(8)'' and
inserting ``section 101 or 741'', and
(B) in subsection (f)--
(i) by striking ``section 741(5) or 761(15)'' and
inserting ``section 741 or 761'', and
(ii) by striking ``section 741(8)'' and inserting
``section 741''.
(5) Section 548(d)(2) of title 11, United States Code, is amended--
(A) in subparagraph (B)--
(i) by striking ``section 101(34), 741(5) or
761(15)'' and inserting ``section 101, 741, or 761'',
and
(ii) by striking ``section 101(35) or 741(8)'' and
inserting ``section 101 or 741'', and
(B) in subparagraph (C)--
(i) by striking ``section 741(5) or 761(15)'' and
inserting ``section 741 or 761'', and
(ii) by striking ``section 741(8)'' and inserting
``section 741''.
(6) Section 555 of title 11, United States Code, is amended by
striking ``section 741(7)'' and inserting ``section 741 of this
title''.
(7) Section 556 of title 11, United States Code, is amended by
striking ``section 761(4)'' and inserting ``section 761 of this
title''.
(c) Conforming Amendments to Other Laws Based on Redesignated
Definitions.--(1) Section 207(c)(8)(D) of the Federal Credit Union Act
(12 U.S.C. 1787(c)(8)(D)) is amended--
(A) in clause (ii)(I) by striking ``section 741(7)'' and
inserting ``section 741'',
(B) in clause (iii) by striking ``section 101(24)'' and
inserting ``section 101'',
(C) in clause (iv)(I) by striking ``section 101(41)'' and
inserting ``section 101'', and
(D) in clause (v) by striking ``section 101(50)'' and
inserting ``section 101''.
(2) Section 11(e)(8)(D) of the Federal Deposit Insurance Act (12
U.S.C. 1821(e)(8)(D)) is amended--
(A) in clause (ii)(I) by striking ``section 741(7)'' and
inserting ``section 741'',
(B) in clause (iii) by striking ``section 761(4)'' and
inserting ``section 761'',
(C) in clause (iv) by striking ``section 101(24)'' and
inserting ``section 101'',
(D) in clause (v)(I) by striking ``section 101(41)'' and
inserting ``section 101'', and
(E) in clause (viii) by striking ``section 101(50)'' and
inserting ``section 101''.
(d) Other Technical Amendments.--Title 11 of the United States Code
is amended--
(1) in section 101--
(A) in paragraph (33)--
(i) in subparagraph (A) by striking ``(12
U.S.C. 1813(u))'', and
(ii) in subparagraph (B) by striking ``(12
U.S.C. 1786(r))'',
(B) in paragraph (34) by striking ``(12 U.S.C.
1752(7))'',
(C) in paragraph (35)(A) by striking ``(12 U.S.C.
1813(c)(2))'',
(D) in paragraph (50), as so redesignated by
subsection (a)--
(i) by striking ``(15 U.S.C. 78q-1)'', and
(ii) by striking ``(15 U.S.C. 78c(12))'',
(E) in paragraph (51), as so redesignated by
subsection (a)--
(i) in subparagraph (A)(xii)--
(I) by striking ``(15 U.S.C. 77a et
seq.)'', and
(II) by striking ``(15 U.S.C.
77c(b))'', and
(ii) in subparagraph (B)(vi) by striking
``(15 U.S.C. 77c(b))'', and
(F) in paragraph (59), as so redesignated by
subsection (a), by striking the period at the end and
inserting a semicolon,
(2) in section 109(b)(2) by striking ``(12 U.S.C.
1813(h))'',
(3) in section 322(a) by striking ``1302, or 1202'' and
inserting ``1202, or 1302'',
(4) in section 346--
(A) in subsection (a) by striking ``Internal
Revenue Code of 1954 (26 U.S.C. 1 et seq.)'' and
inserting ``Internal Revenue Code of 1986'', and
(B) in subsection (g)(1)(C) by striking ``Internal
Revenue Code of 1954 (26 U.S.C. 371)'' and inserting
``Internal Revenue Code of 1986'',
(5) in section 348--
(A) in subsection (b) by striking ``1301(a),
1305(a), 1201(a), 1221, and 1228(a)'' and inserting
``1201(a), 1221, 1228(a), 1301(a), and 1305(a)'', and
(B) in subsections (b), (c), (d), and (e) by
striking ``1307, or 1208'' each place it appears and
inserting ``1208, or 1307'',
(6) in section 349(a) by striking ``109(f)'' and inserting
``109(g)'',
(7) in section 362--
(A) in subsection (a) by striking ``(15 U.S.C.
78eee(a)(3))'', and
(B) in subsection (b)--
(i) by striking ``(15 U.S.C.
