(a) This section applies only in a case concerning a
debtor that owns or operates a grain storage facility and only with respect to
grain and the proceeds of grain. This section does not affect the application
of any other section of this title to property other than grain and proceeds
of grain.
(b) In this section--
(1) "grain" means wheat, corn,
flaxseed, grain sorghum, barley, oats, rye, soybeans, other dry edible
beans, or rice;
(2) "grain storage facility" means a
site or physical structure regularly used to store grain for producers, or
to store grain acquired from producers for resale; and
(3) "producer" means an entity which
engages in the growing of grain.
(c)
(1) Notwithstanding sections
362, 363,
365,
and 554
of this title, on the court’s own motion the court may, and on the request
of the trustee or an entity that claims an interest in grain or the proceeds
of grain the court shall, expedite the procedures for the determination of
interests in and the disposition of grain and the proceeds of grain, by
shortening to the greatest extent feasible such time periods as are
otherwise applicable for such procedures and by establishing, by order, a
timetable having a duration of not to exceed 120 days for the completion of
the applicable procedure specified in subsection (d) of this section. Such
time periods and such timetable may be modified by the court, for cause, in
accordance with subsection (f) of this section.
(2) The court shall determine the extent to which
such time periods shall be shortened, based upon--
(A) any need of an entity claiming an interest in such grain or the
proceeds of grain for a prompt determination of such interest;
(B) any need of such entity for a prompt disposition of such grain;
(C) the market for such grain;
(D) the conditions under which such grain is stored;
(E) the costs of continued storage or disposition of such grain;
(F) the orderly administration of the estate;
(G) the appropriate opportunity for an entity to assert an interest in
such grain; and
(H) such other considerations as are relevant to the need to expedite
such procedures in the case.
(d) The procedures that may be expedited under
subsection (c) of this section include--
(1) the filing of and response to--
(A) a claim of ownership;
(B) a proof of claim;
(C) a request for abandonment;
(D) a request for relief from the stay of action against property under
section 362 (a) of this title;
(E) a request for determination of secured status;
(F) a request for determination of whether such grain or the proceeds
of grain--
(i) is property of the estate;
(ii) must be turned over to the estate; or
(iii) may be used, sold, or leased; and
(G) any other request for determination of an interest in such grain or
the proceeds of grain;
(2) the disposition of such grain or the proceeds
of grain, before or after determination of interests in such grain or the
proceeds of grain, by way of--
(A) sale of such grain;
(B) abandonment;
(C) distribution; or
(D) such other method as is equitable in the case;
(3) subject to sections
701, 702,
703,
1104,
1202,
and 1302
of this title, the appointment of a trustee or examiner and the retention
and compensation of any professional person required to assist with respect
to matters relevant to the determination of interests in or disposition of
such grain or the proceeds of grain; and
(4) the determination of any dispute concerning a
matter specified in paragraph (1), (2), or (3) of this subsection.
(e)
(1) Any governmental unit that has regulatory
jurisdiction over the operation or liquidation of the debtor or the
debtor’s business shall be given notice of any request made or order
entered under subsection (c) of this section.
(2) Any such governmental unit may raise, and may
appear and be heard on, any issue relating to grain or the proceeds of grain
in a case in which a request is made, or an order is entered, under
subsection (c) of this section.
(3) The trustee shall consult with such
governmental unit before taking any action relating to the disposition of
grain in the possession, custody, or control of the debtor or the estate.
(f) The court may extend the period for final
disposition of grain or the proceeds of grain under this section beyond 120
days if the court finds that--
(1) the interests of justice so require in light
of the complexity of the case; and
(2) the interests of those claimants entitled to
distribution of grain or the proceeds of grain will not be materially
injured by such additional delay.
(g) Unless an order establishing an expedited
procedure under subsection (c) of this section, or determining any interest in
or approving any disposition of grain or the proceeds of grain, is stayed
pending appeal--
(1) the reversal or modification of such order on
appeal does not affect the validity of any procedure, determination, or
disposition that occurs before such reversal or modification, whether or not
any entity knew of the pendency of the appeal; and
(2) neither the court nor the trustee may delay,
due to the appeal of such order, any proceeding in the case in which such
order is issued.
(h)
(1) The trustee may recover from grain and the
proceeds of grain the reasonable and necessary costs and expenses allowable
under section 503 (b) of this title attributable to preserving or disposing
of grain or the proceeds of grain, but may not recover from such grain or
the proceeds of grain any other costs or expenses.
(2) Notwithstanding section
326(a) of this title, the dollar amounts of money specified in such
section include the value, as of the date of disposition, of any grain that
the trustee distributes in kind.
(i) In all cases where the quantity of a specific type
of grain held by a debtor operating a grain storage facility exceeds ten
thousand bushels, such grain shall be sold by the trustee and the assets
thereof distributed in accordance with the provisions of this section.
[Rev. 5-19-05]
Doney
& Associates PLC Home Page
