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 PUBLIC LAW 98-353—JULY 10, 1984 "(35) 'repo participant' means an entity that, on any day during the period beginning 90 days before the date of the filing of the petition, has an outstanding repurchase agreement with the debtor; "(36) 'repurchase agreement' (which definition also applies to a reverse repurchase agreement) means an agreement, including related terms, which provides for the transfer of certificates of deposit, eligible bankers' acceptances, or securities that are direct obligations of, or that are fully guaranteed as to principal and interest by, the United States or any agency of the United States against the transfer of funds by the transferee of such certificates of deposit, eligible bankers' acceptances, or securities with a simultaneous agreement by such transferee to transfer to the transferor thereof certificates of deposit, eligible bankers' acceptances, or securities as described above, at a date certain not later than one year after such transfers or on demand, against the transfer of funds;". SEC. 392. Section 36203) of title 11, United States Code, is amended— (a) by redesignating paragraphs (7) and (8) as paragraphs (8) and (9), respectively, and (b) by inserting after paragraph (6) the following new paragraph: "(7) under subsection (a) of this section, of the setoff by a repo participant, of any mutual debt and claim under or in connection with repurchase agreements that constitutes the setoff of a claim against the debtor for a margin payment, as defined in section 741(5) or 761(15) of this title, or settlement payment, as defined in section 741(8) of this title, arising out of repurchase agreements against cash, securities, or other property held by or due from such repo participant to margin, guarantee, secure or settle repurchase agreements;". SEC. 393. Section 546 of title 11, United States Code, is amended by inserting after subsection (e), as redesignated by section 251, the following: "(f) Notwithstanding sections 544, 545, 547, 548(a)(2), and 548a>) of this title, the trustee may not avoid a transfer that is a margin payment, as defined in section 741(5) or 761(15) of this title, or settlement payment, as defined in section 741(8) of this title, made by or to a repo participant, in connection with a repurchase agreement and that is made before the commencement of the case, except under section 548(a)(1) of this title.". SEC. 394. Section 548(d)(2) of title 11, United States Code, is amended— (1) in subparagraph (A) by striking out "and" at the end thereof; (2) in subparagraph (B) by striking out the period at the end thereof and inserting in lieu thereof "; and"; and by inserting after paragraph (B) the following new subparagraph: "(C) a repo participant that receives a margin payment, as defined in section 741(5) or 761(15) of this title, or settlement payment, as defined in section 741(8) of this title, in connection with a repurchase agreement, takes for value to the extent of such payment.". SEC. 395. Section 5530b)(l) of title 11, United States Code, is amended by inserting ", 36203)(7)," after "3620b)(6)".

98 STAT. 365

Securities.

Ante, p. 363.

Ante, p. 358.

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 98 STAT. 366

PUBLIC LAW 98-353—JULY 10, 1984 SEC. 396. (a) Chapter 5 of title 11, United States Code, is amended by adding at the end thereof the following new section:

Securities. 11 USC 559.

"§ 559. Contractual right to liquidate a repurchase agreement "The exercise of a contractual right of a repo participant to cause the liquidation of a repurchase agreement because of a condition of the kind specified in section 365(e)(1) of this title shall not be stayed, avoided, or otherwise limited by operation of any provision of this title or by order of a court or administrative agency in any proceeding under this title, unless, where the debtor is a stockbroker or securities clearing agency, such order is authorized under the provisions of the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.) or any statute administered by the Securities and Exchange Commission. In the event that a repo participant liquidates one or more repurchase agreements with a debtor and under the terms of one or more such agreements has agreed to deliver assets subject to repurchase agreements to the debtor, any excess of the market prices received on liquidation of such assets (or if any such assets are not disposed of on the date of liquidation of such repurchase agreements, at the prices available at the time of liquidation of such repurchase agreements from a generally recognized source or the most recent closing bid quotation from such a source) over the sum of the stated repurchase prices and all expenses in connection with the liquidation of such repurchase agreements shall be deemed property of the estate, subject to the available rights of setoff. As used in this section, the term 'contractual right' includes a right set forth in a rule or bylaw, applicable to each party to the repurchase agreement, of a national securities exchange, a national securities association, or a securities clearing agency, and a right, whether or not evidenced in writing, arising under common law, under law merchant or by reason of normal business practice.". (b) The analysis of sections for chapter 5 of title 11, United States Code, is amended by adding at the end thereof the following new item: "559. Contractual right to liquidate a repurchase agreement.".

Subtitle G—Amendments to Title 11, Section 365 of the United States Code to Provide Adequate Protection for Timeshare Consumers

Ante, p. 364. Real property.

SEC. 401. Title 11, United States Code, section 101 is hereby amended by— (1) redesignating paragraph (43), as redesignated by section 391, as paragraph (44); and (2) adding the following paragraph after paragraph (42), as redesignated in section 391: "(43) 'timeshare plan' means and shall include that interest purchased in any arrangement, plan, scheme, or similar device, but not including exchange programs, whether by membership, agreement, tenancy in common, sale, lease, deed, rental agreement, license, right to use agreement, or by any other means, whereby a purchaser, in exchange for consideration, receives a right to use accommodations, facilities, or recreational sites, whether improved or unimproved, for a specific period of time less than a full year during any given year, but not necessarily 8i for consecutive years, and which extends for a period of more

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 PUBLIC LAW 98-353—JULY 10, 1984 than three years. A 'timeshare interest' is that interest purchased in a timeshare plan which grants the purchaser the right to use and occupy accommodations, facilities, or recreational sites, whether improved or unimproved, pursuant to a timeshare plan.". SEC. 402. Section 365(h)(l) of title 11, United States Code, is amended to read as follows: "(h)(1) If the trustee rejects an unexpired lease of real property of the debtor under which the debtor is the lessor, or a timeshare interest under a timeshare plan under which the debtor is the timeshare interest seller, the lessee or timeshare interest purchaser under such lease or timeshare plan may treat such lease or timeshare plan as terminated by such rejection, where the disaffirmance by the trustee amounts to such a breach as would entitle the lessee or timeshare interest purchaser to treat such lease as terminated by virtue of its own terms, applicable nonbankruptcy law, or other agreements the lessee or timeshare interest purchaser has made with other parties; or, in the alternative, the lessee or timeshare interest purchaser may remain in possession of the leasehold or timeshare interest under any lease or timeshare plan the term of which has commenced for the balance of such term and for any renewal or extension of such term that is enforceable by such lessee or timeshare interest purchaser under applicable nonbankruptcy law.". SEC. 403. Section 365(h)(2) of title 11, United States Code, is amended to read as follows: "(2) If such lessee or timeshare interest purchaser remains in possession as provided in paragraph (1) of this subsection, such lessee or timeshare interest purchaser may offset against the rent reserved under such lease or moneys due for such timeshare interest for the balance of the term after the date of the rejection of such lease or timeshare interest, and any such renewal or extension thereof, any damages occurring after such date caused by the nonperformance of any obligation of the debtor under such lease or timeshare plan after such date, but such lessee or timeshare interest purchaser does not have any rights against the estate on account of any damages arising after such date from such rejection, other than such offset.". SEC. 404. Section 365(i)(l) of title 11, United States Code, is amended to read as follows: "(i)(l) If the trustee rejects an executory contract of the debtor for the sale of real property or for the sale of a timeshare interest under a timeshare plan, under which the purchaser is in possession, such purchaser may treat such contract as terminated, or, in the alternative, may remain in possession of such real property or timeshare interest.". Subtitle H—Miscellaneous Amendments to Title 11 SEC. 421. (a) Section 101(2)(D) of title 11 of the United States Code is amended by striking out "or all" after "business". (b) Section 101(8)(B) of title 11 of the United States Code is amended by striking out the colon at the end thereof and inserting in lieu thereof a semicolon. (c) Section 101(9)(B) of title 11 of the United States Code is amended by inserting "348(d)," after "section".

98 STAT. 367

Real property.

Real property.

Real property.

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 98 STAT. 368

Ante, p. 364.

Ante, p. 364. Infra.

Post, p. 382.

PUBLIC LAW 98-353—JULY 10, 1984 (d) Section 101(14) of title 11 of the United States Code is amended by inserting "and" after "trust,". (e) Section 101(24) of title 11 of the United States Code is amended by striking out "stock broker" and inserting in lieu thereof "stockbroker' (f) Section ioi(26)(B)(ii) of title 11 of the United States Code is amended by— (1) striking out "separate" each place it appears and inserting in lieu thereof "nonpartnership"; and (2) striking out "(A)(ii) and inserting in lieu thereof "(A)". (g) Section 101(30) of title 11 of the United States Code is amended to read as follows: (30) "person" includes individual, partnership, and corporation, but does not include governmental unit. Provided, however, That any governmental unit that acquires an asset from a person as a result of operation of a loan guarantee agreement, or as receiver or liquidating agent of a person, will be considered a person for purposes of section 1102 of this title, (h) Section 101(38)(B)(vi) of title 11 of the United States Code, as redesignated by section 391 of this Act, is amended by— (1) striking out "certificate specified in clause (xii) of subparagraph (A)" and inserting in lieu thereof "certificate of a kind specified in subparagraph (A)(xii)"; and (2) striking out "the subject of such a registration statement" and inserting in lieu thereof "required to be the subject of a registration statement". (i) Section 101(44) of title 11 of the United States Code, as so redesignated, is amended by striking out the period and inserting in lieu thereof "and foreclosure of the debtor's equity of redemption; and", (j) Section 101 of title 11 of the United States Code is amended— (1) by redesignating paragraphs (41) through (44), as previously redesignated, as paragraphs (45) through (48); (2) by redesignating paragraphs (21) through (40) as paragraphs (24) through (43), respectively; (3) by redesignating paragraphs (19) and (20) as paragraphs (20) and (21), respectively; (4) by inserting after paragraph (18) the following: "(19) 'financial institution' means a person that is a commercial or savings bank, industrial savings bank, savings and loan association, or trust company and, when any such person is acting as agent or custodian for a customer in connection with a securities contract, as defined in section 741(7) of this title, such customer;"; (5) by inserting after paragraph (21) as redesignated herein the following: "(22) 'forward contract' means a contract (other than a commodity contract) for the purchase, sale, or transfer of a commodity, or product or byproduct thereof, with a maturity date more than two days after the date the contract is entered into; "(23) 'forward contract merchant' means a person whose business consists in whole or in part of entering into forward contracts as or with merchants in commodities;"; (6) by inserting after paragraph (43) the following:

