Political Quotes

Sen. Bob Graham: “Section 214 of this bill addresses cases that turn upon issues involving guarantees and who may be considered an…”

On the recordApril 20, 1994
Section 214 of this bill addresses cases that turn upon issues involving guarantees and who may be considered an ``insider'' under the Bankruptcy Code. It is my understanding that the Deprizio decision, which changed the understanding of bankruptcy law by expanding the definition of ``insider'', has been applied to lenders retroactively, even though the challenged transactions were made before Deprizio was decided. In fact, it is my understanding that the interpretation of the Bankruptcy Code by those courts which follow Deprizio permits a Trustee in Bankruptcy to recover from a lender who is innocent of wrongdoing and deserving of protection, merely because he sought a guarantee for the debt.
Said by
Sen. Bob Graham
Florida
Source
govinfo.gov

Editor's note · Context

Discussing implications of the Bankruptcy Code and the Deprizio decision during a legislative session.

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