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Code · BILL · 114th Congress · S. 2676 (Introduced in Senate) — To provide for the adjustment of the debts of the Commonwealth of Puerto Rico, and for other purposes. · Sec. 213

Sec. 213. Automatic stay

770 words·~4 min read·/bill/114/s/2676/is/section-213·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Except as otherwise provided in this section, the adoption of a resolution under section 111 operates with respect to any claim, debt, or cause of action related to a Bond as a stay, applicable to all entities (as such term is defined in section 101 of title 11, United States Code), of— the commencement or continuation, including the issuance or employment of process, of a judicial, administrative, or other action or proceeding against a Territory or municipality, or to recover a claim against a Territory or municipality; the enforcement, against a Territory or municipality or against property of a Territory or municipality, of a judgment; any act to obtain possession of property of a Territory or municipality, or of property from a Territory or municipality, or to exercise control over property of a Territory or municipality; any act to create, perfect, or enforce any lien against property of a Territory or municipality; any act to create, perfect, or enforce against property of a Territory or municipality any lien to the extent that such lien secures a claim; any act to collect, assess, or recover a claim against a Territory or municipality; and the setoff of any debt owing to a Territory or municipality against any claim against a Territory or municipality.
The adoption of a resolution under section 111 does not operate as a stay under subsection
(a)of this section of the continuation of, including the issuance or employment of process, a judicial, administrative, or other action or proceeding against a Territory or municipality that was commenced on or before the date of the adoption of the resolution under section 111. Except as provided in subsection (d), (e), or (f), a stay of an act under subsection
(a)shall cease to have effect no later than 12 months after the date of the adoption of a resolution under section 111, or upon a the commencement of a voluntary case under this title by the filing with the bankruptcy court of a petition by an entity that may be a debtor under section 202, whichever comes chronologically first. On motion of a party in interest and after notice and a hearing, the court may grant relief from a stay under subsection (a)— for cause, including the lack of adequate protection of a security interest in property of such party in interest; or with respect to a stay of an act against property under subsection (a), if— the debtor does not have an equity in such property; and such property is not necessary for a Territory or municipality to provide essential services. Thirty days after a request under subsection
(d)of this section for relief from the stay of any act against property of a Territory or municipality under subsection
(a)of this section, such stay is terminated with respect to the party in interest making such request, unless the court, after notice and a hearing, orders such stay continued in effect pending the conclusion of, or as a result of, a final hearing and determination under subsection
(d)of this section. A hearing under this subsection may be a preliminary hearing, or may be consolidated with the final hearing under subsection
(d)of this section. The court shall order such stay continued in effect pending the conclusion of the final hearing under subsection
(d)of this section if there is a reasonable likelihood that the party opposing relief from such stay will prevail at the conclusion of such final hearing. If the hearing under this subsection is a preliminary hearing, then such final hearing shall be concluded not later than 30 days after the conclusion of such preliminary hearing, unless the 30-day period is extended with the consent of the parties in interest or for a specific time which the court finds is required by compelling circumstances. Upon request of a party in interest, the court, with or without a hearing, shall grant such relief from the stay provided under subsection
(a)of this section as is necessary to prevent irreparable damage to the secured interest of an entity in property, if such interest will suffer such damage before there is an opportunity for notice and a hearing under subsection
(d)or
(e)of this section. No order, judgment, or decree entered in violation of this section shall have any force or effect. In any hearing under subsection
(d)or
(e)concerning relief from a stay— the party requesting such relief has the burden of proof on the issue of the debtor's equity in property; and the party opposing such relief has the burden of proof on all other issues.
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