Amends the Bankruptcy Reform Act of 1978 to require the bankruptcy court, in the case of a bankruptcy petition filed by, or with respect to, a person engaged in the business of operating a farm produce storage facility (other than a retail grocery business operation), within specified time and monetary limits, to: (1) identify those farm producers who have produce in storage, and those parties which have secured interests in farm produce, within such facility; (2) audit the assets of the farm produce storage facility for the purpose of determining the extent of farm produce available for distribution to such producers and secured creditors; and (3) direct the abandonment of such farm produce according to procedures set forth by this Act.
Declares that such procedures shall be applied by the court solely for the purpose of effectuating abandonment of farm produce which is not property of the estate, or is of inconsequential value to the estate, and shall not be construed to limit the right of any party to seek abandonment of any other property.
Prohibits distribution of farm produce ordered abandoned by the court from being delayed due to the pendency of any appeal from the orders of abandonment, except that a stay of orders may be entered under specified conditions. Makes any such stay of orders appealable as of right by any aggrieved party.
Grants to any farmer who, having delivered agricultural products to a licensed warehouseman upon a contract for sale and who has not received the agreed upon payment, a lien against products or like products in the licensed facility in excess of that required to satisfy receipted or other storage obligations, title to which may be then vested in such warehouseman, to the extent of the payment agreed upon for the purchase of the product sold. Attaches such lien at the time of the formation of the contract for sale and continues it until the obligations of the warehouseman to the seller of the products are satisfied, but not for more than 60 days.
Limits to $2,000 and 180 days a farm producer's priority as a general unsecured creditor in such a bankruptcy proceeding.
Committee on Judiciary. Provisions of measure incorporated into measure S. 1365 ordered to be reported.
Subcommittee Hearings Held.
Subcommittee Hearings Held.
Referred to Subcommittee on Monopolies and Commercial Law.
Introduced in Senate
Read second time and referred to Senate Committee on Judiciary.
Referred to Subcommittee on Courts.
Committee on Judiciary requested executive comment from Agriculture Department.
Subcommittee on Courts. Measure without amendments to full committee.
Committee on Judiciary. Ordered to be reported without amendment favorably.
Committee on Judiciary incorporated provisions of related measures S. 839 in reported measure.
Committee on Judiciary received executive comment from Agriculture Department.
Committee on Judiciary. Reported to Senate by Senator Dole favorably without amendment. With written report No. 97-168.
Committee on Judiciary. Reported to Senate by Senator Dole favorably without amendment. With written report No. 97-168.
Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 233.
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Considered by Senate.
Passed/agreed to in Senate: Passed Senate with an amendment by Voice Vote.
Passed Senate with an amendment by Voice Vote.
Referred to House Committee on The Judiciary.
Referred to Subcommittee on Monopolies and Commercial Law.
Subcommittee Hearings Held.
Subcommittee Hearings Held.