18-22 - Chapter Eighteen. Use, Sale, or Lease of Property...

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Chapter Eighteen. Use, Sale, or Lease of Property After reading this chapter, you will be able to: Describe the details of the actual liquidation process and common methodologies of liquidation, private sales and public auctions Define the concept of cash collateral and the limits upon its use Understand a sale “free and clear of liens” Describe the sale of joint tenancy or tenancy in common property
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Capital and Noncapital Assets A capital asset is one that is used to operate the business, such as equipment or fixtures. A noncapital asset is, for example, the inventory of an operating business.
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Cash Collateral Cash collateral is cash or, or its equivalent, in which a secured creditor may have an interest. Section 363(c) of the Bankruptcy Code restricts the use of cash collateral absent court approval.
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Sales Requiring Prior Court Approval All Chapter 7 sales, except as in 18.1.2 2 Sales not in the ordinary course of business
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Court Approval Not Required Chapter 9, 11, 12, or 13 sales in the ordinary course of business Chapter 7 sales in the ordinary course of business when a Chapter 7 trustee is authorized to operate
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Sales Free and Clear of Liens-- Conditions Nonbankruptcy law permits Lienholders consent All liens will be paid in full Lien is in good-faith dispute Lienholder could be legally compelled to accept money satisfaction
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Chapter Nineteen. Executory Contracts and Leases After reading this chapter, you will be able to: Define the term “executory contract” as a specialized form of asset Define the term “adequate assurance” Describe the procedure that is taken by a party seeking the assumption or rejection of an executory contract or unexpired lease List the deadlines contained in the Code to assume an executory contract or unexpired lease Describe the conditions when assumption of an executory contract or unexpired lease may not be assumed
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Executory Contracts Contracts for which performance remains due to some extent on both sides.
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18-22 - Chapter Eighteen. Use, Sale, or Lease of Property...

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