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 PUBLIC LAW 98-353—JULY 10, 1984

98 STAT. 369

"(44) 'State' includes the District of Columbia and Puerto Rico, except for the purpose of defining who may be a debtor under chapter 9 of this title;"; and ii USC 901 et. (7) by inserting after paragraph (48) the following: includes all locations where the judicial jurisdiction of the United States extends, including territories and possessions of the United States;". SEC. 422. Section 102 of title 11 of the United States Code is amended by striking out "continued" and inserting in lieu thereof "contained" in paragraph (8). SEC. 423. Section 103(c) of title 11 of the United States Code is amended by striking out "stockholder" and inserting in lieu thereof "stockbroker". SEC. 424. (a) Subsections (a)(D, (b)(D, and (c)(1) of section 108 of title 11 of the United States Code are each amended by striking out "and" each place it appears and inserting in lieu thereof "or". (b) Subsections (a), (b), and (c) of section 108 of title 11 of the United States Code are each amended by inserting "nonbankruptcy" after "applicable" and after "entered in a" each place such terms appear. SEC. 425. (a) Section 109 of title 11 of the United States Code, is amended by striking out "in the United States," the first place it appears. (b) Section 109(c)(5)(D) of title 11 of the United States Code of this Act is amended by striking out "preference" and inserting in lieu thereof "transfer that is avoidable under section 547 of this title". (c) Section 109(d) of title 11 of the United States Code is amended by striking out "stockholder" and inserting in lieu thereof "stockbroker". SEC. 426. (a) Section 303(b) of title 11 of the United States Code is amended by inserting "against a person" after "involuntary case". (b) Section 303 of title 11 of the United States Code, is amended— (1) in subsection (b)(1) by inserting "or the subject on a bona fide dispute," after "liability"; and ] (2) in subsection (h)(1) by inserting "unless such debts that are ' the subject of a bona fide dispute" after "due". •- '' ^ * ^ ^ ^ *" SEC. 427. Section 303(j)(2) of title 11 of the United States Code is amended by striking out "debtors" and inserting in lieu thereof "debtor". SEC. 428. Section 321(b) of title 11 of the United States Code is amended by striking out "a case" and inserting in lieu thereof "the case". SEC. 429. Section 322(b)(l) of title 11 of the United States Code is amended by inserting "required to be" after "bond". SEC. 430. (a) Section 326(a) of title 11 of the United States Code is amended by striking out all the language beginning with "three percent" through "$50,000" the second place the latter appears and inserting in lieu thereof "and three percent on any amount in excess of $3,000". (b) Section 326(d) of title 11 of the United States Code is amended to read as follows: "(d) The court may deny allowance of compensation for services or reimbursement of expenses of the trustee if the trustee failed to make diligent inquiry into facts that would permit denial of allowance under section 328(c) of this title or, with knowledge of such
 * ^^"(49) 'United States', when used in a geographical sense,

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 98 STAT. 370

PUBLIC LAW 98-353—JULY 10, 1984

facts, employed a professional person under section 327 of this title.". Employment (c) Section 327(c) of title 11 of the United States Code is amended an<i, to read as follows: '^T^ic^'^M "^^^ ^" ^ ^^^ ^^^^^ chapter 7 or 11 of this title, a person is not seq 1101 et sea disqualified for employment under this section solely because of such person's employment by or representation of a creditor, unless there is objection by another creditor, in which case the court shall disapprove such employment if there is an actual conflict of interest.". SEC. 431. Section 328(a) of title 11 of the United States Code is amended by striking out "unanticipatable" and inserting in lieu thereof "not capable of being anticipated". SEC. 432. (a) Section 329(a) of title 11 of the United States Code is amended by striking out "and" the first place it appears and inserting in lieu thereof "or". (b) Section 329(b)(1) of title 11 of the United States Code is amended by striking out "trustee" and inserting in lieu thereof "estate". SEC. 433. Section 330(a) of title 11 of the United States Code is amended— (1) by striking out "to any parties in interest and to the United States trustee"; and (2) in paragraph (1), by striking out "time, the nature, the extent, and the value of such services" and inserting in lieu thereof "nature, the extent, and the value of such services, the time spent on such services". SEC. 434. (a) Section 330(b) of title 11 of the United States Code is amended by striking out "$20" and inserting in lieu thereof "$45". (b) Section 330 of title 11 of the United States Code is amended by adding at the end thereof the following new subsection: "(c) Unless the court orders otherwise, in a case under chapter 13 11 USC 1301 et of this title the compensation paid to the trustee serving in the case plan during the administration of the plan.". SEC. 435. Section 342 of title 11 of the United States Code as Ante, p. 352. amended by section 302 is further amended by amending subsection (a) to read as follows: "(a) There shall be given such notice as is appropriate, including notice to any holder of a community claim, of an order for relief in a case under this title.". SEC. 436. Section 343 of title 11 of the United States Code is amended by striking out "examiner" the last place it appears and inserting in lieu thereof "examine". SEC. 437. Section 345 of title 11 of the United States Code is amended by adding at the end thereof a new subsection (c) as follows: "(c) An entity with which such moneys are deposited or invested is authorized to deposit or invest such moneys as may be required under this section.". SEC. 438. Section 346(c)(2) of title 11 of the United States Code is amended by striking out "operation" and inserting in lieu thereof "corporation". SEC. 439. Section 3500)) of title 11 of the United States Code is amended by striking out "a" and inserting in lieu thereof "A". SEC. 440. Section 361(1) of title 11 of the United States Code is amended by inserting "a cash payment or" after "make".
 * ^9shall not be less than $5 per month from any distribution under the

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 PUBLIC LAW 98-353—JULY 10, 1984 SEC. 441. (a) Section 362(a) of title 11 of the United States Code is amended— (1) in paragraph (1), by inserting "action or" after "other"; and (2) in paragraph (3), by inserting "or to exercise control over property of the estate' after "estate" the second place it appears. (b) Section 362(b) of title 11 of the United States Code is amended— (1) in paragraph (3), by inserting "or to the extent that such act is accomplished within the period provided under section 547(e)(2)(A) of this title" after "title"; (2) in paragraph (6), by— (A) inserting "or due from" after "held by"; and (B) striking out "or secure commodity contracts" and inserting in lieu thereof "secure, or settle commodity conI tracts", and by inserting "financial institution," after "stockbroker" each time it appears. £ (3) in paragraph (8) as redesignated by section 392, by— (A) striking out "said" and inserting in lieu thereof "the"; and ^' (B) striking out "or" the last place it appears; (4) in paragraph (9) as redesignated by section 392, by striking I out the period and inserting in lieu thereof a semicolon; and (5) by adding after paragraph (9) the following new paragraph: "(10) under subsection (a) of this section, of the presentment of a negotiable instrument and the giving of notice of and protesting dishonor of such an instrument.". (c) Section 362(c)(2)(B) of title 11 of the United States Code is amended by striking out "and" and inserting in lieu thereof "or". (d) Section 362(d)(2) of title 11 of the United States Code is amended by inserting "under subsection (a) of this section" after "property" the first place it appears. (e) Section 362(e) of title 11 of the United States Code is amended— (1) in the first sentence by inserting "the conclusion o f after "pending"; and • (2) by striking out the last sentence and inserting in lieu thereof the following: "The court shall order such stay contin'- ued in effect pending the conclusion of the final hearing under subsection (d) of this section if there is a reasonable likelihood that the party opposing relief from such stay will prevail at the conclusion of such final hearing. If the hearing under this shall be commenced not later than thirty days after the conclusion of such preliminary hearing.". (f) Section 362(f) of title 11 of the United States Code is amended by(1) striking out "The" and inserting in lieu thereof "Upon request of a party in interest, the"; and (2) inserting "with or" after "court,". Ssc. 442. (a) Section 363(a) of title 11 of the United States Code is amended by— (1) inserting "whenever acquired" after "equivalents"; and (2) inserting "and includes the proceeds, products, offspring, rents, or profits of property subject to a security interest as
 * subsection is a preliminary hearing, then such final hearing

98 STAT. 371

Ante, p. 365.

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 98 STAT. 372

PUBLIC LAW 98-353—JULY 10, 1984 provided in section 552(b) of this title, whether existing before or after the commencement of a case under this title" after "interest". (b) Section 363(b) of title 11 of the United States Code is amended by(1) striking out "(b)" and inserting in lieu thereof "(b)(1)"; and (2) adding at the end thereof the following new paragraph: "(2) If notification is required under subsection (a) of section 7A of the Clayton Act (15 U.S.C. 18a) in the case of a transaction under this subsection, then— "(A) notwithstanding subsection (a) of such section, such notification shall be given by the trustee; and "(B) notwithstanding subsection (b) of such section, the required waiting period shall end on the tenth day after the date of the receipt of such notification, unless the court, after notice and hearing, orders otherwise.". (c) Section 363(e) of title 11 of the United States Code is amended by(1) inserting ", with or without a hearing," after "court"; and (2) striking out the last sentence. (d) Section 363(f)(3) of title 11 of the United States Code is amended by striking out "such interest" the second place it appears and inserting in lieu thereof "all liens on such property". (e) Section 363(h) of title 11 of the United States Code is amended by striking out "immediately before" and inserting in lieu thereof "at the time of. (f) Section 363(j) of title 11 of the United States Code is amended by striking out "compenation" and inserting in lieu thereof "compensation". (g) Section 363(k) of title 11 of the United States Code is amended by striking out "if the holder" and inserting in lieu thereof "unless the court for cause orders otherwise the holder of such claim may bid at such sale, and, if the holder". (h) Section 363(1) of title 11 of the United States Code is amended by(1) striking out "The trustee" and inserting in lieu thereof "Subject to the provisions of section 365, the trustee"; (2) striking out "conditions" and inserting in lieu thereof "condition"; (3) striking out "a taking" and inserting in lieu thereof "or the taking"; and (4) striking out "interests" and inserting in lieu thereof "interest". (i) Section 363(n) of title 11 of the United States Code is amended by(1) striking out "void" and inserting in lieu thereof "avoid"; (2) striking out "voiding" and inserting in lieu thereof "avoiding"; and (3) amending the last sentence to read as follows: "In addition to any recovery under the preceding sentence, the court may grant judgment for punitive damages in favor of the estate and against any such party that entered into such an agreement in willful disregard of this subsection.". (j) Section 363 of title 11 of the United States Code is amended by adding at the end thereof the following new subsection: "(o) In any hearing under this section—

