2014 US Code
Title 11 - Bankruptcy (Sections 101 - 1532)
Chapter 11 - Reorganization (Sections 1101 - 1174)
Subchapter I - Officers and Administration (Sections 1101 - 1116)
Sec. 1111 - Claims and interests
Publication Title | United States Code, 2012 Edition, Supplement 2, Title 11 - BANKRUPTCY |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 11 - BANKRUPTCY CHAPTER 11 - REORGANIZATION SUBCHAPTER I - OFFICERS AND ADMINISTRATION Sec. 1111 - Claims and interests |
Contains | section 1111 |
Date | 2014 |
Laws In Effect As Of Date | January 5, 2015 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2630; Pub. L. 111-327, §2(a)(32), Dec. 22, 2010, 124 Stat. 3561. |
Statutes at Large References | 92 Stat. 2630 124 Stat. 3561 |
Public and Private Laws | Public Law 95-598, Public Law 111-327 |
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(a) A proof of claim or interest is deemed filed under section 501 of this title for any claim or interest that appears in the schedules filed under section 521(a)(1) or 1106(a)(2) of this title, except a claim or interest that is scheduled as disputed, contingent, or unliquidated.
(b)(1)(A) A claim secured by a lien on property of the estate shall be allowed or disallowed under section 502 of this title the same as if the holder of such claim had recourse against the debtor on account of such claim, whether or not such holder has such recourse, unless—
(i) the class of which such claim is a part elects, by at least two-thirds in amount and more than half in number of allowed claims of such class, application of paragraph (2) of this subsection; or
(ii) such holder does not have such recourse and such property is sold under section 363 of this title or is to be sold under the plan.
(B) A class of claims may not elect application of paragraph (2) of this subsection if—
(i) the interest on account of such claims of the holders of such claims in such property is of inconsequential value; or
(ii) the holder of a claim of such class has recourse against the debtor on account of such claim and such property is sold under section 363 of this title or is to be sold under the plan.
(2) If such an election is made, then notwithstanding section 506(a) of this title, such claim is a secured claim to the extent that such claim is allowed.
(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2630; Pub. L. 111–327, §2(a)(32), Dec. 22, 2010, 124 Stat. 3561.)
HISTORICAL AND REVISION NOTESLEGISLATIVE STATEMENTSA discussion of section 1111(b) of the House amendment is best considered in the context of confirmation and will therefore, be discussed in connection with section 1129.
SENATE REPORT NO. 95–989This section dispenses with the need for every creditor and equity security holder to file a proof of claim or interest in a reorganization case. Usually the debtor's schedules are accurate enough that they will suffice to determine the claims or interests allowable in the case. Thus, the section specifies that any claim or interest included on the debtor's schedules is deemed filed under section 501. This does not apply to claims or interests that are scheduled as disputed, contingent, or unliquidated.
AMENDMENTS2010—Subsec. (a). Pub. L. 111–327 substituted "521(a)(1)" for "521(1)".
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