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Thus, individuals on welfare, social security, fixed pension incomes, or who live on investment incomes, will be able to work out repayment plans with their creditors rather than being forced into straight bankruptcy.
Also, self-employed individuals will be eligible to use chapter 13 if they have regular incomes. However, the definition excludes certain stockbrokers and commodity brokers , in order to prohibit them from proceeding under chapter 13 and avoiding the customer protection provisions of chapter 7.
An insider is one who has a sufficiently close relationship with the debtor that his conduct is made subject to closer scrutiny than those dealing at arms length with the debtor.
If the debtor is an individual, then a relative of the debtor, a partnership in which the debtor is a general partner, a general partner of the debtor, and a corporation controlled by the debtor are all insiders.
If the debtor is a corporation , then a controlling person, a relative of a controlling person, a partnership in which the debtor is a general partner, and a general partner of the debtor are all insiders.
If the debtor is a partnership, then a general partner of or in the debtor, a relative of a general partner in the debtor, and a person in control are all insiders.
If the debtor is a municipality , then an elected official of the debtor is an insider. In addition, affiliates of the debtor and managing agents are insiders.
An entity is insolvent if its debts are greater than its assets, at a fair valuation, exclusive of property exempted or fraudulently transferred.
It is the traditional bankruptcy balance sheet test of insolvency. The difference in this definition from that in current law is in the exclusion of exempt property for all purposes in the definition of insolvent.
A judicial lien is a lien obtained by judgment, levy, sequestration, or other legal or equitable process or proceeding. A lien is defined as a charge against or interest in property to secure payment of a debt or performance of an obligation.
It includes inchoate liens. In general, the concept of lien is divided into three kinds of liens: Those three categories are mutually exclusive and are exhaustive except for certain common law liens.
The term municipality is defined by those three terms for convenience. It does not include the District of Columbia or any territories of the United States.
The definition is a change in wording, but not in substance, from the definition in section 1 23 of the Bankruptcy Act [section 1 23 of former title 11].
The definition is also similar to the one contained in 1 U. Person includes individual partnership, and corporation.
The exclusion of governmental units is made explicit in order to avoid any confusion that may arise if, for example, a municipality is incorporated and thus is legally a corporation as well as governmental unit.
Petition is a petition under section , , , or of the bankruptcy code—that is, a petition that commences a case under title Paragraph 32 defines purchaser as a transferee of a voluntary transfer, such as a sale or gift, and includes an immediate or mediate transferee of a purchaser.
A railroad is a common carrier by railroad engaged in the transportation of individuals or property, or an owner of trackage facilities leased by such a common carrier.
The effect of the definition and the use of the term in section d is to eliminate the limitation now found in section 77 of the Bankruptcy Act that only railroads engaged in interstate commerce may proceed under the railroad reorganization provisions.
The limitation may have been inserted because of a doubt that the commerce power could not reach intrastate railroads. Be that as it may, this bill is enacted under the bankruptcy power.
The definition is similar to current law, but adds the latter phrase. This definition should be applied as of the time when the transaction that it concerns took place.
Thus, a former spouse is not a relative , but if, for example, for purposes of the preference section, proposed 11 U. Thus the courts will be able to use the characterization provided in this definition to treat with new kinds of documents on a flexible basis.
It is a lien created by an agreement. Security agreement is defined as the agreement creating the security interest.
Though these terms are similar to the same terms in the Uniform Commercial Code, article IX, they are broader.
For example, the U. Under this definition, such a mortgage is included, as are all other liens created by agreement, even though not covered by the U.
Whether a consignment or a lease constitutes a security interest under the bankruptcy code will depend on whether it constitutes a security interest under applicable State or local law.
The definition excludes judicial liens and security interests, whether or not they are provided for or are dependent on a statute, and whether or not they are made fully effective by statute.
A statutory lien is only one that arises automatically, and is not based on an agreement to give a lien or on judicial action. Tax liens are also included in the definition of statutory lien.
A transfer is a disposition of an interest in property. The definition of transfer is as broad as possible.
Many of the potentially limiting words in current law are deleted, and the language is simplified. Under this definition, any transfer of an interest in property is a transfer, including a transfer of possession, custody, or control even if there is no transfer of title, because possession, custody, and control are interests in property.
A deposit in a bank account or similar account is a transfer. The Social Security Act, referred to in par. For complete classification of this Act to the Code, see section of Title 42 and Tables.
The Internal Revenue Code of , referred to in pars. Section 3 of the Federal Deposit Insurance Act, referred to in pars.
Sections and r of the Federal Credit Union Act, referred to in pars. The Investment Company Act of , referred to in par.
For complete classification of this Act to the Code, see section 80a—51 of Title 15 and Tables. The Securities Exchange Act of , referred to in pars.
Sections 3, 6, 15A, and 17A of the Act are classified to sections 78c, 78f, 78 o —3 and 78q—1, respectively, of Title For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.
The Securities Act of , referred to in par. Section 3 b of the Act is classified to section 77c b of Title For complete classification of this Act to the Code, see section 77a of Title 15 and Tables.
The Gramm-Leach-Bliley Act, referred to in par. For complete classification of this Act to the Code, see Short Title of Amendment note set out under section 1 of Title 7 and Tables.
The Commodity Exchange Act, referred to in par. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables.
Prior to amendment, par. Prior to amendment par. A and added subpar. A and B and by redesignating former subpars.
A and B as cls. Effective date and applicability of amendment by section of Pub. Amendment by section of Pub. The dollar amounts specified in this section were adjusted by notices of the Judicial Conference of the United States pursuant to section of this title as follows:.
By notice dated Feb. See notice of the Judicial Conference of the United States set out as a note under section of this title.
