Section 541 Of The Bankruptcy Code

Property of the estate on westlaw.

Section 541 of the bankruptcy code. It permits the trustee to avoid transfers by the debtor in fraud of his creditors. The term community claim means claim that arose before the commencement of the case concerning the debtor for which property of the kind specified in section 541 a 2 of this title is liable whether or not there is any such property at the time of the commencement of the case. Normal taxes and surtaxes.

Such estate is comprised of all the following property wherever located and by whomever held. Section 541 e enacted as d confirms the current status under the bankruptcy act former title 11 of bona fide secondary mortgage market transactions as the purchase and sale of assets. 7a the term commercial fishing operation means.

Except as provided in subsection c or d of this section an entity other than a custodian in possession custody or control during the case of property that the trustee may use sell or lease under section 363 of this title or that the debtor may exempt under section 522 of this title shall deliver to the trustee and account for such property or the value of such property unless. Findlaw codes are provided courtesy of thomson reuters westlaw the industry leading online legal research system. Mortgages or interests in mortgages sold in the secondary market should not be considered as part of the debtor s estate.

Specifically section 541 c 1 of the bankruptcy code provides that the debtor s interests in property become property of the estate in spite of any provision in a contract or applicable law that modifies or terminates the property interest because of the debtor s filing or insolvency. Mortgages or interests in mortgages sold in the secondary market should not be considered as part of the debtor s estate. Section 541 of the bankruptcy code states that the debtor s estate includes all legal and equitable interests of the debtor as of the commencement of the case.

This section is derived in large part from section 67d of the bankruptcy act section 107 d of former title 11. Imposition of personal holding company tax. For more detailed codes research information including annotations and citations please visit westlaw.

Its history dates from the statute of 13 eliz. Corporations used to avoid income tax on shareholders. Commencement of the case means the filing of the bankruptcy.