11 U.S.C. § 928
Post petition effect of security interest
Section effective
Notes of Decisions
Cited in 20
cases, 1997–2020 · leading case: Bank of New York Mellon v. Jefferson County (In re Jefferson County)
Bank of New York Mellon v. Jefferson County (In re Jefferson County) (2012)
“Amended Memorandum Opinion On Net Revenues And Applicability of 11 U.S.C. § 928 (b) THOMAS B. BENNETT, Bankruptcy Judge.”
Assured Guaranty Corp. v. Fin. Oversight & Mgmt. Bd. for Puerto Rico (In Re Fin. Oversight & Mgmt. Bd. for Puerto Rico) (2019)
“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 County (2012)
“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.) (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 County (2014)
“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 Guaranty Corp. v. Fin. Oversight & Mgmt. Bd. for Puerto Rico (In Re Fin. Oversight & Mgmt. Bd. for Puerto Rico) (2019)
“" 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 (2019)
“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 (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 County, Ala. (2012)
“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 County (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. (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) (2019)
“" 11 U.S.C. § 928 (a) ; see also Assured Guar.”
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