11 U.S.C. § 1168 : US Code - Section 1168: Rolling stock equipment

Search 11 U.S.C. § 1168 : US Code - Section 1168: Rolling stock equipment

(a)(1) The right of a secured party with a security interest in
or of a lessor or conditional vendor of equipment described in
paragraph (2) to take possession of such equipment in compliance
with an equipment security agreement, lease, or conditional sale
contract, and to enforce any of its other rights or remedies under
such security agreement, lease, or conditional sale contract, to
sell, lease, or otherwise retain or dispose of such equipment, is
not limited or otherwise affected by any other provision of this
title or by any power of the court, except that right to take
possession and enforce those other rights and remedies shall be
subject to section 362, if -
(A) before the date that is 60 days after the date of
commencement of a case under this chapter, the trustee, subject
to the court's approval, agrees to perform all obligations of the
debtor under such security agreement, lease, or conditional sale
contract; and
(B) any default, other than a default of a kind described in
section 365(b)(2), under such security agreement, lease, or
conditional sale contract -
(i) that occurs before the date of commencement of the case
and is an event of default therewith is cured before the
expiration of such 60-day period;
(ii) that occurs or becomes an event of default after the
date of commencement of the case and before the expiration of
such 60-day period is cured before the later of -
(I) the date that is 30 days after the date of the default
or event of the default; or
(II) the expiration of such 60-day period; and
(iii) that occurs on or after the expiration of such 60-day
period is cured in accordance with the terms of such security
agreement, lease, or conditional sale contract, if cure is
permitted under that agreement, lease, or conditional sale
contract.
(2) The equipment described in this paragraph -
(A) is rolling stock equipment or accessories used on rolling
stock equipment, including superstructures or racks, that is
subject to a security interest granted by, leased to, or
conditionally sold to a debtor; and
(B) includes all records and documents relating to such
equipment that are required, under the terms of the security
agreement, lease, or conditional sale contract, that is to be
surrendered or returned by the debtor in connection with the
surrender or return of such equipment.
(3) Paragraph (1) applies to a secured party, lessor, or
conditional vendor acting in its own behalf or acting as trustee or
otherwise in behalf of another party.
(b) The trustee and the secured party, lessor, or conditional
vendor whose right to take possession is protected under subsection
(a) may agree, subject to the court's approval, to extend the 60-
day period specified in subsection (a)(1).
(c)(1) In any case under this chapter, the trustee shall
immediately surrender and return to a secured party, lessor, or
conditional vendor, described in subsection (a)(1), equipment
described in subsection (a)(2), if at any time after the date of
commencement of the case under this chapter such secured party,
lessor, or conditional vendor is entitled pursuant to subsection
(a)(1) to take possession of such equipment and makes a written
demand for such possession of the trustee.
(2) At such time as the trustee is required under paragraph (1)
to surrender and return equipment described in subsection (a)(2),
any lease of such equipment, and any security agreement or
conditional sale contract relating to such equipment, if such
security agreement or conditional sale contract is an executory
contract, shall be deemed rejected.
(d) With respect to equipment first placed in service on or prior
to October 22, 1994, for purposes of this section -
(1) the term "lease" includes any written agreement with
respect to which the lessor and the debtor, as lessee, have
expressed in the agreement or in a substantially contemporaneous
writing that the agreement is to be treated as a lease for
Federal income tax purposes; and
(2) the term "security interest" means a purchase-money
equipment security interest.
(e) With respect to equipment first placed in service after
October 22, 1994, for purposes of this section, the term "rolling
stock equipment" includes rolling stock equipment that is
substantially rebuilt and accessories used on such equipment.