11 U.S.C. § 554
HISTORICAL AND REVISION NOTES
LEGISLATIVE STATEMENTSSection 554(b) is new and permits a party in interest to request the court to order the trustee to abandon property of the estate that is burdensome to the estate or that is of inconsequential value to the estate.
SENATE REPORT NO. 95-989Under this section the court may authorize the trustee to abandon any property of the estate that is burdensome to the estate or that is of inconsequential value to the estate. Abandonment may be to any party with a possessory interest in the property abandoned. In order to aid administration of the case, subsection (b) deems the court to have authorized abandonment of any property that is scheduled under section 521(1) and that is not administered before the case is closed. That property is deemed abandoned to the debtor. Subsection (c) specifies that if property is neither abandoned nor administered it remains property of the estate.
AMENDMENTS2010-Subsec. (c). Pub. L. 111-327 substituted "521(a)(1)" for "521(1)".1986-Subsec. (c). Pub. L. 99-554 substituted "521(1)" for "521(a)(1)".1984-Subsecs. (a), (b). Pub. L. 98-353, §468(a), inserted "and benefit" after "value".Subsec. (c). Pub. L. 98-353, §468(b), amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: "Unless the court orders otherwise, any property that is scheduled under sectionof this title and that is not administered before a case is closed under section of this title is deemed abandoned."Subsec. (d). Pub. L. 98-353, §468(c), struck out "section (a) or (b) of" after "not abandoned under".
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 1986 AMENDMENTAmendment by Pub. L. 99-554 effective 30 days after Oct. 27, 1986, see section 302(a) of Pub. L. 99-554 set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.
EFFECTIVE DATE OF 1984 AMENDMENTAmendment by Pub. L. 98-353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98-353 set out as a note under sectionof this title.
- 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.