Political Quotes

“It is my understanding, that every appellate circuit that has examined this issue has held that State laws that allow the timing of perfection to ``relate back'' to an earlier date are consistent with and not in conflict with Federal bankruptcy law in general, and section 547 in particular. I would note for the chairman In Re Basenlehner, 918 F.2nd 928 (11th Cir. 1990); In Re Hesser, 984 F.2nd 345 (10th Cir. 1993). The eleventh circuit came to a similar conclusion in the case of In Re Howard, 920 F.2nd 887 (11th Cir. 1991). I would say to the chairman that my purpose in this discussion is to establish that, although there is no statutory language to codify these court cases, they are consistent with Federal bankruptcy law.”