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 PUBLIC LAW 98-353—JULY 10, 1984 "(1) the trustee has the burden of proof on the issue of adequate protection; and "(2) the entity asserting an interest in property has the burden of proof on the issue of the validity, priority, or extent of such interest. SEC. 443. Section 366(a) of title 11 of the United States Code is amended by inserting "of the commencement of a case under this title or" after "basis". SEC. 444. Section 501(d) of title 11 of the United States Code is amended by inserting "502(e)(2)," before "502(f)". SEC. 445. (a) Section 502(a) of title 11 of the United States Code is amended by inserting "general" before "partner". (b) Section 502(b) of title 11 of the United States Code is amended— (1) by inserting "(e)(2)," after "subsections"; (2) by inserting "in lawful currency of the United States" after "claim" the second place it appears; (3) in paragraph (1), by striking out ", and unenforceable against" and inserting in lieu thereof "and"; (4) by striking out paragraph (3) and redesignating paragraphs (4), (5), (6), (7), (8), and (9) as paragraphs (3), (4), (5), (6), (7), 8 and (8), respectively; (5) in paragraph (3), as redesignated by paragraph (5), by inserting "the" after "exceeds"; (6) in paragraph (5), as redesignated by paragraph (5), by— (A) striking out "the claim" and inserting in lieu thereof ^ "such claim", and (B) striking out the comma after "petition"; and ^, (7) in paragraph (7), as redesignated by paragraph (5), by— (A) inserting "the claim of an employee" before "for damages"; (B) striking out "and" in subparagraph (A)(i) and insert1 ing in lieu thereof "or"; (C) striking out "the" the first place it appears in subparagraph (B) and inserting in lieu thereof "any"; and (D) inserting a comma after "such contract" in subparagraph (B). is (c) Section 502(c) of title 11 of the United States Code is amended— (1) in paragraph (1) by— fc (A) inserting "the" before "fixing"; and (B) striking out "closing" and inserting in lieu thereof " ^ "administration"; and (2) in paragraph (2), by— »» (A) inserting "right to payment arising from a" after f "any"; and (B) striking out "if such breach gives rise to a right to payment", (d) Section 502(e)(l) of title 11, United States Code, is amended— (1) by striking out "and Ob)" and inserting in lieu thereof ", (b), and (c)"; and (2) by striking out the commas before and after "or has secured"; (3) in subparagraph (B), by inserting "or disallowance" after "allowance"; and (4) in subparagraph (C), by—

98 STAT. 373

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 98 STAT. 374

Claims.

Ante, p. 373.

PUBLIC LAW 98-353—JULY 10, 1984 (A) striking out "requests subrogation" and inserting in lieu thereof "asserts a right of subrogation to the rights of such creditor"; and (B) striking out "to the rights of such creditor". (e) Section 502(h) of title 11 of the United States Code is amended by striking out "522(i)" and inserting in lieu thereof "522". (f) Section 502(j) of title 11 of the United States Code is amended to read as follows: "(j) A claim that has been allowed or disallowed may be reconsidered for cause. A reconsidered claim may be allowed or disallowed according to the equities of the case. Reconsideration of a claim under this subsection does not affect the validity of any payment or transfer from the estate made to a holder of an allowed claim on account of such allowed claim that is not reconsidered, but if a reconsidered claim is allowed and is of the same class as such holder's claim, such holder may not receive any additional payment or transfer from the estate on account of such holder's allowed claim until the holder of such reconsidered and allowed claim receives payment on account of such claim proportionate in value to that already received by such other holder. This subsection does not alter or modify the trustee's right to recover from a creditor any excess payment or transfer made to such creditor.". SEC. 446. Section 503(b) of title 11 of the United States Code is amended— (1) by striking out the comma after "be allowed"; (2) in paragraph (1)(C), by striking out the comma after "credit"(3) in paragraph (2), by inserting "(a)" after "330"; (4) in paragraph (3), by inserting a comma after "paragraph (4) of this subsection"; (5) in paragraph (3)(C), by striking out the comma after "case"; (6) in paragraph (5), by striking out "and" after the semicolon; and (7) in paragraph (6), by striking out the period and inserting in lieu thereof "; and". SEC. 447. Section 505(a) of title 11 of the United States Code is amended in paragraph (2)(B)(i), by striking out "and" and inserting in lieu thereof "or". SEC. 448. (a) Section 506(b) of title 11 of the United States Code is amended by inserting "for" after "provided". (b) Paragraphs (1) and (2) of section 506(d) of title 11 of the United States Code are amended to read as follows: "(1) such claim was disallowed only under section 5O20t>X5) or 502(e) of this title; or "(2) such claim is not an allowed secured claim due only to the failure of any entity to file a proof of such claim under section 501 of this title.". SEC. 449. (a) Section 507(a) of title 11 of the United States Code is amended— (1) in paragraph (3), by inserting a comma after "severance"; (2) in paragraph (4), by striking out "employee benefit plans" and inserting in lieu thereof "an employee benefit plan"; (3) in paragraph (4KBXi), by inserting "each" after "covered by"; and (4) in paragraph (7) as redesignated by section 350 by inserting "only" after "units,".

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 PUBLIC LAW 98-353—JULY 10, 1984

98 STAT. 375

(b) Section 507(c) of title 11 of the United States Code is amended by striking out "shall be treated the same" and inserting in lieu thereof "has the same priority". SEC. 450. (a) Section 509(a) of title 11 of the United States Code is amended by— (1) striking out "subsections (b) and" and inserting in lieu thereof "subsection (b) or"; and (2) inserting "against the debtor" after "a creditor". (b) Section 509(b)(1) of title 11 of the United States Code is amended by striking out "of a" and inserting in lieu thereof "of such". (c) Section 509(c) of title 11 of the United States Code is amended by striking out "section 509 of this title" and inserting in lieu thereof "this section". SEC. 451. Section 510(b) of title 11 of the United States Code is Claims. amended to read as follows: "(b) For the purpose of distribution under this title, a claim arising from rescission of a purchase or sale of a security of the debtor or of an affiliate of the debtor, for damages arising from the purchase or sale of such a security, or for reimbursement or contribution allowed under section 502 on account of such a claim, shall be subordinated to all claims or interests that are senior to or equal the claim or interest represented by such security, except that if such security is common stock, such claim has the same priority as common stock.". SEC. 452. Section 521(3) of title 11 of the United States Code, as redesignated in section 305, is amended by inserting ", whether or Ante, p. 352. not immunity is granted under section 344 of this title" after "estate" the second place it appears. SEC. 453. (a) Section 522(a)(2) of title 11 of the United States Code is amended by inserting "or, with respect to property that becomes property of the estate after such date, as of the date such property becomes property of the estate" after "petition". (b) Section 522(c) of title 11 of the United States Code is amended to read as follows: "(c) Unless the case is dismissed, property exempted under this section is not liable during or after the case for any debt of the debtor that arose, or that is determined under section 502 of this title as if such debt had arisen, before the commencement of the case, except— "(1) a debt of a kind specified in section 523(a)(1) or 523(a)(5) of this title; or ^; "(2) a debt secured by a lien that is— ^' "(A)(i) not avoided under subsection (f) or (g) of this section or under section 544, 545, 547, 548, 549, or 724(a) of this title; and ,,,,| "(ii) not void under section 506(d) of this title; or Ante, p. 374. "(B) a tax lien, notice of which is properly filed.". (c) Section 522(e) of title 11 of the United States Code is amended by striking out "exemptions" and inserting in lieu thereof "an exemption". SEC. 454. (a) Section 523(a) of title 11 of the United States Code is amended— (1) in paragraph (2), by— (A) striking out "obtaining" each place it appears; and

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Page:United States Statutes at Large Volume 98 Part 1.djvu/424

 98 STAT. 376

PUBLIC LAW 98-353—JULY 10, 1984 (B) striking out "refinance of credit," and inserting in lieu thereof "refinancing of credit, to the extent obtained"; and (2) by striking out "of higher education" in paragraph (8). (b) Section 523(a)(5) of title 11, United States Code, is amended by(1) amending the first paragraph thereof by inserting the words "or other order of a court of record" after the words "divorce decree,"; and (2) inserting ", or any such debt which has been assigned to the Federal Government or to a State or any political subdivision of such State" after "Social Security Act. (c) Section 523(c) of title 11 of the United States Code is amended by inserting "of a kind" after "debt" the first time it appears. SEC. 455. Section 524(a) of title 11 of the United States Code is amended by striking out "any act" each place it appears and inserting in lieu thereof "an act. SEC. 456. (a) Section 541(a) of title 11 of the United States Code is amended— (1) by striking out "under" the second time it appears; (2) by inserting "and by whomever held" after "located"; (3) in paragraph (3), by inserting "329(b), 363(n)," after "section"; (4) in paragraph (5), by striking out "An" and inserting in lieu thereof "Any"; and (5) in paragraph (6), by striking out "and" and inserting in lieu thereof "or". (b) Section 541(c) of title 11 of the United States Code is amended— (1) by inserting "in an agreement, transfer instrument, or applicable nonbankruptcy law" after "provision"; and (2) in paragraph (1)(B), by— (A) striking out "the taking" and inserting in lieu thereof "taking"; and (B) inserting "before such commencement" after "custodian". (c) Section 541(d) of title 11 of the United States Code is amended by inserting "(1) or (2)" after "(a)". (d) Section 541(e) of title 11 of the United States Code is repealed. SEC. 457. Section 542(e) of title 11 of the United States Code is amended by inserting "to turn over or" before "disclose". SEC. 458. (a) Section 543(a) of title 11 of the United States Code is amended by inserting ", product, offspring, rents, or profits" after "proceeds'. (b) Section 543(b) of title 11 of the United States Code is amended— (1) in paragraph (1), by— (A) inserting "held by or" after "debtor"; and (B) inserting ", product, offspring, rents, or profits" after "proceeds"; and (2) in paragraph (2), by inserting ", product, offspring, rents, or profits" after "proceeds". (c) Section 543(c) of title 11 of the United States Code is amended— (1) in paragraph (1), by inserting "or proceeds, product, offspring, rents, or profits of such property" after "property"; and (2) in paragraph (3), by inserting that has been" before "approved".

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Page:United States Statutes at Large Volume 98 Part 1.djvu/425

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.

