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Current as of January 01, 2024 | Updated by Findlaw Staff
(a)Retention and distribution by trustee.--Payments and funds received by the trustee shall be retained by the trustee until confirmation or denial of confirmation of a plan. If a plan is confirmed, the trustee shall distribute any such payment in accordance with the plan. If a plan is not confirmed, the trustee shall return any such payments to the debtor after deducting--
(1) any unpaid claim allowed under section 503(b) of this title;
(2) any payment made for the purpose of providing adequate protection of an interest in property due to the holder of a secured claim; and
(3) any fee owing to the trustee.
(b)Other plans.--If a plan is confirmed under section 1191(b) of this title, except as otherwise provided in the plan or in the order confirming the plan, the trustee shall make payments to creditors under the plan.
(c)Payments prior to confirmation.--Prior to confirmation of a plan, the court, after notice and a hearing, may authorize the trustee to make payments to the holder of a secured claim for the purpose of providing adequate protection of an interest in property.
Cite this article: FindLaw.com - 11 U.S.C. § 1194 - U.S. Code - Unannotated Title 11. Bankruptcy § 1194. Payments - last updated January 01, 2024 | https://codes.findlaw.com/us/title-11-bankruptcy/11-usc-sect-1194/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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