Page:United States Statutes at Large Volume 98 Part 1.djvu/425

 PUBLIC LAW 98-353—JULY 10, 1984

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(d) Section 543(d) of title 11 of the United States Code is amended to read as follows: "(d) After notice and hearing, the bankruptcy court— "(1) may excuse compliance with subsection (a), (b), or (c) of this section, if the interests of creditors and, if the debtor is not insolvent, of equity security holders would be better served by permitting a custodian to continue in possession, custody, or control of such property, and "(2) shall excuse compliance with subsections (a) and (b)(1) of this section if the custodian is an assignee for the benefit of the debtor's creditors that was appointed or took possession more than 120 days before the date of the filing of the petition, unless compliance with such subsections is necessary to prevent fraud or injustice.". SEC. 459. Section 544(a) of title 11 of the United States Code is amended— (1) in paragraph (1), by inserting "such" after "obtained"; (2) in paragraph (2), by striking out "; and" and inserting in lieu thereof "; or"; and (3) in paragraph (3), by— (A) inserting ", other than fixtures," after "property"; and (B) inserting "and has perfected such transfer" after "purchaser" the second place it appears. SEC. 460. Section 545 of title 11 of the United States Code is amended— (1) in paragraph (1)(A), by striking out "is" the first time it appears; (2) in paragraph (1)(C), by striking out "apponted" and inserting in lieu thereof "appointed or authorized to take"; and (3) in paragraph (2), by striking out "on the date of the filing of the petition' each place it appears and inserting in lieu thereof "at the time of the commencement of the case". SEC. 461. (a) Section 546(a) of title 11 of the United States Code is amended in paragraph (1) by striking out "and" and inserting in lieu thereof "or". (b) Section 546(b) of title 11 of the United States Code is amended by striking out "the trustee under section 544, 545, or" and inserting in lieu thereof "a trustee under sections 544, 545, and". (c) Section 546(c) of title 11 of the United States Code is amended— (1) by striking out "the trustee" and inserting in lieu thereof "a trustee"; (2) by striking out "right" the first place it appears; ' ' (3) by inserting "of goods that has sold goods to the debtor" after "seller" the first place it appears; (4) by striking out "of goods to the debtor" after "business,"; and (5) in paragraph (2), by— (A) inserting "the" after "if; and (B) striking out "an administrative expense" and inserting in lieu thereof "a claim of a kind specified in section 503(b) of this title". (d) Section 546(e) of title 11 of the United States Code, as redesignated by section 351, is amended by inserting "financial institution" 3.fxGr stockbroker SEC. 462. (a) Section 547(a) of title 11 of the United States Code is amended—

98 STAT. 377

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