(d) Section 543(d) of title 11 of the United States Code is amended to read as follows: "(d) After notice and hearing, the bankruptcy court— "(1) may excuse compliance with subsection (a), (b), or (c) of this section, if the interests of creditors and, if the debtor is not insolvent, of equity security holders would be better served by permitting a custodian to continue in possession, custody, or control of such property, and "(2) shall excuse compliance with subsections (a) and (b)(1) of this section if the custodian is an assignee for the benefit of the debtor's creditors that was appointed or took possession more than 120 days before the date of the filing of the petition, unless compliance with such subsections is necessary to prevent fraud or injustice.". SEC. 459. Section 544(a) of title 11 of the United States Code is amended— (1) in paragraph (1), by inserting "such" after "obtained"; (2) in paragraph (2), by striking out "; and" and inserting in lieu thereof "; or"; and (3) in paragraph (3), by— (A) inserting ", other than fixtures," after "property"; and (B) inserting "and has perfected such transfer" after "purchaser" the second place it appears. SEC. 460. Section 545 of title 11 of the United States Code is amended— (1) in paragraph (1)(A), by striking out "is" the first time it appears; (2) in paragraph (1)(C), by striking out "apponted" and inserting in lieu thereof "appointed or authorized to take"; and (3) in paragraph (2), by striking out "on the date of the filing of the petition' each place it appears and inserting in lieu thereof "at the time of the commencement of the case". SEC. 461. (a) Section 546(a) of title 11 of the United States Code is amended in paragraph (1) by striking out "and" and inserting in lieu thereof "or". (b) Section 546(b) of title 11 of the United States Code is amended by striking out "the trustee under section 544, 545, or" and inserting in lieu thereof "a trustee under sections 544, 545, and". (c) Section 546(c) of title 11 of the United States Code is amended— (1) by striking out "the trustee" and inserting in lieu thereof "a trustee"; (2) by striking out "right" the first place it appears; ' ' (3) by inserting "of goods that has sold goods to the debtor" after "seller" the first place it appears; (4) by striking out "of goods to the debtor" after "business,"; and (5) in paragraph (2), by— (A) inserting "the" after "if; and (B) striking out "an administrative expense" and inserting in lieu thereof "a claim of a kind specified in section 503(b) of this title". (d) Section 546(e) of title 11 of the United States Code, as redesignated by section 351, is amended by inserting "financial institution" 3.fxGr stockbroker SEC. 462. (a) Section 547(a) of title 11 of the United States Code is amended—

98 STAT. 377

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Page:United States Statutes at Large Volume 98 Part 1.djvu/426

 98 STAT. 378

PUBLIC LAW 98-353—JULY 10, 1984 (1) in paragraph (2), by inserting "including proceeds of such property," after "law,"; and (2) in paragraph (4), by— (A) striking o u t ", without penalty"; and (B) inserting "without penalty" after "payable". (b) Section 547(b) of title 11 of the United States Code is amended— (1) by striking out "of property of the debtor" and inserting in lieu thereof "of an interest of the debtor in property"; and (2) in paragraph (4) by amending subparagraph (B) to read as follows: "(B) between ninety days and one year before the date of the filing of the petition, if such creditor at the time of such transfer was an insider;". (c) Section 547 of title 11 of the United States Code is amended in sulDsection (c)(2) thereof by striking out subparagraph (B) of such subsection, and by redesignating subparagraphs (C) and (D) thereof as subparagraphs (B) and (C), respectively. (d) Section 547(c) of title 11 of the United States Code is amended— (1) in paragraph (2)(A), by inserting "by the debtor" after "incurred"; (2) in paragraph (3), by striking out " of the first place it appears and inserting in lieu thereof "that creates"; (3) in paragraph (3)(B), by— (A) inserting "on or" after "perfected"; and (B) striking out "such security interest attaches" and inserting in lieu thereof "the debtor receives possession of such property"; (4) in paragraph (5), by— (A) striking out of the first place it appears and inserting in lieu thereof "that creates; and (B) striking out "all security interest" and inserting in lieu thereof "all security interests"; and (5) in paragraph (SXAXii), by striking out "and" and inserting in lieu thereof "or". (e) Section 547(d) of title 11 of the United States Code is amended by— (1) striking out "A" and inserting in lieu thereof "The"; (2) inserting "an interest in" after "transfer o f: (3) inserting "to or for the benefit of a surety after "transferred"; and (4) inserting "such" after "reimbursement o f. (f) Section 547(e) of title 11 of the United States Code is amended in paragraph (2)(C)(i), by striking out "and" and inserting in lieu thereof ^'or*'. (g) Section 547 of title 11 of the United States Code is amended by adding at the end thereof the following new subsection: "(g) For the purposes of this section, the trustee has the burden of proving the avoidability of a transfer under subsection (b) of this section, and the creditor or party in interest against whom recovery or avoidance is sought has the burden of proving the nonavoidability of a transfer under subsection (c) of this section.'. SEC. 463. (a) Section 548(a) of title 11 of the United States Code is amended— (1) by striking out "if the debtor" and inserting in lieu thereof "if the debtor voluntarily or involuntarily";

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Page:United States Statutes at Large Volume 98 Part 1.djvu/427

 PUBLIC LAW 98-353—JULY 10, 1984

98 STAT. 379

(2) in paragraph (1), by striking out "occurred" and inserting in lieu thereof "was made"; and (3) in paragraph (2)(B)(ii), by inserting "or a transaction" after "engaged in business". (b) Section 548(c) of title 11 of the United States Code is amended byCD inserting "or may retain" after "lien on"; and (2) striking out ", may retain any lien transferred,". (c)(1) Section 548(d)(l) of title 11 of the United States Code is amended by— (A) striking out "becomes so far" and inserting in lieu thereof IS SO;

(B) striking out "such transfer could have been" and inserting in lieu thereof "applicable law permits such transfer to be"; and (C) striking out "occurs" and inserting in lieu thereof "is made". (2) Section 548(d)(2)(B) of title 11 is amended by inserting "financial institution," after "stockbroker". SEC. 464. (a) Section 549(a) of title 11 of the United States Code is amended— (1) by striking out "(b) and (c)" and inserting in lieu thereof "(b) or (c)"; and (2) in paragraph (2)(A), by inserting "only" after "authorized". (3) striking out "that occurs" and inserting in lieu thereof "made"; (4) striking out "is valid against the trustee to the extent o f and inserting in lieu thereof to the extent"; and (5) inserting "is" before "given". (c) Section 549(c) of title 11 of the United States Code is amended Real property. to read as follows: "(c) The trustee may not avoid under subsection (a) of this section a transfer of real property to a good faith purchaser without knowledge of the commencement of the case and for present fair equivalent value unless a copy or notice of the petition was filed, where a B- :? t i; transfer of such real property may be recorded to perfect such transfer, before such transfer is so perfected that a bona fide purchaser of such property, against whom applicable law permits such transfer to be perfected, could not acquire an interest that is superior to the interest of such good faith purchaser. A good faith purchaser without knowledge of the commencement of the case and for less than present fair equivalent value has a lien on the property transferred to the extent of any present value given, unless a copy or notice of the petition was so filed before such transfer was so perfected.". (d) Section 549(d)(l) of title 11 of the United States Code is amended by striking out "and" and inserting in lieu thereof "or". SEC. 465. (a) Section 550(a) of title 11 of the United States Code is amended by striking out "549, or 724(a) of this title" and inserting in lieu thereof "549, 553(b), or 724(a) of this title". (b) Section 550(d) of title 11 of the United States Code is amended— (1) in paragraph (I)(A), by inserting "or accruing to" after "by"; (2) in paragraph (I)(B), by striking out "value" and inserting in lieu thereof "the value of such property"; (3) in paragraph (2), by striking out subparagraphs (D) and (E) and inserting in lieu thereof the following:

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Page:United States Statutes at Large Volume 98 Part 1.djvu/428

 98 STAT. 380

PUBLIC LAW 98-353—JULY 10, 1984 "(D) payment of any debt secured by a lien on such property that is superior or equal to the rights of the trustee; and"; and (4) in paragraph (2), by redesignating subparagraph (F) as subparagraph (E). (c) Section 550(e)(1) of title 11 of the United States Code is amended by striking out "and" and inserting in lieu thereof "or". SEC. 466. Section 552(b) of title 11 of the United States Code is amended by— (1) inserting "522," after "506(c),"; (2) striking out "a secured party enter" and inserting in lieu thereof "an entity entered"; and (3) striking out "except to the extent" and inserting in lieu thereof "except to any extent". SEC. 467. Section 5530b)(l) of title 11 of the United States Code is amended by striking out "or 365(h)(1)" and inserting in lieu thereof ", 365(h)(2), or 365(i)(2)". SEC. 468. (a) Subsections (a) and (b) of section 554 of title 11 of the United States Code are each amended by inserting "and benefit" after "value". (b) Section 554(c) of title 11 of the United States Code is amended to read as follows: "(c) Unless the court orders otherwise, any property scheduled under section 521(a)(1) of this title not otherwise administered at the time of the closing of a case is abandoned to the debtor and administered for purposes of section 350 of this title.". (c) Section 554(d) of title 11 of the United States Code is amended by striking out "section (a) or Ob) of'. SEC. 469. Section 555 of title 11 of the United States Code is amended by inserting ", financial institution," after "stockbroker". SEC. 470. (a) Chapter 5 of title 11 of the United States Code as amended by section 352 is amended by adding at the end thereof the following new section:

11 USC 558.

"§ 558. Defenses of the estate "The estate shall have the benefit of any defense available to the debtor as against any entity other than the estate, including statutes of limitation, statutes of frauds, usury, and other personal defenses. A waiver of any such defense by the debtor after the commencement of the case does not bind the estate.". (b) The table of sections for chapter 5 of title 11 of the United States Code is amended by adding at the end thereof the following new item: "558. Defenses of the estate.".

SEC. 471. The table of sections for chapter 7 of title 11 of the United States Code is amended by striking out "Succesor" in the item relating to section 703 and inserting in lieu thereof "Successor'. SEC. 472. (a) Section 7020)) of title 11 of the United States Code is amended by inserting "held" after "meeting of creditors". (b) Section 702(c) of title 11 of the United States Code is amended— (1) in paragraph (1), by inserting "of a kind" after "claims"; and (2) in paragraph (2), by inserting "a" after "for". (c) Section 702(d) of title 11 of the United States Code is amended by striking out "subsection (c) of.

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Page:Collodi - The Story of a Puppet, translation Murray, 1892.djvu/104

puppet returned to the town and began to count the minutes one by one; and when he thought that it must be time he took the road leading to the Field of miracles.

