Amends the Bankruptcy Code to provide that if the trustee rejects a debtor's executory contract for the sale of an interest in a timeshare plan, where the purchaser has not given up his right to use the timeshare premises, such purchaser may treat the contract as terminated and receive a lien on the timeshare interest for any part of the price already paid (except payments in previous years). Permits the purchaser, in the alternative, to continue to exercise his rights to use the timeshare premises if he continues to make installment and maintenance payments.
Permits the purchaser to offset against such continued payments any damages occurring after the trustee's rejection caused by the nonperformance of any of the debtor's obligations.
Permits the purchaser, where the trustee has assigned the contract to a third party, to terminate his contract rather than participate with the assignee in the premises.
Committee on Judiciary received executive comment from Office of the U.S. Attorney General.
Introduced in Senate
Read twice and referred to the Committee on Judiciary.
Committee on Judiciary requested executive comment from Administrative Office of the U.S. Courts.
Committee on Judiciary received executive comment from Administrative Office of the U.S. Courts.
Committee on Judiciary. Provisions of measure incorporated into measure S. 445 ordered to be reported.
Committee on Judiciary. Ordered to be reported without amendment favorably.
Committee on Judiciary. Reported to Senate by Senator Thurmond without amendment. With written report No. 98-345.
Committee on Judiciary. Reported to Senate by Senator Thurmond without amendment. With written report No. 98-345.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 638.
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