11 U.S.C. § 928

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

Section 928 - Post petition effect of security interest

(a) Notwithstanding section 552(a) of this title and subject to subsection (b) of this section, special revenues acquired by the debtor after the commencement of the case shall remain subject to any lien resulting from any security agreement entered into by the debtor before the commencement of the case.

(b) Any such lien on special revenues, other than municipal betterment assessments, derived from a project or system shall be subject to the necessary operating expenses of such project or system, as the case may be.

11 U.S.C. § 928

Added Pub. L. 100-597, §8, Nov. 3, 1988, 102 Stat. 3029.

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATESection effective Nov. 3, 1988, but not applicable to any case commenced under this title before that date, see section 12 of Pub. L. 100-597 set out as an Effective Date of 1988 Amendment note under section 101 of this title.

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.

lien

The term "lien" means charge against or interest in property to secure payment of a debt or performance of an obligation.

security agreement

The term "security agreement" means agreement that creates or provides for a security interest.