And as he walked along with hurried steps his heart beat fast tic, tac, tic, tac, like a drawing-room clock when it is really going well. Meanwhile he was thinking to himself:

'And if instead of a thousand gold pieces, I was to find on the branches of the tree two thousand? . . . And instead of two


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Page:United States Statutes at Large Volume 98 Part 1.djvu/429

 PUBLIC LAW 98-353—JULY 10, 1984 SEC. 473. Section 703(b) of title 11 of the United States Code is amended by striking out "specified in section 701(a) of this title. Sections 701(b) and 701(c) of this title apply to such interim trustee" and inserting in lieu thereof "and subject to the provisions of section 701 of this title". SEC. 474. Section 704 of title 11 of the United States Code as amended by section 311 is amended in paragraph (1), by striking out "up". SEC. 475. Paragraphs (1) and (2) of section 707 of title 11 of the United States Code are each amended by striking out "and" and inserting in lieu thereof "or". SEC. 476. (a) Section 723(a) of title 11 of the United States Code is amended by striking out all after "claims" and inserting in lie'-, thereof "which are allowed in a case under this chapter concerning a partnership and with respect to which a general partner of the partnership is personally liable, the trustee shall have a claim against such general partner for the full amount of the deficiency". (b) Section 723(c) of title 11 of the United States Code is amended by(1) striking out "such case" each place it appears and inserting in lieu thereof "such partner's case"; (2) striking out "be property" and inserting in lieu thereof "by property"; and (3) striking out "the kind" and inserting in lieu thereof "a kind". SEC. 477. (a) Section 724(b) of title 11 of the United States Code is amended— (1) by striking out "taxes" and inserting in lieu thereof "a tax"; (2) in paragraph (2), by— (A) striking out "claims" and inserting in lieu thereof "any holder of a claim of a kind"; (B) striking out "sections" and inserting in lieu thereof "section"; and (C) striking out "and" and inserting in lieu thereof "or"; and (3) in paragraph (3), by inserting "tax" after "allowed". (b) Section 724(c) of title 11 of the United States Code is amended by(1) striking out "creditor" and inserting in lieu thereof "holder of a claim"; and (2) striking out "creditors" each place it appears and inserting in lieu thereof "holders". (c) Section 724(d) of title 11 of the United States Code is amended by(1) striking out "whose priority" and inserting in lieu thereof "the priority of which"; and (2) inserting ' if such lien were" after "the same as". SEC. 478. Section 725 of title 11 of the United States Code is amended by inserting "of property of the estate" after "distribution". SEC. 479. (a) Section 726(b) of title 11 of the United States Code is amended by— (1) striking out "a particular paragraph" and inserting in lieu thereof "each such particular paragraph"; and

98 STAT. 381

Ante, p. 355.

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Page:United States Statutes at Large Volume 98 Part 1.djvu/430

 98 STAT. 382

PUBLIC LAW 98-353—JULY 10, 1984 (2) striking out "administrative expenses" each place it appears and inserting in lieu thereof a claim allowed under section 503(b) of this title"; and (3) striking out "have" and inserting in lieu thereof "has", (b) Section 726(c) of title 11 of the United States Code is amended— (1) in paragraph (1), by striking out "Administrative expenses" and inserting in lieu thereof "Claims allowed under section 503 of this title"; and (2) in paragraph (2), by striking out "Claims other than for administrative expenses and inserting in lieu thereof "Allowed claims, other than claims allowed under section 503 of this title,". SEC. 480. (a) Section 727(a) of title 11 of the United States Code is amended— (1) in paragraph (6)(C), by striking out "property" and inserting in lieu thereof "properly"; (2) in paragraph (7), by inserting ", under this title or under the Bankruptcy Act," after "another case"; and (3) in paragraph (8), by inserting a comma after "371". (b) Section 727(c)(l) of title 11 of the United States Code is amended by inserting "the granting of a" after "to". (c) Section 727(e)(2)(A) of title 11 of the United States Code is amended by striking out "and" and inserting in lieu thereof "or". SEC. 481. (a) Section 728(c) of title 11 of the United States Code is amended by striking out the comma after "taxable income". (b) Section 728(d)(2) of title 11 of the United States Code is amended by inserting "otherwise" after "is", and by striking out "otherwise" after "partner". SEC. 482. Section 741 of title 11 of the United States Code is amended— (1) in paragraph (2)(A), by— (A) striking out "the debtor" the first time it appears and inserting in lieu thereof "a person"; (B) striking out "holds" and inserting in lieu thereof "has"; (C) striking out "the debtor" the second and third time it appears and inserting in lieu thereof "such person"; and (D) striking out "business as a stockbroker" and inserting in lieu thereof "such person's business as a stockbroker,'; (2) in paragraph (2)(B), by— (A) striking out "holds" and inserting in lieu thereof "has"; (B) striking out "the debtor" the first place it appears and inserting in lieu thereof "a person"; and (C) by striking out "the debtor" and inserting in lieu thereof "such person" in clause (ii); (3) in paragraph (4)(A)(i), by striking out "and that is" and inserting in lieu thereof "from and that is the lawful"; (4) in paragraph (6)(A)(i), by— (A) inserting a comma after "petition"; and (B) inserting "any" after "except"; and (5) in paragraph (7), by amending such paragraph to read as follows: "(7) 'securities contract' means contract for the purchase, sale, or loan of a security, including an option for the purchase or sale of a security, certificate of deposit, or group or index of

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Page:United States Statutes at Large Volume 98 Part 1.djvu/431

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98 STAT. 383

securities (including any interest therein or based on the value thereof), or any option entered into on a national securities exchange relating to foreign currencies, or the guarantee of any •' settlement of cash or securities by or to a securities clearing agency;"; and (6) in paragraph (8) by inserting "a final settlement payment," after "settlement payment on account,". SEC. 483. Section 745(a) of title 11 of the United States Code is amended by inserting "the debtor for" after "by". SEC. 484. (a) Section 752(a) of title 11 of the United States Code is amended by— (1) striking out "customers allowed" and in lieu thereof "customers' allowed"; (2) inserting "of the kind" after "except claims"; and (3) inserting "such" before "customer property". (b) Section 752(b)(2) of title 11 of the United States Code is amended by striking out "726(a)" and inserting in lieu thereof "726". SEC. 485. Section 761 of title 11 of the United States Code is amended in paragraph (10), by striking out "and that is" in subparagraph (A)(viii) and inserting in lieu thereof "from and that is the lawful". SEC. 486. Section 763(a) of title 11 of the United States Code is amended by— (1) inserting "the debtor for" after "by"; and (2) striking out "deemed to be" and inserting in lieu thereof "treated as". SEC. 487. Section 764(a) of title 11 of the United States Code is amended by inserting "by the debtor" after "any transfer". SEC. 488. Section 765(a) of title 11 of the United States Code is amended by striking out "notice under", and inserting in lieu thereof "notice required by". SEC. 489. Section 766(j)(2) of title 11 of the United States Code is amended by striking out "726(a)" and inserting in lieu thereof "726". SEC. 490. Section 901(a) of title 11 of the United States Code is amended by inserting a comma after "1111(b)". SEC. 491. Section 902(2) of title 11 of the United States Code is amended by striking out "title, legal or equitable, to real property against which has been levied a special assessment or special tax" and by inserting in lieu thereof "legal or equitable title to real property against which a special assessment or special tax has been levied". SEC. 492. Section 903(2) of title 11 of the United States Code is amended by striking out "to" the first place it appears. SEC. 493. Chapter 9 of title 11 of the United States Code is n use prec. amended by striking out "SUBCHAPER 11" and inserting in lieu 921. thereof "SUBCHAPTER 11". SEC. 494. (a) Section 921(c) of title 11 of the United States Code is amended by— (1) striking out "an" and inserting in lieu thereof "any"; and (2) striking out the comma after "petition" the second place it appears, and after "faith". (b) Section 921 of title 11 of the United States Code is amended by redesignating subsections (e) and (f) as subsections (d) and (e), respectively.

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Page:United States Statutes at Large Volume 98 Part 1.djvu/432

 98 STAT. 384

Ante, p. 383.

PUBLIC LAW 98-353—JULY 10, 1984 (c) Section 921(a) is amended by striking out "109(c)" and inserting in lieu thereof "109(d)". (d) Section 921(d) of title 11 of the United States Code, as so redesignated, is amended by striking out "subsection (d)" and inserting in iieti thereof "subsection (c)". SEC. 495. Section 922(a)(l) of title 11 of the United States Code is amended by— (1) inserting "a" before "judicial"; and (2) inserting "action or" before "proceeding". SEC. 496. Section 927(b) of title 11 of the United States Code is amended by inserting "of a plan under this chapter" after "confirmation". SEC. 497. Section 943(b) of title 11 of the United States Code is amended— (1) in paragraph (4), by striking out "to be taken"; and (2) by amending paragraph (5) to read as follows: "(5) except to the extent that the holder of a particular claim has agreed to a different treatment of such claim, the plan provides that on the effective date of the plan each holder of a claim of a kind specified in section 507(a)(1) of this title will receive on account of such claim cash equal to the allowed amount of such claim; and". SEC. 498. Section 945(a) of title 11 of the United States Code is amended by striking out "execution" and inserting in lieu thereof ' 'implementation''. SEC. 499. Section 1102(b)(1) of title 11 of the United States Code is amended by striking out "order for relief and inserting in lieu thereof "commencement of the case". SEC. 500. (a) Section 1103(b) is amended by— (1) inserting "having an adverse interest" after "entity"; and (2) adding at the end thereof the following: "Representation of one or more creditors of the same class as represented by the committee shall not per se constitute the representation of an (b) Section 1103(c) of title 11 of the United States Code is amended— (1) in paragraph (3), by— (A) striking out "recommendations" and inserting in lieu thereof' 'determinations''; and (B) inserting "or rejections" after "acceptances"; and (2) in paragraph (4), by striking out ", if a trustee or examiner, as the case may be, has not previously been appointed under this chapter in the case". SEC. 501. Section 1105 of title 11 of the United States Code is amended by striking out "estate, and" and inserting in lieu thereof "estate and of the". SEC. 502. Section 11060?) of title 11 of the United States Code is amended by inserting ", except to the extent that the court orders otherwise,' before "any other". SEC. 503. Section 1107(a) of title 11 of the United States Code is amended by inserting "serving in a case" after "on a trustee". SEC. 504. Section 1108 of title 11 of the United States Code is amended by inserting ", on request of a party in interest and after notice and a hearing," after "court". SEC. 505. (a) Section 1112(a) of title 11 of the United States Code is amended—

