Source: https://www.law.cornell.edu/uscode/text/11/554
Timestamp: 2015-09-02 14:57:45
Document Index: 639682501

Matched Legal Cases: ['§ 554', '§ 554', '§ 554', '§\u202f554', '§\u202f468', '§\u202f283', '§\u202f2', '§\u202f468', '§\u202f468', '§\u202f468']

11 U.S. Code § 554 - Abandonment of property of the estate | US Law | LII / Legal Information Institute
U.S. Code › Title 11 › Chapter 5 › Subchapter III › § 554 11 U.S. Code § 554 - Abandonment of property of the estate
§ 554.
Abandonment of property of the estate
After notice and a hearing, the trustee may abandon any property of the estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate.
On request of a party in interest and after notice and a hearing, the court may order the trustee to abandon any property of the estate that is burdensome to the estate or that is of inconsequential value and benefit to the estate.
Unless the court orders otherwise, any property scheduled under section 521(a)(1) of this title not otherwise administered at the time of the closing of a case is abandoned to the debtor and administered for purposes of section 350 of this title.
Unless the court orders otherwise, property of the estate that is not abandoned under this section and that is not administered in the case remains property of the estate.
(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2603; Pub. L. 98–353, title III, § 468, July 10, 1984, 98 Stat. 380; Pub. L. 99–554, title II, § 283(p), Oct. 27, 1986, 100 Stat. 3118; Pub. L. 111–327, § 2(a)(23), Dec. 22, 2010, 124 Stat. 3560.)
Section 554(b) is new and permits a party in interest to request the court to order the trustee to abandon property of the estate that is burdensome to the estate or that is of inconsequential value to the estate.
Under this section the court may authorize the trustee to abandon any property of the estate that is burdensome to the estate or that is of inconsequential value to the estate. Abandonment may be to any party with a possessory interest in the property abandoned. In order to aid administration of the case, subsection (b) deems the court to have authorized abandonment of any property that is scheduled under section 521(1) and that is not administered before the case is closed. That property is deemed abandoned to the debtor. Subsection (c) specifies that if property is neither abandoned nor administered it remains property of the estate.
2010—Subsec. (c). Pub. L. 111–327 substituted “521(a)(1)” for “521(1)”.
1986—Subsec. (c). Pub. L. 99–554 substituted “521(1)” for “521(a)(1)”.
1984—Subsecs. (a), (b). Pub. L. 98–353, § 468(a), inserted “and benefit” after “value”.
Subsec. (c). Pub. L. 98–353, § 468(b), amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: “Unless the court orders otherwise, any property that is scheduled under section 521(1) of this title and that is not administered before a case is closed under section 350 of this title is deemed abandoned.”
Subsec. (d). Pub. L. 98–353, § 468(c), struck out “section (a) or (b) of” after “not abandoned under”.