11 U.S.C. § 1194

Current through P.L. 118-107 (published on www.congress.gov on 11/21/2024)

Section 1194 - Payments

(a) RETENTION AND DISTRIBUTION BY TRUSTEE.-Payments and funds received by the trustee shall be retained by the trustee until confirmation or denial of confirmation of a plan. If a plan is confirmed, the trustee shall distribute any such payment in accordance with the plan. If a plan is not confirmed, the trustee shall return any such payments to the debtor after deducting-

(1) any unpaid claim allowed under section 503(b) of this title;

(2) any payment made for the purpose of providing adequate protection of an interest in property due to the holder of a secured claim; and

(3) any fee owing to the trustee.

(b) OTHER PLANS.-If a plan is confirmed under section 1191(b) of this title, except as otherwise provided in the plan or in the order confirming the plan, the trustee shall make payments to creditors under the plan.

(c) PAYMENTS PRIOR TO CONFIRMATION.-Prior to confirmation of a plan, the court, after notice and a hearing, may authorize the trustee to make payments to the holder of a secured claim for the purpose of providing adequate protection of an interest in property.

11 U.S.C. § 1194

Added Pub. L. 116-54, §2(a), Aug. 23, 2019, 133 Stat. 1084.

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATESection effective 180 days after Aug. 23, 2019, see section 5 of Pub. L. 116-54 set out as an Effective Date of 2019 Amendment note under section 101 of this title.

claim

The term "claim" means-(A) right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured; or(B) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured.

debtor

The term "debtor" means person or municipality concerning which a case under this title has been commenced.(13A) The term "debtor's principal residence"-(A) means a residential structure if used as the principal residence by the debtor, including incidental property, without regard to whether that structure is attached to real property; and(B) includes an individual condominium or cooperative unit, a mobile or manufactured home, or trailer if used as the principal residence by the debtor.