Page:United States Statutes at Large Volume 98 Part 1.djvu/407

 PUBLIC LAW 98-353—JULY 10, 1984

98 STAT. 359

fisherman's business, the rights and powers of the trustee under sections 544(a), 545, 547, and 549 of this title are subject to any statutory or common law right of such producer or fisherman to reclaim such grain or fish if the debtor has received such grain or fish while insolvent, but— "(1) such producer or fisherman may not reclaim any grain or Claims. fish unless such producer or fisherman demands, in writing, reclamation of such grain or fish before ten days after receipt thereof by the debtor; and "(2) the court may deny reclamation to such a producer or fisherman with a right of reclamation that has made such a demand only if the court secures such claim by a lien.". SEC. 352. (a) Chapter 5 of title 11, United States Code, is amended by adding at the end thereof the following new section: "§ 557. Expedited determination of interests in, and abandonment ii use 557. or other disposition of grain assets "(a) This section applies only in a case concerning a debtor that owns or operates a grain storage facility and only with respect to grain and the proceeds of grain. This section does not affect the application of any other section of this title to property other than grain and proceeds of grain. "(b) In this section— "(1) 'grain' means wheat, com, flaxseed, grain sorghum, barley, oats, rye, soybeans, other dry edible beans, or rice; "(2) 'grain storage facility' means a site or physical structure regularly used to store grain for producers, or to store grain acquired from prodOicers for resale; and "(3) 'producer' means an entity which engages in the growing of grain. "(c)(1) Notwithstanding sections 362, 363, 365, and 554 of this title, on the court's own motion the court may, and on the request of the trustee or an entity that claims an interest in grain or the proceeds of grain the court shall, expedite the procedures for the determination of interests in and the disposition of grain and the proceeds of grain, by shortening to the greatest extent feasible such time periods as are otherwise applicable for such procedures and by establishing, by order, a timetable having a duration of not to exceed 120 days for the completion of the applicable procedure specified in subsection (d) of this section. Such time periods and such timetable may be modified by the court, for cause, in accordance with subsection (f) of this section, "(2) The court shall determine the extent to which such time periods shall be shortened, based upon— "(A) any need of an entity claiming an interest in such grain or the proceeds of grain for a prompt determination of such interest; ' "(B) any need of such entity for a prompt disposition of such grain; "(C) the market for such grain; "(D) the conditions under which such grain is stored; "(E) the costs of continued storage or disposition of such grain; "(F) the orderly administration of the estate; "(G) the appropriate opportunity for an entity to assert an interest in such grain; and "(H) such other considerations as are relevant to the need to expedite such procedures in the case.

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