A bill to amend title II, United States Code, to improve the protection for shopping centers and their tenants under the Bankruptcy Code.
Shopping Center Protections Improvements Act of 1982 - Amends the Bankruptcy Code to require a trustee in bankruptcy to perform all of the obligations of a tenant arising from an order for bankruptcy relief under an unexpired shopping center lease (including payment of the rent and other charges specified in the lease) until such lease is assumed or rejected. Permits the court to extend the time for performance of any obligation of rent or other charges due upon an unexpired lease. Declares that acceptance of such performance shall not constitute a waiver or relinquishment of the lessor's rights under the lease or under this Act.
Imposes a 60 day limit (with additional time, if the court so orders) on a trustee's acceptance or rejection of an unexpired lease in all bankruptcy cases, after which time the lease will be deemed rejected.
Requires the trustee to assure that an assignee of such a lease has a financial standing similar to the original tenant's at the time of execution of the lease.
Revises the condition that assignment or assumption of the lease not cause a substantial disruption of any tenant mix in the center by deleting the qualifier "substantial".
Permits the lessor, if an unexpired lease is assigned pursuant to this Act, to require a deposit or other security for the performance of the obligations under the lease.
Declares that the property of the estate does not include any property subject to a lease which has expired by virtue of its own terms without regard to the bankruptcy proceedings.
Similar Provisions Contained in S.2297.
Introduced in Senate
Read twice and referred to the Committee on Judiciary.
Referred to Subcommittee on Courts.
Subcommittee on Courts. Hearings held.
Subcommittee on Courts. Approved for full committee consideration with an amendment in the nature of a substitute favorably.
Committee on Judiciary. Ordered to be reported with an amendment in the nature of a substitute favorably.
Committee on Judiciary. Reported to Senate by Senator Thurmond with an amendment in the nature of a substitute. With written report No. 97-527.
Committee on Judiciary. Reported to Senate by Senator Thurmond with an amendment in the nature of a substitute. With written report No. 97-527.
Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 764.
Considered by Senate.
Passed/agreed to in Senate: Passed Senate with amendments by Voice Vote.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line
Passed Senate with amendments by Voice Vote.
Referred to House Committee on The Judiciary.
Referred to Subcommittee on Monopolies and Commercial Law.