Family Farm Reorganization Act

Family Farm Reorganization Act - Establishes separate Federal bankruptcy provisions governing family farm reorganizations.

Requires the court to appoint a trustee in a family farm reorganization case only if no U.S. trustee or standing trustee for personal bankruptcy cases has been appointed. Permits the court to appoint one or more standing trustees or a U.S. trustee to serve in a judicial district if warranted by the number of family farm reorganization cases. Sets forth duties and compensation of such trustees. Grants a debtor in possession in a family farm reorganization case the powers, functions, and duties, with specified exceptions, of a debtor in possession in a regular reorganization case. Authorizes the debtor in possession or the trustee to operate the debtor's farming and other businesses, unless the court orders otherwise.

Requires the court or an appointed U.S. trustee to order the appointment of a committee of three unsecured creditors. Sets forth the powers and duties of such committee in a family farm reorganization case.

Authorizes a party in interest, the Department of Agriculture, the U.S. Attorney General, or the chief officer of the agricultural agency of any State in which property of the debtor is located to raise, appear, and be heard on any issue in a family farm reorganization case.

Provides for: (1) the removal of a debtor as the debtor in possession for cause or in the best interest of creditors; and (2) the reinstatement of a debtor as debtor in possession on request of a party in interest.

Permits the debtor to convert a family farm reorganization case to a liquidation case at any time. Prohibits the court from converting a family farm reorganization case to a liquidation case if the debtor is: (1) a family farmer; or (2) a farmer or a corporation which is not a moneyed business or commercial corporation. Specifies grounds for dismissal of a case by the court.

Allows any party in interest to file a family farm reorganization plan only if: (1) the debtor is not a debtor in possession; or (2) the debtor has not filed a plan or had a plan confirmed within specified periods. Sets forth required contents of a plan proposed by the debtor. Specifies restrictions on plan modifications. Sets forth conditions for court confirmation of a plan proposed by the debtor which allow deferred cash payments over up to six years on certain unsecured claims of governmental units. Provides that provisions governing the following aspects of a plan filed in a regular reorganization case shall apply to a plan filed in a family farm reorganziation case: (1) required contents of a plan filed by a party in interest other than the debtor; (2) post-petition disclosure and solicitation; (3) acceptance of the plan by interest and claim holders; (4) confirmation of a plan filed by a party in interest other than the debtor; (5) the effect of confirmation; (6) distribution under the plan; (7) revocation of an order of confirmation; (8) securities laws exemption; and (9) aircraft equipment and vessels.

Authorizes adequate protection to be provided in a family farm reorganization case by the debtor paying to the trustee reasonable rent for the use of farmland.

Authorizes the trustee in a family farm reorganization case to sell estate property free and clear of any interest of an entity other than the estate if the property is farmland or farm equipment. Provides for the filing and allowance of property claims and interest.

Permits the court in a family farm reorganization case to authorize the obtaining of credit for emergency care of the debtor's stock without notice or a hearing if: (1) irreparable loss or damage will result if such authorization is delayed; and (2) such authorization is in the best interests of the estate.

Establishes a $200 filing fee for a family farm reorganization case.

Repeals this Act five years after its enactment.