78eee(a)(3))'',
(ii) in paragraph (10) by striking ``or''
at the end,
(iii) in paragraph (12)--
(I) by striking ``the Ship Mortgage
Act, 1920 (46 App. U.S.C. 911 et
seq.)'' and inserting ``section 31325
of title 46'',
(II) by striking ``(46 App. U.S.C.
911 et seq.)'', and
(III) by striking ``(46 App. U.S.C.
1117 and 1271 et seq., respectively)'',
(iv) in paragraph (13)--
(I) by striking ``the Ship Mortgage
Act, 1920 (46 App. U.S.C. 911 et
seq.)'' each place it appears and
inserting ``section 31325 of title
46'',
(II) by striking ``(46 App. U.S.C.
1117 and 1271 et seq., respectively)'',
and
(III) by striking ``or'' at the
end,
(v) in paragraph (15), as added by Public
Law 101-508, by striking ``or'' at the end,
(vi) in paragraph (16), as added by Public
Law 101-508--
(I) by striking ``(20 U.S.C. 1001
et seq.)'', and
(II) by striking the period at the
end and inserting a semicolon, and
(vii) in paragraph (14), as added by Public
Law 101-311--
(I) by striking the period at the
end and inserting ``; or'',
(II) by redesignating such
paragraph as paragraph (17), and
(III) by transferring such
paragraph so as to insert such
paragraph after paragraph (16),
(8) in section 363--
(A) in subsection (b)(2) by striking ``(15 U.S.C.
18a)'', and
(B) in subsection (c)(1) by striking ``1304, 1203,
or 1204'' and inserting ``1203, 1204, or 1304'',
(9) in section 364--
(A) in subsection (a) by striking ``1304, 1203, or
1204'' and inserting ``1203, 1204, or 1304'', and
(B) in subsection (f)--
(i) by striking ``(15 U.S.C. 77e)'', and
(ii) by striking ``(15 U.S.C. 77aaa et
seq.)'',
(10) in section 365--
(A) in subsection (d)(6)(C) by striking ``the
Federal Aviation Act of 1958 (49 U.S.C. 1301)'' and
inserting ``section 40102 of title 49'',
(B) in subparagraphs (A) and (B) of subsection
(g)(2) by striking ``1307, or 1208'' each place it
appears and inserting ``1208, or 1307'',
(C) in subsection (n)(1)(B) by striking ``to to''
and inserting ``to'',
(D) in subsection (o) by striking ``the Federal''
the first place it appears and all that follows through
``successors,'', and inserting ``a Federal depository
institutions regulatory agency (or predecessor to such
agency)'', and
(E) by striking subsection (p),
(11) in section 507--
(A) in subsection (a)(8) by striking ``the
Federal'' the first place it appears and all that
follows through ``successors,'', and inserting ``a
Federal depository institutions regulatory agency (or
predecessor to such agency)'', and
(B) in subsection (d) by striking ``or (a)(6)'' and
inserting ``(a)(6), (a)(7), (a)(8), or (a)(9)'',
(12) in section 522(d)(10)(E)(iii)--
(A) by striking ``408, or 409'' the first place it
appears and inserting ``or 408'', and
(B) by striking ``Internal Revenue Code of 1954 (26
U.S.C. 401(a), 403(a), 403(b), 408, or 409)'' and
inserting ``Internal Revenue Code of 1986'',
(13) in section 523--
(A) in subsection (a)--
(i) by striking ``1141,,'' and inserting
``1141,'',
(ii) in paragraph (2)(C) by striking ``(15
U.S.C. 1601 et seq.)'', and
(iii) in paragraph (12) by striking the
semicolon at the end and inserting a period,
(B) in subsection (b)--
(i) by striking ``(20 U.S.C. 1087-3)'', and
(ii) by striking ``(42 U.S.C. 294f)'', and
(C) in subsection (e) by striking ``depository
institution or insured credit union'' and inserting
``insured depository institution'',
(14) in section 524--
(A) in subsection (a)(3) by striking ``or
1328(c)(1)'' and inserting ``, 1228(a)(1), or
1328(a)(1)'',
(B) in subsection (c)(4) by striking ``recission''
and inserting ``rescission'', and
(C) in subsection (d)(1)(B)(ii) by adding ``and''
at the end,
(15) in section 525(a)--
(A) by striking ``(7 U.S.C. 499a-499s)'',
(B) by striking ``(7 U.S.C. 181-229)'', and
(C) by striking ``(57 Stat. 422; 7 U.S.C. 204)'',
(16) in section 542(e) by striking ``to to'' and inserting
``to'',
(17) in section 543(d)(1) by striking ``section,'' and
inserting ``section'',
(18) in section 546(a)(1) by striking ``1302, or 1202'' and
inserting ``1202, or 1302'',
(19) in section 549(b) inserting ``the trustee may not
avoid under subsection (a) of this section'' after
``involuntary case,'',
(20) in section 553--
(A) in subsection (a)(1) by striking ``other than
under section 502(b)(3) of this title'', and
(B) in subsection (b)(1) by striking
``362(b)(14),,'' and inserting ``362(b)(14),'',
(21) in section 555 by striking ``(15 U.S.C. 78aaa et
seq.)'',
(22) in section 559 by striking ``(15 U.S.C. 78aaa et
seq.)'',
(23) in section 706(a) by striking ``1307, or 1208'' and
inserting ``1208, or 1307'',
(24) in section 724(d) by striking ``Internal Revenue Code
of 1954 (26 U.S.C. 6323)'' and inserting ``Internal Revenue
Code of 1986'',
(25) in section 726(b)--
(A) inserting a comma after ``section 1112'', and
(B) by inserting ``1009,'' after ``chapter under
section'',
(26) in section 741(4)(A)(iii) by striking ``(15 U.S.C. 78a
et seq.)'',
(27) in section 742 by striking ``(15 U.S.C. 78aaa et
seq.)'',
(28) in section 743 by striking ``342(a)'' and inserting
``342'',
(29) in section 745(c) by striking ``Internal Revenue Code
of 1954 (26 U.S.C. 1 et seq.)'' and inserting ``Internal
Revenue Code of 1986'',
(30) in section 761--
(A) in paragraph (1) by striking ``(7 U.S.C. 1 et
seq.)'',
(B) in paragraph (5) by striking ``(7 U.S.C.
