In a major victory for secured creditors, the United States Supreme Court unanimously held that a Chapter 11 plan involving a sale of secured property free and clear of a creditor's lien must afford the secured creditor the right to credit bid for the property under section 363(k) of title 11 of the United States Code (the Bankruptcy Code).
Secured Creditors Secure Win
In a major victory for secured creditors, the United States Supreme Court unanimously held that a Chapter 11 plan involving a sale of secured property free and clear of a creditor's lien must afford the secured creditor the right to credit bid for the property under section 363(k) of title 11 of the United States Code. In so holding, the Court resolved the split that had emerged among the United States Circuit Courts of Appeals.
By
Alan Lepene, Andrew L. Turscak, JR., And James HendersonThis premium content is locked for The Bankruptcy Strategist subscribers only
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