Summary: S.684 — 106th Congress (1999-2000)All Information (Except Text)

There is one summary for S.684. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (03/23/1999)

Amends the Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999 to reenact permanently chapter 12 of the Federal Bankruptcy Code (Adjustments of Debts of a Family Farmer).

Amends Federal bankruptcy provisions to include family fishermen as authorized debtors.

Requires a guarantor of a claim of a creditor to be treated in the same manner as a creditor with respect to the operation of a stay under such provisions. Treats, with respect to the ownership or operation of a commercial fishing operation, a co-maker of a loan made by a creditor in the same manner as a creditor with respect to such a stay.

Includes a commercial fishing operation under provisions concerning debtor rights and powers.

Treats a claim for a lien for a commercial fishing vessel of a family fisherman as an unsecured claim. States that such treatment shall not apply to: (1) a claim made by a crewmember or seaman for wages or personal injury; or (2) a preferred ship mortgage that has been perfected under provisions of the Uniform Commercial Code.