Arcadia Bankruptcy Attorney

TITLE 11 - BANKRUPTCY
CHAPTER 9 - ADJUSTMENT OF DEBTS OF A MUNICIPALITY
    SUBCHAPTER III - THE PLAN

-HEAD-
    Sec. 946. Effect of exchange of securities before the date of the
      filing of the petition

-STATUTE-
      The exchange of a new security under the plan for a claim covered
    by the plan, whether such exchange occurred before or after the
    date of the filing of the petition, does not limit or impair the
    effectiveness of the plan or of any provision of this chapter. The
    amount and number specified in section 1126(c) of this title
    include the amount and number of claims formerly held by a creditor
    that has participated in any such exchange.

-SOURCE-
    (Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2625.)


                       HISTORICAL AND REVISION NOTES                   

                          LEGISLATIVE STATEMENTS                      
      The House amendment deletes section 950 of the Senate amendment
    as unnecessary. The constitutionality of chapter 9 of the House
    amendment is beyond doubt.

                         SENATE REPORT NO. 95-989                     
      [Section 949] This section [enacted as section 946], which
    follows section 97 of current law [section 417 of former title 11],
    permits an exchange of a security before the case is filed to
    constitute an acceptance of the plan if the exchange was under a
    proposal that later becomes the plan.

-End-