U.S. Code » Title 11 » Chapter CHAPTER 9— ADJUSTMENT OF DEBTS OF A MUNICIPALITY › Subchapter SUBCHAPTER II— ADMINISTRATION

11 U.S.C. § 928

Post petition effect of security interest

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(a) Notwithstanding section 552(a) of this title and subject to subsection (b) of this section, special revenues acquired by the debtor after the commencement of the case shall remain subject to any lien resulting from any security agreement entered into by the debtor before the commencement of the case.(b) Any such lien on special revenues, other than municipal betterment assessments, derived from a project or system shall be subject to the necessary operating expenses of such project or system, as the case may be.(Added Pub. L. 100–597, § 8, Nov. 3, 1988, 102 Stat. 3029.)Statutory Notes and Related SubsidiariesEffective Date

Section effective Nov. 3, 1988, but not applicable to any case commenced under this title before that date, see section 12 of Pub. L. 100–597, set out as an Effective Date of 1988 Amendment note under section 101 of this title.

Notes of Decisions
Cited in 20 cases, 1997–2020 · leading case: Bank of New York Mellon v. Jefferson Cnty. (In re Jefferson Cnty.), 482 B.R. 404 (Bankr. N.D. Ala. 2012).
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Bank of New York Mellon v. Jefferson Cnty. (In re Jefferson Cnty.), 482 B.R. 404 (Bankr. N.D. Ala. 2012). · cites it 27× “Amended Memorandum Opinion On Net Revenues And Applicability of 11 U.S.C. § 928 (b) THOMAS B. BENNETT, Bankruptcy Judge.”
Assured Guar. Corp. v. Fin. Oversight & Mgmt. Bd. for Puerto Rico (In Re Fin. Oversight & Mgmt. Bd. for Puerto Rico), 919 F.3d 121 (1st Cir. 2019). · cites it 2× “11 U.S.C. § 928 . The Insurers argue that Section 928(a) not only overrides Section 522(a) and thus preserves prepetition liens, but also requires continued payments of special revenue bonds, such as the PRHTA Bonds, during the pendency of the Title III proceeding to avoid…”
In re Jefferson Cnty., 474 B.R. 228 (Bankr. N.D. Ala. 2012). · cites it 5× “To the extent that these pledged special revenues are insufficient to cover the necessary operating expenses of the County’s sewer system as referenced in 11 U.S.C. § 928 (b), the amount of the pledged special revenues otherwise payable to the Indenture Trustee will have to be…”
Peaje Invs. LLC v. Fin. Oversight & Mgmt. Bd. for P.R. (In re Fin. Oversight & Mgmt. Bd. for P.R.), 899 F.3d 1 (1st Cir. 2018). “" 11 U.S.C. § 928 (a). Such revenues "shall remain subject to any lien resulting from any security agreement entered into by the debtor before the commencement of the case.”
Bennett v. Jefferson Cnty., 518 B.R. 613 (N.D. Ala. 2014). · cites it 4× “Memorandum Opinion On Net Revenues And Applicability of 11 U.S.C. § 928 (b) [AP 16 Docket No. 119], dated June 29, 2012; b.”
Assured Guar. Corp. v. Fin. Oversight & Mgmt. Bd. for Puerto Rico (In Re Fin. Oversight & Mgmt. Bd. for Puerto Rico), 931 F.3d 111 (1st Cir. 2019). · cites it 5× “" 11 U.S.C. § 928 (a). In other words, post-petition pledged special revenues are still subject to the pre-petition lien created by the bondholder agreements despite the filing of a bankruptcy petition.”
Fin. Oversight & Mgmt. Bd. for Puerto Rico v. Andalusian Global Designated Activity Co. (In re Fin. Oversight & Mgmt. Bd. for Puerto Rico), 385 F. Supp. 3d 138 (2019). · cites it 3× “Section 928(a) of the Bankruptcy Code Counterclaim III of Defendants' Answer seeks a declaration that, "because the employer contributions constitute 'special revenues,' their security interest in and liens on employer contributions received by the ERS after the Petition Date…”
Altair Global Credit Opportunities Fund (A), LLC v. Fin. Oversight & Mgmt. Bd. for P.R. (In re Fin. Oversight & Mgmt. Bd. for P.R.), 914 F.3d 694 (1st Cir. 2019). “" Counterclaim Three sought a declaration stating that "because the employer contributions constitute 'special revenues,' [Bondholders'] security interests in and liens on employer contributions received by the [System] after the Petition Date remain enforceable pursuant to 11…”
In Re Jefferson Cnty., Ala., 465 B.R. 243 (Bankr. N.D. Ala. 2012). · cites it 5× “To the extent that these pledged special revenues are insufficient to cover the necessary operating expenses of the County’s sewer system as referenced in 11 U.S.C. § 928 (b), the amount of the pledged special revenues otherwise payable to the Indenture Trustee will have to be…”
In re Jefferson Cnty., 484 B.R. 427 (Bankr. N.D. Ala. 2012). “§ 922 (d)’s wording making both § 362(a)’s and § 922(a)’s stays inoperative when it comes to application of pledged special revenues in a fashion consistent with 11 U.S.C. § 928 . See Jefferson Cnty., 474 B.”
In re Las Vegas Monorail Co., 429 B.R. 317 (Bankr. D. Nev. 2010). “11 U.S.C. § 928 (preserving such statutory liens in Chapter 9 municipal bankruptcy cases, but subordinating them to "necessary operating expenses.”
Ambac Assurance Corp. v. Commonwealth (In Re Fin. Oversight & Mgmt. Bd. for Puerto Rico), 927 F.3d 597 (1st Cir. 2019). “" 11 U.S.C. § 928 (a) ; see also Assured Guar.”
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