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UNION BANK v. WOLAS Opinion of the Court

the clarity of the statutory text, respondent’s burden of persuading us that Congress intended to create or to preserve a special rule for long-term debt is exceptionally heavy. United States v. Ron Pair Enterprises, Inc., 489 U. S. 235, 241–242 (1989). As did the Ninth Circuit, respondent relies on the history and the policies underlying the preference provision. II The relevant history of § 547 contains two chapters, one of which clearly supports, and the second of which is not inconsistent with, the Bank’s literal reading of the statute. Section 547 was enacted in 1978 when Congress overhauled the Nation’s bankruptcy laws. The section was amended in 1984. For purposes of the question presented in this case, the original version of § 547 differed in one significant respect from the current version: It contained a provision that the ordinary course of business exception did not apply unless the payment was made within 45 days of the date the debt was incurred.8 That provision presumably excluded most payments on long-term debt from the exception.9 In 1984 Congress repealed the 45-day limitation but 8

As enacted in 1978, § 547(c) provided, in relevant part: “The trustee may not avoid under this section a transfer— . . . . . “(2) to the extent that such transfer was— “(A) in payment of a debt incurred in the ordinary course of business or financial affairs of the debtor and the transferee; “(B) made not later than 45 days after such debt was incurred; “(C) made in the ordinary course of business or financial affairs of the debtor and the transferee; and “(D) made according to ordinary business terms.” 92 Stat. 2598 (emphasis added). 9 We use the term “presumably” because it is not necessary in this case to decide whether monthly interest payments on long-term debt were protected by the initial version of § 547(c)(2). Cf. In re Iowa Premium Serv. Co., Inc., 695 F. 2d 1109 (CA8 1982) (en banc) (holding that interest obligations are “incurred” when they become due, rather than when the promissory note is signed). We refer to “most” instead of “all” long-term debt