Section 509 - Claims of Codebtors
Title 11 of the United States Code - Bankruptcy
CREDITORS, THE DEBTOR, AND THE ESTATE – CHAPTER 5
Claims of Codebtors - Section 509
11 USCS § 509
If a creditor of a partnership debtor receives, from a general partner that is not a debtor in a case under chapter 7 of this title [11 USCS §§ 701 et seq.], payment of, or a transfer of property on account of, a claim that is allowed under this title and that is not secured by a lien on property of such partner, such creditor may not receive any payment under this title on account of such claim until each of the other holders of claims on account of which such holders are entitled to share equally with such creditor under this title has received payment under this title equal in value to the consideration received by such creditor from such general partner.
The Bankruptcy Code can look big and scary when you are at the library and pull it off the shelf (with a thud). At Sagaria Law, we wanted to provide the Code on our website to all of our visitors, bankruptcy clients and colleagues alike. Please feel free to click through the various sections of the bankruptcy code, as we have provided it here – all of it – for your convenience.
Our conveniently located bankruptcy law firm in Sacramento is one of our premiere bankruptcy locations, serving the greater Sacramento area including Roseville, Fairoaks, Cordova, Citrus Heights and all of Sacramento County and surrounding areas. Call us today for a consultation.