Page:United States Statutes at Large Volume 52.djvu/962

 52 STAT.I 75TH CONG., 3D SESS.-CH. 575-JUNE 22, 1938 this chapter, the United States is a secured or unsecured creditor on claims for taxes or customs duties (whether or not the United States has any other interest in, or claim against the debtor, as a secured or unsecured creditor), no arrangement which does not provide for the payment thereof shall be confirmed by the court, except upon the acceptance of a lesser amount by the Secretary of the Treasury certified to the court: Provided,That if the Secretary of the Treasury shall fail to accept or reject an arrangement for more than sixty days after receipt of written notice so to do from the court to which the arrangement has been proposed, accompanied by a certified copy of the arrangement, his consent shall be conclusively presumed. "SEC. 456. A creditor may act in person, by an attorney-at-law, or by a duly authorized agent or committee and, if he shall act by an agent or committee, the court shall examine and may disregard any provision of a power or warrant of attorney, deposit agreement, trust indenture and committee, or other authorization affecting such creditor, and enforce an accounting thereunder and restrain the exercise of any power which it finds to be unfair or not consistent with public policy. "SEC. 457. Where not inconsistent with the provisions of this chapter, the rights, duties, and liabilities of creditors and of all other persons with respect to the property of the debtor shall be the same, where a petition is filed under section 421 of this Act, as if a decree of adjudication had been entered in the pending bank- ruptcy proceeding at the time the petition under this chapter was filed, or, where a petition is filed under section 422 of this Act, as if a voluntary petition for adjudication in bankruptcy had been filed and a decree of adjudication had been entered at the time the petition under this chapter was filed. "SEC. 458. In case an executory contract shall be rejected pursuant to the provisions of an arrangement or to the permission of the court given in a proceeding under this chapter, or shall have been rejected by a receiver in bankruptcy or receiver in equity in a prior pending proceeding, any person injured by such rejection shall, for the pur- poses of this chapter and of the arrangement, its acceptance and confirmation, be deemed a creditor. The claim of the 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 provable, but shall be limited to an amount not to exceed the rent, without acceleration, reserved by such lease for the three years next succeeding the date of the surrender of the premises to the landlord or the date of reentry of the landlord, whichever first occurs, whether before or after the filing of the petition, plus unpaid accrued rent, without acceleration, up to the date of surrender or reentry: Provided,That the court shall scrutinize the circumstances of an assignment of a future rent claim and the amount of the consideration paid for such assignment in determining the amount of damages allowed the assignee thereof. "SEC. 459. Upon the entry of an order under the provisions of this chapter directing that bankruptcy be proceeded with, only such claims as are provable under section 63 of this Act shall be allowed, and claims not already filed may be filed within three months after the first date set for the first meeting of creditors, held pursuant to section 55 of this Act. "ARTICLE VIII-PROVISIONS OF ARRANGEMENT "SEC. 461. An arrangement- "(1) shall include provisions modifying or altering the rights of creditors who hold debts secured by real property or a chattel real 921 Proviso. Presumption of con- sent to arrangement. Right of creditor to act by attorney, etc. Rights, duties, and liabilities of creditors, etc. Ante, p. 918. Rejection of execu- tory contract; status of injured person. Limitation on claim of landlord. Proviso. Assignee of future rent claim, damages. Order directing bankruptcy to be pro- ceeded with, claims allowed. Ante, p. 873. .nte, p. 865. Provisions of ar- rangement.

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