Difference between revisions of "Bankruptcy"

Revision as of 11:28, 14 January 2015

Perfection of Mechanics Liens & Other claims under Bankruptcy Stay

The general avoidance power is at 11 USC 544 . The trustee also has avoidance powers under 11 USC 547 for preferences.

“Transfer” includes a lien.   See s. 101(54) after BAPCPA

Section 546 places some limitations on the power of avoidance

547(e)(2) gives 30 days to perfect by recording a sale or mortgage of real property. Same for creating UCC Interests under 547(c)(3)(B) – but UCC itself may set a shorter time for perfecting.

Authority for filing to perfect not being a violation of the stay is 362(b)(3) as interpreted in In re Construction Supervision Services

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 [http://www.lexology.com/library/detail.aspx?g=268ff416-986d-4d9f-ae4a-2646b3090815&utm_source=Lexology+Daily+Newsfeed&utm_medium=HTML+email+-+Body+-+Federal+section&utm_campaign=Lexology+subscriber+daily+feed&utm_content=Lexology+Daily+Newsfeed+2014-11-21&utm_term= Perfection of Mechanics Liens & Other claims under Bankruptcy Stay]
+The general avoidance power is at 11 USC 544 .
+The trustee also has avoidance powers under 11 USC 547 for preferences.
+ “Transfer” includes a lien.   See s. 101(54) after BAPCPA
+Section 546 places some limitations on the power of avoidance
+(e)(2) gives 30 days to perfect by recording a sale or mortgage of real property.
+Same for creating UCC Interests under 547(c)(3)(B) – but UCC itself may set a shorter time for perfecting.
+Authority for filing to perfect not being a violation of the stay is 362(b)(3) as interpreted in In re Construction Supervision Services