Page:United States Statutes at Large Volume 108 Part 5.djvu/631

This page needs to be proofread.


PUBLIC LAW 103-394—OCT. 22, 1994 108 STAT. 4121 the debtor that become due on or after the date of commencement of the case under such security agreement, lease, or conditional sale contract; and "(B) any default, other than a default of a kind described in section 365(b)(2), under such security agreement, lease, or conditional sale contract— "(i) that occurs before the date of commencement of the case and is an event of default therewith is cured before the expiration of such 60-day period; and "(ii) that occurs or becomes an event of default after the date of commencement of the case is cured before the later of— "(I) the date that is 30 days after the date of the default or event of default; or "(II) the expiration of such 60-day period. "(2) Equipment is described in this paragraph if it is rolling stock equipment or accessories used on such equipment, including superstructures and racks, that is subject to a security interest granted by, leased to, or conditionally sold to the debtor. "(3) Paragraph (1) applies to a secured party, lessor, or conditional vendor acting in its own behalf or acting as trustee or otherwise in behalf of another party. "(b) The trustee and the secured party, lessor, or conditional vendor whose right to take possession is protected under subsection (a) may agree, subject to the court's approval, to extend the 60-day period specified in subsection (a)(1). "(c) With respect to equipment first placed in service on or prior to the date of enactment of this subsection, for purposes of this section— "(1) the term 'lease' includes any written agreement with respect to which the lessor and the debtor, as lessee, have expressed in the agreement or in a substantially contemporaneous writing that the agreement is to be treated as a lease for Federal income tax purposes; and "(2) the term 'security interest' means a purchase-money equipment security interest. "(d) With respect to equipment first placed in service after the date of enactment of this subsection, for purposes of this section, the term 'rolling stock equipment' includes rolling stock equipment that is substantially rebuilt and accessories used on such equipment.". SEC. 202. LIMITATION ON LIABILITY OF NON-INSIDER TRANSFEREE FOR AVOIDED TRANSFER. Section 550 of title 11, United States Code, is amended— (1) by redesignating subsections (c), (d), and (e) as subsections (d), (e), and (f), respectively, and (2) by inserting after subsection (b) the following: "(c) If a transfer made between 90 days and one year before the filing of the petition— "(1) is avoided under section 547(b) of this title; and "(2) was made for the benefit of a creditor that at the time of such transfer was an insider; the trustee may not recover under subsection (a) from a transferee that is not an insider.". SEC. 203. PERFECTION OF PURCHASE-MONEY SECURITY INTEREST. Section 547 of title 11, United States Code, is amended—