Section 1532: Rule of Payment in Concurrent Proceedings

 

Title 11 of the United States Code - Bankruptcy
ANCILLARY AND OTHER CROSS-BORDER CASES – CHAPTER 15

Rule of Payment in Concurrent Proceedings –Section 1532

11 USCS § 1532


Without prejudice to secured claims or rights in rem, a creditor who has received payment with respect to its claim in a foreign proceeding pursuant to a law relating to insolvency may not receive a payment for the same claim in a case under any other chapter of this title regarding the debtor, so long as the payment to other creditors of the same class is proportionately less than the payment the creditor has already received.

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