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—
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