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 PUBLIC LAW 98-353—JULY 10, 1984

98 STAT. 385

(1) in paragraph (2), by striking out "is an involuntary case originally commenced under this chapter" and inserting in lieu thereof "originally was commenced as an involuntary case under this chapter"; and (2) in paragraph (8), by striking but "on other than" and inserting in lieu thereof "other than on". (b) Section 1112(b) of title 11 of the United States Code is amended— (1) in paragraph (5), by inserting "a request made for" before "additional"; and (2) in paragraph (8), by striking out "and" and inserting in lieu thereof "or". SEC. 506. (a) Section 1121(c)(3) of title 11 of the United States Code is amended by striking out "the claims or interests of which are" and inserting in lieu thereof "of claims or interests that is". (b) Section 1121(d) of title 11 of the United States Code is amended by inserting "made within the respective periods specified in subsection (c) of this section" after "interest". SEC. 507. (a) Section 1123(a) of title 11 of the United States Code is amended— (1) by striking out "A" and inserting in lieu thereof "Notwithstanding any otherwise applicable nonbankruptcy law, a"; (2) in paragraph (1), by— (A) inserting a comma after "classes of claims"; and (B) by striking out "507(a)(6) of this title" and inserting in lieu thereof "507(a)(7) of this title,"; (3) in paragraph (3), by striking out "shall"; (4) in paragraph (5), by striking out "execution" and inserting in lieu thereof "implementation"; and (5) in paragraph (5)(G), by inserting "of after "waiving", (b) Section 1123(b)(2) of title 11 of the United States Code is amended by— (1) striking out "or rejection" and inserting in lieu thereof ", rejection, or assignment; and (2) striking out "under section 365 of this title" and inserting in lieu thereof "under such section". SEC. 508. Section 1124 of title 11 of the United States Code is amended— (1) by amending paragraph (2)(A) to read as follows: "(A) cures any such default that occurred before or after the commencement of the case under this title, other than a default of a kind specified in section 365(b)(2) of this title;"; Ante, p. 361. and (2) in paragraph (3)(B)(i), by striking out "and" and inserting in lieu thereof "or". SEC. 509. (a) Section 1125(a) of title 11 of the United States Code is amended— (1) in paragraph (1), by inserting ", but adequate information need not include such information about any other possible or proposed plan" after "plan"; (2) in paragraph (2)(B), by inserting "the" after "with"; and (3) in paragraph (2)(C), by inserting "of after "holders", (b) Section 1125(d) of title 11 of the United States Code is amended by(1) inserting "required under subsection (b) of this section" after "statement" the first place it appears; and

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 98 STAT. 386

PUBLIC LAW 98-353—JULY 10, 1984 (2) inserting ", or otherwise seek review of," after "appeal from", (c) Section 1125(e) of title 11 of the United States Code is amended by(1) inserting "acceptance or rejection of a plan" after "solicits"; and (2) inserting "solicitation of acceptance or rejection of a plan or" after "governing". SEC. 510. (a) Section 1126(b)(2) of title 11 of the United States Code is amended by striking out "1125(a)(1)" and inserting in lieu thereof "1125(a)". (b) Section 1126(d) of title 11 of the United States Code is amended by inserting a comma after "such interests" the first place it appears. (c) Section 1126(f) of title 11 of the United States Code is amended by(1) striking out "is deemed" and inserting in lieu thereof ", and each holder of a claim or interest of such class, are conclusively presumed"; (2) striking out "solicititation" and inserting in lieu thereof "solicitation; and (3) striking out "interest" and inserting in lieu thereof "interests". (d) Section 1126(g) of title 11 of the United States Code is amended by striking out "any payment or compensation" and inserting in lieu thereof "receive or retain any property". SEC. 511. (a) Section 1127(a) of title 11 of the United States Code i s ' amended by— (1) inserting "of a plan" after "After the proponent"; and (2) inserting "of such plan" after "modification". (b) Section 1127(b) of title 11 of the United States Code is amended by striking out "the court, after notice and a hearing, confirms such plan, as modified, under section 1129 of this title, and circumstances warrant such modification" and inserting in lieu thereof "circumstances warrant such modification and the court, after notice and a hearing, confirms such plan as modified, under section 1129 of this title". SEC. 512. (a) Section 1129(a) of title 11 of the United States Code is amended— (1) in paragraph (1), by striking out "chapter." and inserting in lieu thereof "title."; (2) in paragraph (2), by striking out "chapter," and inserting in lieu thereof "title."; (3) by amending paragraph (4) to read as follows: "(4) Any payment made or to be made by the proponent, by the debtor, or by a person issuing securities or acquiring property under the plan, for services or for costs and expenses in or in connection with the case, or in connection with the plan and incident to the case, has been approved by, or is subject to the approval of, the court as reasonable;"; (4) in paragraph (5)(A)vii), by striking out the period and inserting in lieu thereof "; and"; (5) in paragraph (5)(B), by striking out "The" and inserting in lieu thereof "the"; (6) in paragraph (6), by inserting "governmental" after -."Any"; (7) in paragraph (7), by—

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 PUBLIC LAW 98-353—JULY 10, 1984 (A) inserting "of each impaired class of claims or interests" in lieu of "each class"; and (B) striking out "creditor's" in subparagraph (B) and r inserting in lieu thereof "holder's"; (8) in paragraph (8), by inserting "of claims or interests" after 9 "each class"; and (9) by amending paragraph (10) to read as follows: f "(10) If a class of claims is impaired under the plan, at least one class of claims that is impaired under the plan has accepted the plan, determined without including any acceptance of the plan by any insider.". (b) Section 1129(b) of title 11 of the United States Code is amended— (1) in paragraph (2)(A), by striking out "lien" each place it I appears and inserting in lieu thereof "liens"; (2) in paragraph (2)(B)(ii), by inserting "under the plan" after "retain'; and (3) in paragraph (2)(C)(i), by 1^^, (A) striking out "claim" and inserting in lieu thereof "interest"; and (B) striking out "and the value" and inserting in lieu ''-' thereof "or the value". (c) Section 1129(d) of title 11 of the United States Code is amended by(1) inserting "the application o f after "avoidance of the C second place it appears; and (2) adding at the end thereof the following new sentence: "In any hearing under this subsection, the governmental unit has the burden of proof on the issue of avoidance.". SEC. 513. (a) Section 1141(a) of title 11 of the United States Code is amended by striking out "any creditor or equity security holder of, or general partner in," and inserting in lieu thereof "any creditor, equity security holder, or general partner in". (b) Section 1141(c) of title 11 of the United States Code is amended to read as follows: "(c) Except as provided in subsections (d)(2) and (d)(3) of this section and except as otherwise provided in the plan or in the order confirming the plan, after confirmation of a plan, the property dealt with by the plan is free and clear of all claims and interests of creditors, equity security holders, and of general partners in the debtor.". SEC. 514. (a) The heading for section 1142 of title 11 of the United States Code is amended to read as follows: "§ 1142. Implementation of plan". (b) The item relating to section 1142 in the table of sections for chapter 11 of title 11 of the United States Code is amended by striking out "Execution" and inserting in lieu thereof "Implementation". (c) Section 1142(a) of title 11 of the United States Code is amended by striking out the comma after "plan" the second place it appears. (d) Section 1142(b) of title 11 of the United States Code is amended by inserting "a" after "by". SEC. 515. Section 1144 of title 11 of the United States Code is amended by inserting "if and only" after "revoke such order". SEC. 516. (a) Section 1145(a) of title 11 of the United States Code is amended—

98 STAT. 387

!> ii;

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 98 STAT. 388

Ante, p. 356.

PUBLIC LAW 98-353—JULY 10, 1984 (1) in paragraph (3)(B)(i), by inserting "or 15(d)" after "13" and by inserting "or 78o(d)" after "78m"; (2) by amending paragraph (3)(B)(ii) to read as follows: "(ii) in compliance with the disclosure and reporting provision of such applicable section; and"; and (3) in paragraph (4), by striking out "stockholder" each place it appears and inserting in lieu thereof "stockbroker". (b) Section 1145(b) of title 11 of the United States Code is amended— (1) in paragraph (1), by inserting "and except with respect to ordinary trading transactions of an entity that is not an issuer" after "subsection"; (2) in paragraph (1)(C), by striking out "for" and inserting in lieu thereof "from"; (3) in paragraph (2)(A)(i), by striking out "combination" and inserting in lieu thereof "or combining"; and (4) in paragraph (2)(A)(ii), by striking out "among" and inserting in lieu thereof "from or to". (c) Section 1145(d) of title 11 of the United States Code is amended by striking out "commercial". SEC. 517. (a) Section 1146(c) of title 11 of the United States Code is amended by striking out "State or local". (b) Section 1146(d)(1) of title 11 of the United States Code is amended by striking out "and" and inserting in lieu thereof "or". SEC. 518. Section 1166 of title 11 of the United States Code is amended by striking out "the Interstate Commerce Act (49 U.S.C. 1 et seq.)" and inserting in lieu thereof "subtitle IV of title 49". SEC. 519. Section 1168(b) of title 11 of the United States Code is amended by inserting a comma after "approval". SEC. 520. Section 1169(c) of title 11 of the United States Code is amended by striking out "the Interstate Commerce Act (49 U.S.C. 1 et seq.)" and inserting in lieu thereof "subtitle IV of title 49". SEC. 521. (a) Section 1170(a) of title 11 of the United States Code is amended by inserting "of all or a portion" after "the abandonment". Ob) Section 1170(c) of title 11 of the United States Code is amended by inserting a comma after "abandonment". (c) Section 1170(d)(2) of title 11 of the United States Code is gunended by— (1) striking out "the abandonment of a railroad line" and inserting in lieu thereof "such abandonment"; and (2) striking out "termination" each place it appears and inserting in lieu thereof "suspension". SEC. 522. Section 11710)) of title 11 of the United States Code is amended by striking out "such" and inserting in lieu thereof "the same". SEC. 523. Section 1173(a)(4) of title 11 of the United States Code is amended by striking out "compatible" and inserting in lieu thereof "consistent". SEC. 524. Section 1301(c)(3) of title 11 of the United States Code is amended by inserting "continuation o f after "by". SEC. 525. (a) Section 1302(b) of title 11 of the United States Code as amended by section 314 is amended by redesignating paragraphs (3) and (4) as paragraphs (4) and (5), respectively and by inserting after paragraph (2) the following new paragraph: "(3) dispose of, under regulations issued by the Director of the Administrative Office of the United States Courts, moneys

