H.R. 4296 (109th): Innocent Supplier Fairness Act

Introduced:
Nov 10, 2005 (109th Congress, 2005–2006)
Status:
Died (Referred to Committee)
Sponsor
Michael Sodrel
Representative for Indiana's 9th congressional district
Party
Republican
Text
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Last Updated
Nov 10, 2005
Length
3 pages
 
Status

This bill was introduced on November 10, 2005, in a previous session of Congress, but was not enacted.

Progress
Introduced Nov 10, 2005
Referred to Committee Nov 10, 2005
 
Full Title

To amend title 11 of the United States Code with respect to avoidable preferences; and to amend title 28 of the United States Code with respect to venue for proceedings to avoid preferences under section 547 of title 11 of the United States Code.

Summary

No summaries available.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


11/10/2005--Introduced.
Innocent Supplier Fairness Act - Amends federal bankruptcy law to detail the elements of a special relationship that the trustee in bankruptcy must prove in order to rebut the presumption that the creditor or party in interest against whom recovery or avoidance is sought has carried the burden of proving the nonavoidability of a transfer.
Specifies such elements as:
(1) the insider character of the creditor or the party in interest;
(2) common ownership of the debtor and such creditor or such party;
(3) common management of the debtor and creditor or party consisting of overlapping senior management or directors;
(4) explicit notice from the debtor to such creditor or party that a petition filling is contemplated or imminent before the date of the transfer; or
(5) the use by such creditor or party of judicial process, during the 90 days before the petition filing, against the debtor to collect a debt with respect to which a transfer may have been made.
Amends the federal judicial code to require the trustee in bankruptcy to commence a proceeding to avoid preferences only in the district court for the district in which the defendant resides.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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