6c(b))'', and
(C) in paragraph (13) by striking ``(7 U.S.C.
23)'',
(31) in section 1104(c) inserting a comma after
``interest'',
(32) in section 1123(a)(1) inserting a comma after
``title'' the last place it appears,
(33) in section 1129--
(A) in subsection (a)--
(i) in paragraph (4) by striking the
semicolon at the end and inserting a period,
and
(ii) in paragraph (12) inserting ``of title
28'' after ``section 1930'', and
(B) in subsection (d) by striking ``(15 U.S.C.
77e)'',
(34) in section 1145--
(A) in subsection (a)--
(i) by striking ``does'' and inserting
``do'',
(ii) by striking ``(15 U.S.C. 77e)'', and
(iii) in paragraph (3)(B)(i) by striking
``(15 U.S.C. 78m or 78o(d))'',
(B) in subsection (b)(1) by striking ``(15 U.S.C.
77b(11))'', and
(C) in subsection (d) by striking ``(15 U.S.C.
77aaa et seq.)'',
(35) in section 1166(2) by striking ``(45 U.S.C. 791(b))'',
(36) in section 1167--
(A) by striking ``(45 U.S.C. 151 et seq.)'', and
(B) by striking ``(45 U.S.C. 156)'',
(37) in section 1226(b)(2)--
(A) by striking ``1202(d)'' and inserting
``1202(c)'', and
(B) by striking ``1202(e)'' and inserting
``1202(d)'',
(38) in section 1302(b)(3) by striking ``and'' at the end,
and
(39) in section 1328(a)--
(A) in paragraph (2) by striking ``(5) or (8)'' and
inserting ``(5), (8), or (9)'', and
(B) by striking the last paragraph (3), and
(40) in the table of chapters by striking the item relating
to chapter 15.
SEC. 502. TITLE 28 OF THE UNITED STATES CODE.
Section 586(a)(3) of title 28, United States Code, is amended in
the matter preceding subparagraph (A) by inserting ``12,'' after
``11,''.
TITLE VI--SEVERABILITY; EFFECTIVE DATE; APPLICATION OF AMENDMENTS.
SEC. 601. SEVERABILITY.
If any provision of this Act or amendment made by this Act or the
application of such provision or amendment to any person or
circumstance is held to be unconstitutional, the remaining provisions
of and amendments made by this Act and the application of such other
provisions and amendments to any person or circumstance shall not be
affected thereby.
SEC. 602. EFFECTIVE DATE; APPLICATION OF AMENDMENTS.
(a) Effective Date.--Except as provided in subsection (b), this Act
shall take effect on the date of the enactment of this Act.
(b) Application of Amendments.--(1) Except as provided in paragraph
(2), the amendments made by this Act shall not apply with respect to
cases commenced under title 11 of the United States Code before the
date of the enactment of this Act.
(2)(A) Paragraph (1) shall not apply with respect to the amendment
made by section 111(a) .
(B) The amendment made by section 113 shall apply with respect to
cases commenced under title 11 of the United States Code before, on,
and after the date of the enactment of this Act.
(C) Section 1110 of title 11, United States Code, as amended by
section 201 of this Act, shall apply with respect to any lease, as
defined in such section 1110(c) as so amended, entered into in
connection with a settlement of any proceeding in any case pending
under title 11 of the United States Code on the date of the enactment
of this Act.
(D) The amendments made by section 306 shall apply only to
agreements entered into after the date of enactment of this Act.
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