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 PUBLIC LAW 98-353—JULY 10, 1984

98 STAT. 389

received or to be received in a case under chapter XIII of the Bankruptcy Act; and". (b) Section 1302(e) of title 11 of the United States Code is amended— (1) in paragraph (4), by striking out "fix" and inserting in lieu thereof "set for such individual"; (2) in paragraph (1)(A), by striking out "for such individual"; and (3) in paragraph (2)(A), by— V . (A) striking out ' o f and inserting in lieu thereof "received by"; and (B) striking out "upon all payments" and inserting in lieu unmij ii thereof "of all such payments made". SEC. 526. Section 1304(b) of title 11 of the United States Code is amended by striking out the comma after "of the debtor". SEC. 527. (a) Section 1307(b) of title 11 of the United States Code is amended by inserting a comma after "time". (b) Section 1307(c) of title 11 of the United States Code as amended by section 315 is amended— Ante, p. 356. (1) in paragraph (5), as redesignated by inserting "a request made for" before "additional"; (2) in paragraph (7), as redesignated by striking out "and" after the semicolon and inserting in lieu thereof "or"; and (3) in paragraph (8), as redesignated by inserting "other than completion of payments under the plan" after "in the plan". SEC. 528. (a) Section 1322(a)(2) of title 11 of the United States Code is amended by inserting a comma after "payments". (b) Section 1322(b) of title 11 of the United States Code is amended— (1) in paragraph (2), by inserting ", or leave unaffected the rights of holders of any class of claims" before the semicolon; (2) in paragraph (4), by inserting "other" after "claim or any"; (3) in paragraph (7), by— (A) inserting "subject to section 365 of this title," before "provide"; (B) striking out "or rejection" and inserting in lieu thereof ", rejection, or assignment"; and (C) striking out "under section 365 of this title" and inserting in lieu thereof "under such section"; and " (4) in paragraph (8), by striking out "any". SEC. 529. Section 1324 of title 11 of the United States Code is amended by striking out "the" the second place it appears. SEC. 530. Section 1325(a)(l) of title 11 of the United States Code is amended by inserting "the" before "other". SEC. 531. Section 1326(b)(2) of title 11 of the United States Code as amended by section 318 is amended by inserting "of this title" after Ante, p. 357. "1302(d)". SEC. 532. Section 1328(e) of title 11 of the United States Code is amended— (1) in paragraph (1), by inserting "by the debtor" after "obtained; and (2) in paragraph (2), by striking out "knowledge of such fraud came to the requesting party" and inserting in lieu thereof "the requesting party did not know of such fraud until". SEC. 533. Section 1329(a) of title 11 of the United States Code is amended— (1) by inserting "of the plan" after "confirmation";

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 98 STAT. 390

PUBLIC LAW 98-353—JULY 10, 1984 (2) by striking out "a plan" and inserting in lieu thereof "such plan"; and (3) in paragraph (3), by striking out the comma. SEC. 534. Section 151302(a) of title 11 of the United States Code is amended by inserting ", or shall appoint a disinterested person to serve," after "The United States trustee shall serve". SUBTITLE J—COLLECTIVE BARGAINING AGREEMENTS

SEC. 541. (a) Title 11 of the United States Code is amended by adding after section 1112 the following new section: 11 USC 1113.

11 USC 1161. 45 USC 151.

"§ 1113. Rejection of collective bargaining agreements

"(a) The debtor in possession, or the trustee if one has been appointed under the provisions of this chapter, other than a trustee in a case covered by subchapter IV of this chapter and by title I of the Railway Labor Act, may assume or reject a collective bargaining agreement only in accordance with the provisions of this section. "(b)(1) Subsequent to filing a petition and prior to filing an application seeking rejection of a collective bargaining agreement, the debtor in possession or trustee (hereinafter in this section 'trustee' shall include a debtor in possession), shall— "(A) make a proposal to the authorized representative of the employees covered by such agreement, based on the most complete and reliable information available at the time of such proposal, which provides for those necessary modifications in the employees benefits and protections that are necessary to permit the reorganization of the debtor and assures that all creditors, the debtor and all of the affected parties are treated fairly and equitably; and "(B) provide, subject to subsection (d)(3), the representative of the employees with such relevant information as is necessary to evaluate the proposal. "(2) During the period beginning on the date of the making of a proposal provided for in paragraph (1) and ending on the date of the hearing provided for in subsection (d)(1), the trustee shall meet, at reasonable times, with the authorized representative to confer in good faith in attempting to reach mutually satisfactory modifications of such agreement. "(c) The court shall approve an application for rejection of a collective bargaining agreement only if the court finds that— "(1) the trustee has, prior to the hearing, made a proposal that fulfills the requirements of subsection (b)(1); "(2) the authorized representative of the employees has refused to accept such proposal without good cause; and "(3) the balance of the equities clearly favors rejection of such agreement. "(d)(1) Upon the filing of an application for rejection the court shall schedule a hearing to be held not later than fourteen days after the date of the filing of such application. All interested parties may appear and be heard at such hearing. Adequate notice shall be provided to such parties at least ten days before the date of such hearing. The court may extend the time for the commencement of such hearing for a period not exceeding seven days where the circumstances of the case, and the interests of justice require such extension, or for additional periods of time to which the trustee and representative agree.

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 PUBLIC LAW 98-353—JULY 10, 1984 "(2) The court shall rule on such application for rejection within thirty days after the date of the commencement of the hearing. In the interests of justice, the court may extend such time for ruling for such additional period as the trustee and the employees' representative may agree to. If the court does not rule on such application within thirty days after the date of the commencement of the hearing, or within such additional time as the trustee and the employees' representative may agree to, the trustee may terminate or alter any provisions of the collective bargaining agreement pending the ruling of the court on such application. "(3) The court may enter such protective orders, consistent with the need of the authorized representative of the employee to evaluate the trustee's proposal and the application for rejection, as may be necessary to prevent disclosure of information provided to such representative where such disclosure could compromise the position of the debtor with respect to its competitors in the industry in which it is engaged. "(e) If during a period when the collective bargaining agreement continues in effect, and if essential to the continuation of the debtor's business, or in order to avoid irreparable damage to the estate, the court, after notice and a hearing, may authorize the trustee to implement interim changes in the terms, conditions, wages, benefits, or work rules provided by a collective bargaining agreement. Any hearing under this paragraph shall be scheduled in accordance with the needs of the trustee. The implementation of such interim changes shall not render the application for rejection moot. "(f) No provision of this title shall be construed to permit a trustee to unilaterally terminate or alter any provisions of a collective bargaining agreement prior to compliance with the provisions of this section.". (b) The table of sections for chapter 11 of title 11, United States Code, is amended by inserting after the item relating to section 1112 the following new item:

98 STAT. 391

Confidentiality.

"1113. Rejection of collective bargaining agreements.".

(c) The amendments made by this section shall become effective upon the date of enactment of this Act; provided that this section shall not apply to cases filed under title 11 of the United States Code which were commenced prior to the date of enactment of this section.

Effective date. 11 USC 1113 note.

SUBTITLE K—MISCELLANEOUS

SEC..551. If any provision of this title or any amendment made by Provisions held this title, or the application thereof to any person or circumstance is invalid. held invalid, the provisions of every other part, and their application 11 USC 101 note. shall not be affected thereby. SEC. 552. Notwithstanding the provisions of section 8331(22) of title 5, United States Code, or any other provision of law, for Ante, p. 343. purposes of section 8339(n) of title 5, United States Code, any individual appointed under section 34 of the Bankruptcy Act who served as a United States bankruptcy judge for the district of Oregon or for the Central district of California until March 31, 1984, shall receive an annuity computed with respect to his service as a referee in bankruptcy and as a bankruptcy judge, and his military service (not exceeding five years) creditable under section 8332 of

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 98 STAT. 392

PUBLIC LAW 98-353—JULY 10, 1984

title 5, United States Code, by multiplying 2y2 per centum of his average annual pay by the years of that service. Effective SEC. 553. (a) Except as otherwise provided in this section the ?f miri ini amendments made by this title shall become effective to cases filed 11 ubL lui note, g^ ^^^^ ^^^^^ ^^^ ^^^^ ^^ enactment of this Act. (b) The amendments made by section 4260t)) shall become effective upon the date of enactment of this Act. Ante, p. 390. (c) The amendments made by subtitle J, shall become effective as provided in section 541(c). Approved July 10, 1984.

3J"

-P,

LEGISLATIVE HISTORY—H.R. 5174: HOUSE REPORT No. 98-882 (Comm. of Conference). CONGRESSIONAL RECORD, Vol. 130 (1984): Mar. 21, considered and passed House. May 21-24, June 4, 5, 19, considered and passed Senate, amended. June 29, House and Senate agreed to conference report. WEEKLY COMPILATION OF PRESIDENTIAL DOCUMENTS, Vol. 20, No. 28 (1984): July 10, Presidential statement.

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 PUBLIC LAW 98-354—JULY 10, 1984

98 STAT. 393

Public Law 98-354 98th Congress An Act Allowing William R Gianelli to continue to serve as a member of the Board of the Panama Canal Commission after his retirement as an officer of the Department of JMe^. ^

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That, notwithstanding the provisions of section 1102(a) of the Panama Canal Act of 1979 (22 U.S.C. 3612(a)), William R. Gianelli may continue to serve as the designee of the Secretary of Defense on the Board of the Panama Canal Commission after his retirement as an officer of the Department of Defense, until another officer of the Department of Defense is designated under section 1102(a) of the Panama Canal Act of 1979.

juiy lo, 1984 ' [H.R. 5404]

^•^'- >5"

Approved July 10, 1984. ilk:M

no'

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LEGISLATIVE HISTORY—H.R. 5404: HOUSE REPORT No. 98-732 (Comm. on Merchant Marine and Fisheries). CONGRESSIONAL RECORD, Vol. 130 (1984): May 14, considered and passed House. June 28, considered and passed Senate.

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 98 STAT. 394

PUBLIC LAW 98-355—JULY 11, 1984 Public Law 98-355 98th Congress

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An Act July 11, 1984 [H.R. 5950]

26 USC 9008.

26 USC 9008 note.

To increase the Federal contribution for the Quadrennial Political Party Presidential National Nominating Conventions..

