Generally speaking, the alternative to chapter 9 is dismissal of the case, permitting every creditor to fend for itself. Under that section, a chapter 9 petition does not operate to stay application of pledged special revenues to payment of indebtedness secured by such revenues.
The notice must also be published "at least once a week for three successive weeks in at least one newspaper of general circulation published within the district in which the case is commenced, and in such other newspaper having a general circulation among bond dealers and bondholders as the court designates.
Additional automatic stay provisions are applicable in chapter 9 that prohibit actions against officers and inhabitants of the debtor if the action seeks to enforce a claim against the debtor. The tort of unfair competition exists when: For purposes of this publication, references to United States trustees are also applicable to bankruptcy administrators.
Although Congress took care to draft the legislation so as not to interfere with the sovereign powers of the states guaranteed by the Tenth Amendment to the Constitution, the Supreme Court held the Act unconstitutional as an improper interference with the sovereignty of the states.
Cameron County Water District. The restrictions imposed by 11 U. The first municipal bankruptcy legislation was enacted in during the Great Depression. There is no first meeting of creditors, and creditors may not propose competing plans. Notes In North Carolina and Alabama, bankruptcy administrators perform similar functions that United States trustees perform in the remaining forty-eight states.
At any time within days after entry of the confirmation order, the court may, after notice and a hearing, revoke the order of confirmation if the order was procured by fraud.
Holders of special revenue bonds can expect to receive payment on such bonds during the chapter 9 case if special revenues are available. The first is for any debt excepted from discharge by the plan or order confirming the plan. This caused a significant reduction in sales and the firm sued the journalist.
A municipality has authority to borrow money during a chapter 9 case as an administrative expense. Many creditors may not be required to file a proof of claim in a chapter 9 case.
Dismissal As previously noted, the court may dismiss a chapter 9 petition, after notice and a hearing, if it concludes the debtor did not file the petition in good faith or if the petition does not meet the requirements of chapter 9.
There are two exceptions to the discharge in chapter 9 cases.BUSINESS LAW CHAPTER True/False (1 pt. each answer 10 pts. total) Indicate whether the sentence or statement is true or false. 1. A promise to make a gift is enforceable and constitutes a contract.
2. A pledge to charity is usually not binding.
3. A promise to give money in exchange for something that has already been done is binding. Jazmine Wright Business Law Chap 8 & 9 1.
Contingent fee j Slander g Libel e Invasion of privacy b Nuisance a Conversion i Chattel c Tort d Mental distress f Strict liability h 2.
Can an action result in both a crime and a tort? Why? A single event can be both a criminal offense and the basis for a civil lawsuit.
Test over Chapter 1 in Business Law.
Sources of law include constitutions, statutes, cases decided by _____, and regulations and rulings of administrative agencies. HOUGHTON MIFFLIN COMPANY BOSTON NEW YORK Study Guide Business Law Principles and Practices SEVENTH EDITION Arnold J.
Goldman Law Firm of Goldman & Goldman William D. Sigismond Monroe Community College. Learn chapter 9 business law with free interactive flashcards. Choose from different sets of chapter 9 business law flashcards on Quizlet. reducing a contractual agreement to a written from increases the likelihood parties will remember their promises.
the occurence of disputes may decrease. written contract and parties dont have to worry about statute of frauds compliance.Download