Web posted and Copyright © 1/12/98, American
The following abstract summarizes the text of submissions made to the
National Bankruptcy Review Commission. The abstract is organized by NBRC
working group and topic.
The Final Report of the
NBRC can be viewed on-line. To obtain a copy of any document shown
below, contact the Center for Legislative Archives, Room 205, National
Archives Building, Washington, D.C. 20408. The telephone number is
202/501-5350. Mr. R. Michael McReynolds, Deputy Director, will be able
to assist with specific inquiries. (The NBRC documents will be
housed at this location until June, 1999. Thereafter, the records will
be transferred to the Center's archives in College Park,
Chapter 11: Personal Property Leases
||Paul Mignini, Jr., Mary E. Wysocki and Charles M.
||President-National Association of Credit Management
("NACM"), Chair-NACM Government Affairs Committee, and NACM Legislative
and Bankruptcy Counsel, respectively
||Personal Property Leases
|NACM sought the input of all NACM members with
respect to proposed changes to the bankruptcy laws. The NACM Government
Affairs Committee, without discussing the rationales for their
suggestions, prepared the proposals below.
||NACM's Government Affairs Committee concludes that
§ 365 should be amended to provide that: if a trustee assumes a
lease for real or personal property in which the debtor is the lessee,
at the time of assumption all post-petition lease payments must be paid.
The curing of pre-petition defaults will not be required, and any such
claims shall be treated as allowable unsecured claims without