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. Increased Payments for Presidential Nominating Conventions. (a) IN GENERAL.—Paragraph (1) of section 9008(b) of the Internal Revenue Code of 1954 (relating to major parties) is amended by striking out "$8,000,000" and inserting in lieu thereof "$4,000,000". (b) TECHNICAL AMENDMENTS.—Paragraph (5) of section 9008(b) of such Code (relating to adjustment of entitlements) is amended— (1) by striking out "section 320(b) and section 320(d)" and inserting in lieu thereof "section 3150t>) and section 315(d)"; and (2) by striking out "section 320(c)" and inserting in lieu thereof "section 315(c)". (c) EFFECTIVE DATE.—The amendments made by this section shall take effect on January 1, 1984. Approved July 11, 1984.

LEGISLATIVE HISTORY—H.R. 5950: HOUSE REPORT No. 98-877, Ft. 1 (Comm. on Ways and Means). CONGRESSIONAL RECORD, Vol. 130 (1984): June 28, considered and passed House. June 29, considered and passed Senate.

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 PUBLIC LAW 98-356—JULY 11, 1984

98 STAT. 395

Public Law 98-356 98th Congress Joint Resolution To designate 1984 as the "Year of the St. Lawrence Seaway" and June 27, 1984, as "St. Lawrence Seaway Day".

Whereas the Great Lakes have long been recognized as a valuable transportation resource by Americans and Canadians; Whereas it was not until the opening of the St. Lawrence Seaway in 1959 that mid-continent North America was able to fully enjoy the economies and efficiencies inherent in deep-draft, waterborne commerce; Whereas the St. Lawrence Seaway is a symbol of the thriving climate of constructive cooperation which exists between the United States and Canada; Whereas, since the opening of the St. Lawrence Seaway in 1959, more than one billion metric tons of cargo have moved through the Seaway to the far reaches of the globe; Whereas June 27, 1984, will mark the 25th anniversary of the dedication of the opening of the St. Lawrence Seaway to deepdraft navigation at the Dwight D. Eisenhower Lock, Massena, New York; and Whereas it is appropriate to recognize, acknowledge, and proclaim the importance of the St. Lawrence Seaway to the economic wellbeing of mid-continent North America and the significance of the St. Lawrence Seaway-Great Lakes navigation system in the overall transportation network of the United States: Now, therefore, be it Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That— (1) 1984 is designated as the "Year of the St. Lawrence Seaway", and

July 11, 1984 [H.J. Res. 567]

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 98 STAT. 396

PUBLIC LAW 98-356—JULY 11, 1984 (2) June 27, 1984, is designated as "St. Lawrence Seaway Day". The President is authorized and requested to issue a proclamation calling upon the people of the United States to observe such year and such day with appropriate ceremonies and activities. Approved July 11, 1984.

Sfi

LEGISLATIVE HISTORY—H.J. Res. 567: CONGRESSIONAL RECORD, Vol. 130 (1984): June 6, considered and passed House. June 28, considered and passed Senate.

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 PUBLIC LAW 98-357—JULY 13, 1984 Public Law 98-357 98th Congress

98 STAT. 397

An Act

To establish a boundary for the Black Canyon of the Gunnison National Monument, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. (a) The Congress finds that— (1) the Black Canyon of the Gunnison National Monument (hereafter in this Act referred to as the "Monument") is an integral and widely recognized part of the national park system, and possesses outstanding recreational opportunities and natural characteristics of high value which, if properly managed, contribute as an enduring resource for the benefit of the American people; (2) the preservation of these valuable resources is significantly threatened by increased development activity and the subdivision of adjacent private lands; (3) the Monument does not have a boundary established by legislation; and (4) it is in the best interest of the United States to establish the boundary of the Monument so as to encompass the lands described as being within the Monument and those private lands posing the most immediate threat to the visual quality of the area. (b) The purpose of this Act is to establish a boundary for the Monument in order to promote, perpetuate, and preserve the character of the land and to preserve scenic and historic resources. SEC. 2. (a) The boundary of the Monument shall be as generally depicted on the map entitled "Boundary Map, Black Canyon of the Gunnison National Monument", dated February 1984, and numbered 144-80,010-B, which shall be on file and available for public inspection in the office of the Director, National Park Service, Department of the Interior and in the office of the Park Superintendent, Black Canyon of the Gunnison National Monument. (b) Not later than six months after the date of enactment of this Act, the Secretary of the Interior (hereinafter in this Act referred to as the "Secretary") shall file a legal description of the revised boundary with the Committee on Interior and Insular Affairs of the House of Representatives and the Committee on Energy and Natural Resources of the United States Senate. Such legal description shall have the same force and effect as if included in this Act, except that corrections of clerical and typographical errors in such legal description (and in the map referred to in subsection (a)) may be made. Such legal descriptions shall be on file and available for public inspection in the office of the Director, National Park Service, Department of the Interior. SEC. 3. (a) The Secretary is authorized to acquire lands or interests therein within the boundary of the Monument by donation, exchange, or purchase with donated or appropriated funds. The Secre-

July 13, 1984 [H.R. 3825] Conservation. National Park System.

Public availability. 16 USC 431 note.

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 98 STAT. 398

30 USC 1001 note.

43 USC 1457. 16 USC 461. Effective date. auth'onzSicm'

PUBLIC LAW 98-357—JULY 13, 1984 tary may acquire less than fee interests in such lands in cases where such interest will adequately protect the visual quality, natural, or cultural resources of the Monument: Provided, That the Secretary shall not acquire lands in fee interest unless the owner of such land concurs with such action. (b) All lands under the administrative jurisdiction of the Secretary within the boundary of the Monument as of the date of enactment of this Act, shall be transferred to the administrative jurisdiction of the National Park Service to be administered as a part of the Monument. (c) Upon request by a landowner, and if determined by the Secretary that such action would not be detrimental to the visual resources of the Monument, the Secretary shall permit as a condition of the acquisition of any less than fee interest in land under this Act— (1) livestock grazing to continue at the levels and locations customarily exercised by the owner of such land prior to August 1, 1983, and (2) commonly accepted operation and maintenance practices supporting livestock grazing to continue to be allowed, including the maintenance of domestic, livestock and agricultural water conveyance systems, and the construction and maintenance of required fencing and stock ponds. (d) Subject to valid existing rights, federally owned lands and interests therein within the Monument are withdrawn from entry or appropriation under the mining laws of the United States, from the operation of the mineral leasing laws of the United States, from operation of the Geothermal Steam Act of 1970, and from disposition under the public land laws. SEC. 4. The Secretary shall administer the Monument in accordance with the provisions of this Act and the provisions of law generally applicable to units of the National Park System including the Acts of August 25, 1916 (39 Stat. 535), and August 21, 1935 (49 Stat. 666). SEC. 5. Effective October 1, 1984, there is hereby authorized to be appropriated to the Department of the Interior such sums as may be necessary to carry out the provisions of this Act. Approved July 13, 1984.

LEGISLATIVE HISTORY—H.R. 3825: HOUSE REPORT No. 98-608 (Comm. on Interior and Insular Affairs). CONGRESSIONAL RECORD, Vol. 130 (1984): Mar. 5, considered and passed House. June 28, considered and passed Senate.

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 thousand supposing I found five thousand? and instead of five thousand that I found a hundred thousand? Oh! what a fine gentleman I should then become! . . . I would have a beautiful palace, a thousand little wooden horses and a thousand stables to amuse myself with, a cellar full of currant-wine and sweet syrups, and a library quite full of candies, tarts, plum-cakes, macaroons, and biscuits with cream.'

Whilst he was building these castles in the air he had arrived in the neighbourhood of the field, and he stopped to look if by chance he could perceive a tree with its branches laden with money: but he saw nothing. He advanced another hundred steps—nothing: he entered the field. . . he went right up to the little hole where he had buried his sovereigns—and nothing. He then became very thoughtful, and forgetting the rules of society and good manners he took his hands out of his pocket and gave his head a long scratch.

At that moment he heard an explosion of laughter close to him, and looking up he saw a large Parrot perched on a tree, who was pruning the few feathers he had left.

'Why are you laughing?' asked Pinocchio in an angry voice.

'I am laughing because in pruning my feathers I tickled myself under my wings.'

The puppet did not answer, but went to


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Page:United States Statutes at Large Volume 98 Part 1.djvu/447

 PUBLIC LAW 98-358—JULY 13, 1984

98 STAT. 399

Public Law 98-358 98th Congress An Act Granting the consent of the Congress to an interstate compact for the preparation of a feasibility study for the development of a system of high-speed intercity rail passenger service.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That the Congress consents to the Interstate High Speed Intercity Rail Passenger Network Compact as participated in by the States of Illinois, Indiana, Michigan, Ohio, and Pennsylvania, which States have enacted such compact into law, said any other State which subsequently becomes a participant through enactment of the compact. Such compact is substantially as follows: .:

July 13, 1984 [H.R. 4308] ~

Illinois. Indiana. Michigan. Ohio. Pennsylvania.

"INTERSTATE fflGH SPEED INTERCITY RAIL PASSENGER NETWORK COMPACT "ARTICLE I—POLICY AND PURPOSE

"Because the beneficial service of and profitability of a high speed West Virginia. intercity rail passenger system would be enhanced by establishing Kentucky. such a system which would operate across state lines, it is the policy of the states party to this compact to cooperate and share jointly the administrative and financial responsibilities of preparing a feasibility study concerning the operation of such a system connecting major cities in Ohio, Indiana, Michigan, Pennsylvania, Illinois, West Virginia, and Kentucky. "ARTICLE n—COOPERATION

"The states of Ohio, Indiana, Michigan, Pennsylvania, Illinois, West Virginia, and Kentucky, hereinafter referred to as participating states, agree to, upon adoption of this compact by the respective states, jointly conduct and participate in a high speed intercity rail passenger feasibility study by providing such information and data as is available and may be requested by a participating state or any consulting firms representing a participating state or the compact. It is mutually understood by the participating states that such information shall not include matters not of public record or of a nature considered to be privileged and confidential unless the state providing such information agrees to waive the confidentiality. "The participating states further agree to: "(a) Make available to each other and to any consulting firm representing the member states or the compact such assistance as may be legal, proper and available, including but not limited to personnel, equipment, office space, machinery, computers, engineering and technical advice and services; and "(b) Provide such financial assistance for the implementation of the feasibility study as may be legal, proper and available.

Public availability.

Confidentiality.

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