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S 2297 97th Congress Senate Finance and Financial Sector Bankruptcy Leases Shopping malls

Shopping Center Protections Improvements Act of 1982

Introduced: March 29, 1982 See on congress.gov
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 Everywhere this bill has been 13 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 26, 1982
Referred to Subcommittee on Monopolies and Commercial Law.
Oct 1, 1982
Referred to House Committee on The Judiciary.
Oct 1, 1982
Passed Senate with amendments by Voice Vote.
Oct 1, 1982
Passed/agreed to in Senate: Passed Senate with amendments by Voice Vote.
Oct 1, 1982
Considered by Senate.
Aug 17, 1982
Placed on Senate Legislative Calendar under Regular Orders. Calendar No. 764.
Aug 17, 1982
Committee on Judiciary. Reported to Senate by Senator Thurmond with an amendment in the nature of a substitute. With written report No. 97-527.
Aug 4, 1982
Committee on Judiciary. Ordered to be reported with an amendment in the nature of a substitute favorably.
May 21, 1982
Subcommittee on Courts. Approved for full committee consideration with an amendment in the nature of a substitute favorably.
May 3, 1982
Subcommittee on Courts. Hearings held.
Apr 1, 1982
Referred to Subcommittee on Courts.
Mar 29, 1982
Read twice and referred to the Committee on Judiciary.
Mar 29, 1982
Introduced in Senate
 Plain-English summary Congressional Research Service

Shopping Center Protections Improvements Act of 1982 - Amends the Bankruptcy Code to require a trustee in bankruptcy to perform all of the obligations of a tenant arising from an order for bankruptcy relief under an unexpired shopping center lease (including payment of the rent and other charges specified in the lease) until such lease is assumed or rejected.

Imposes a 60 day limit (with additional time, if the court so orders) on a trustee's acceptance or rejection of an unexpired lease in all bankruptcy cases after which time the lease will be deemed rejected. Requires the trustee, if the premises are not vacated within 30 days after a court order to do so, to perform all of the obligations under such lease currently.

Declares that the acceptance of such performance shall not constitute a waiver or relinquishment of the lessor's rights under the lease or the Bankruptcy Code.

Requires the trustee to assure that an assignee of such a lease has a financial standing similar to the original tenant's at the time of execution of the lease.

Revises the condition that assignment or assumption of the lease not cause a substantial disruption of any tenant mix in the center by deleting the qualifier "substantial".

Permits the lessor, if an unexpired lease is assigned pursuant to this Act, to require a deposit or other security for the performance of the obligations under the lease.

Eliminates the automatic stay of any proceeding to obtain possession of property subject to a lease which has expired by virtue of its own terms without regard to the bankruptcy proceedings.

What's happening now October 26, 1982

Referred to Subcommittee on Monopolies and Commercial Law.

 Committees of jurisdiction 4
 Cosponsors 1
All 1 Republican 1