VZ and Motion to Continue
Posted: Wed Jan 06, 2010 8:11 pm
Just as an update, the following language was found in a VZ tentative recently. I was under the impression the Motion was mandatory for the stay to continue in all 13th floor Courtrooms....:
The Debtors Motion was either not filed within the 30 Day Period as required by
11 U.S.C. 362(c)(4)(B), or the Debtors Motion was not filed in such a manner that it could be
noticed and heard prior to the expiration of the 30 day period as required by 11 U.S.C. 362(c)(3)
(B).
x While the Motion cannot be granted, the plain language of 11 U.S.C. 362(c)(3)(A) provides
that the stay of 11 U.S.C. 362(a) terminates (1) only with respect to any action taken with respect
to a debt or property securing such debt or with respect to any leasethe Debtor. The Bankruptcy Appellate Panels for the First and Tenth Circuits1 and the majority
of courts to consider the issue2 conclude, as I do, that the stay of 11 U.S.C. 362(a) remains in
place as to property of the Estate. Since the Estate includes the property subject of the Motion and
generally encompasses the majority of the Debtors property per 11 U.S.C. 541, no harm to the
Debtor presented by an 11 U.S.C. 362(c)(3)(A) stay termination.
The post was migrated from Yahoo.