Page:United States Statutes at Large Volume 100 Part 4.djvu/176

 100 STAT. 3104

PUBLIC LAW 99-554—OCT. 27, 1986

Subtitle B—Debtors Who Are Family Farmers SEC. 251. DEFINITIONS.

Post, p. 3105.

Section 101 of title 11, United States Code, as amended by section 201 of this Act, is amended— (1) in paragraph (17) by inserting "(except when such term appears in the term 'family farmer')' after "means", (2) by redesignating paragraphs (17) through (49) as paragraphs (19) through (51), respectively, and (3) by inserting after paragraph (16) the following new paragraphs: "(17) 'family farmer' means— "(A) individual or individual and spouse engaged in a farming operation whose aggregate debts do not exceed $1,500,000 and not less than 80 percent of whose aggregate noncontingent, liquidated debts (excluding a debt for the principal residence of such individual or such individual i and spouse unless such debt arises out of a farming opert< ation), on the date the case is filed, arise out of a farming operation owned or operated by such individual or such individual and spouse, and such individual or such individual and spouse receive from such farming operation more than 50 percent of such individual's or such individual and spouse's gross income for the taxable year preceding the taxable year in which the case concerning such individual fgiiB or such individual and spouse was filed; or "(B) corporation or partnership in which more than 50 briB percent of the outstanding stock or equity is held by one family, or by one family and the relatives of the members of (H) d such family, and such family or such relatives conduct the farming operation, and "(i) more than 80 percent of the value of its assets consists of assets related to the farming operation; "(ii) its aggregate debts do not exceed $1,500,000 and not less than 80 percent of its aggregate noncontingent, liquidated debts (excluding a debt for one dwelling which is owned by such corporation or partnership and Q3 e^i:l''i which a shareholder or partner maintains as a priniioih©8 %' cipal residence, unless such debt arises out of a farming operation), on the date the case is filed, arise out of the 8**^lal^- I farming operation owned or operated by such corporation or such partnership; and "(iii) if such corporation issues stock, such stock is not publicly traded; "(18) 'family farmer with regular annual income' means family farmer whose annual income is sufficiently stable and regular to enable such family farmer to make payments under a plan under chapter 12 of this title;". SEC. 252. APPLICABILITY OF CHAPTERS.

V. iOfif lyiu j

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Section 103 of title 11, United States Code, is amended— (1) in subsection (a) by striking out "or 13" and inserting in lieu thereof "12, or 13", (2) by adding at the end thereof the following: "(i) Chapter 12 of this title applies only in a case under such chapter.".
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