Page:United States Statutes at Large Volume 48 Part 1.djvu/941

 73d C ONGRESS. SESS. II. C H. 424. JUNE 7, 1934 . certificates of beneficial interest therein, and certificates of beneficial interest in property. The term `stockholders' shall include the holders of voting trust certificates. The term `creditors' shall include for all purposes of this section and of the reorganization plan, its acceptance and confirmation, all holders of claims of what- ever character against the debtor or its property, including claims under executory contracts, whether or not such claims would other- wise constitute provable claims under this Act. The term `claims ' include s debts, secur ities, other than st ock, l iens, o r other inter ests of whatever character. For all purposes of this section unsecured claims which would have been entitled to priority over existing mort- gages if a receiver in equity of the property of the debtor had been appointed by a Federal court on the day of the approval of the peti- tion or answer under this section, shall be entitled to such priority, and the holders of such claims, and of other claims, if any, of equal rank, shall be treated as a separate class of creditors. In case an executory contract or unexpired lease of real estate shall be rejected pursuant to direction of the judge given in a proceeding instituted under this section, or shall have been rejected by a trustee or receiver in bankruptcy or receiver in equity, in a proceeding pending prior to the institution of a proceeding under this section any person injured by such rejection shall, for all purposes of this section and of the reorganization plan, its acceptance and confirmation, be deemed to be a creditor. The claim of a landlord for injury resulting from the rejection of an unexpired lease of real estate or for damages or indemnity under a covenant contained in such lease shall be treated as a claim ranking on a parity with debts which would be provable under section 63 (a) of this Act, but shall be limited to an amount not to exceed the rent, without acceleration, reserved by said lease for the thre e years next succeeding th e date of surr ender of the premises to the landlord or the date o f reentry of t he landlord, whichever first occurs, whether before or after the filing of the petition, plus unpaid rent accrued up to such date of surrender or reentry : Provided, That the court shall scrutinize the circumstances of an assignment of future rent claims and the amount of the con- sideration p aid for such assignment in determining t he amount of damages allowed assignee hereunder. In the case of secured claims entitled to the provisions of clause (5) of this subdivision (b), the value of the security shall be determined in the manner provided in section 57, clause (h) of this Act, and if the amount of such value shall be less than the amount of the claim, the excess may be clas- sified as an unsecured claim. The provisions of section 60 of this Act shall apply to claims against the debtor in a proceeding under this section. For all purposes of this section any creditor may act in person, by an attorney at law, or by a duly authorized agent or committee : Provided, That the judge shall scrutinize and may disregard an y limitations or provision s of any depos itary agree- ments, trust indentures, committee or other authorizations affecting any creditor acting under this section and may enforce an account- ing thereunder or restrain the exercise of any power which he finds to be unfair or not consistent with public policy and may limit any claims filed by such committee member or agent, to the actual consideration paid therefor. The running of all periods of time prescribed by any other provisions of this Act, and by all statutes of limitations, shall be suspended during the pendency of a proceeding under this section. "(c) Upon approving the petition or answer or at any time there- after, the judge, in addition to the jurisdiction and powers elsewhere in this section conferred upon him, (1) may, after hearing upon "Clai ms ." Priority . 915 "Stockholders." "Creditors ." Perso ns i njur ed by rejection of executory contract. Claim of landlord for injury through loss of rent. Limit atio n . Provisos . Rent claims to be scrutinized . Determinati on of value of sec urity in secured claims . Depositary agree- ment, etc, affecting creditor may be disre- garded . Accounting ; restraint of power fou nd to be unf air . Running of statutes of li mitat ion suspe nded during pendency of proceedings . Authority of judge upon approva l of pe- tition or answer.