Cornell Law School Search Cornell. B corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— i in a fiduciary or agency capacity without sole discretionary power to vote such securities; or.
C person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or.
D entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement. B right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured.
B for purposes of section and chapter 12, aquaculture activities consisting of raising for market any species or product described in subparagraph A.
B does not include limited partnership. B entity that has a claim against the estate of a kind specified in section d , f , g , h or i of this title; or.
C entity that has a community claim. B a nonprofit organization that is exempt from taxation under section c 3 of the Internal Revenue Code of ;.
C a creditor of such assisted person , to the extent that the creditor is assisting such assisted person to restructure any debt owed by such assisted person to the creditor;.
D a depository institution as defined in section 3 of the Federal Deposit Insurance Act or any Federal credit union or State credit union as those terms are defined in section of the Federal Credit Union Act , or any affiliate or subsidiary of such depository institution or credit union; or.
E an author, publisher, distributor, or seller of works subject to copyright protection under title 17, when acting in such capacity.
B includes an individual condominium or cooperative unit, a mobile or manufactured home, or trailer if used as the principal residence by the debtor.
B is not and was not, within 2 years before the date of the filing of the petition, a director, officer, or employee of the debtor; and.
C does not have an interest materially adverse to the interest of the estate or of any class of creditors or equity security holders , by reason of any direct or indirect relationship to, connection with, or interest in, the debtor, or for any other reason.
C established or subject to establishment before, on, or after the date of the order for relief in a case under this title, by reason of applicable provisions of— i a separation agreement, divorce decree, or property settlement agreement;.
B interest of a limited partner in a limited partnership; or. C warrant or right, other than a right to convert, to purchase, sell, or subscribe to a share, security , or interest of a kind specified in subparagraph A or B of this paragraph.
B corporation or partnership in which more than 50 percent of the outstanding stock or equity is held by one family, or by one family and the relatives of the members of such family, and such family or such relatives conduct the farming operation, and i more than 80 percent of the value of its assets consists of assets related to the farming operation;.
B a corporation or partnership— i in which more than 50 percent of the outstanding stock or equity is held by— I 1 family that conducts the commercial fishing operation; or.
II 1 family and the relatives of the members of such family, and such family or such relatives conduct the commercial fishing operation; and.
III if such corporation issues stock, such stock is not publicly traded. B such other entity either directly or through its agents or its assigns , as consideration, agrees to perform drilling, reworking, recompleting, testing, or similar or related operations, to develop or produce liquid or gaseous hydrocarbons on the property.
A with respect to an insured depository institution as defined in section 3 c 2 of the Federal Deposit Insurance Act for which no conservator or receiver has been appointed, the appropriate Federal banking agency as defined in section 3 q of such Act ;.
B with respect to an insured credit union including an insured credit union for which the National Credit Union Administration has been appointed conservator or liquidating agent , the National Credit Union Administration;.
C with respect to any insured depository institution for which the Resolution Trust Corporation has been appointed conservator or receiver, the Resolution Trust Corporation ; and.
D with respect to any insured depository institution for which the Federal Deposit Insurance Corporation has been appointed conservator or receiver, the Federal Deposit Insurance Corporation.
B in connection with a securities contract as defined in section an investment company registered under the Investment Company Act of B a clearing organization as defined in section of the Federal Deposit Insurance Corporation Improvement Act of B any combination of agreements or transactions referred to in subparagraphs A and C ;.
The main tower features a series of eight segments of eight floors each. In Chinese-speaking cultures the number eight is associated with abundance, prosperity and good fortune.
The repeated segments simultaneously recall the rhythms of an Asian pagoda a tower linking earth and sky, also evoked in the Petronas Towers , a stalk of bamboo an icon of learning and growth , and a stack of ancient Chinese ingots or money boxes a symbol of abundance.
Popular humor sometimes likens the building's shape to a stack of take-out boxes as used in Western-style Chinese food ; of course, the stackable shape of such boxes is likewise derived from that of ancient money boxes.
The emblem placed over entrances shows three gold coins of ancient design with central holes shaped to imply the Arabic numerals Curled ruyi figures appear throughout the structure as a design motif.
Though the shape of each ruyi at Taipei is traditional, its rendering in industrial metal is plainly modern. The ruyi is a talisman of ancient origin associated in art with heavenly clouds.
It connotes healing, protection and fulfillment. It appears in celebrations of the attainment of new career heights.
At night the bright yellow gleam from its pinnacle casts Taipei in the role of a candle or torch upholding the ideals of liberty and welcome.
The colors coincide with the days of the week: The adjoining Taipei on the east side connects the landmark further with the symbolism of time.
The design of the circular park doubles as the face of a giant sundial. The tower itself casts the shadow to mark afternoon hours for the building's occupants.
The park's design is echoed in a clock that stands at its entrance. The clock runs on energy drawn from the building's wind shear.
Taipei , like many of its neighbours, shows the influence of feng shui philosophy. An example appears in the form of a large granite fountain at the intersection of Songlian Road and Xinyi Road near the tower's east entrance.
As a work of public art the fountain offers a contrast to the tower in texture even as its design echoes the tower's rhythms. The fountain also serves a practical function in feng shui philosophy.
A T intersection near the entrance of a building represents a potential drain of positive energy, or ch'i , from a structure and its occupants.
Taipei is the first record-setting skyscraper to be constructed in the 21st century. It exhibits a number of technologically advanced features as it provides a center for business and recreation.
The original fiber-optic and satellite Internet connections permitted transfer speeds up to a gigabit per second.
Taipei 's elevators sweep visitors from the fifth floor to the 89th-floor observatory in only 37 seconds. A tonne short-ton tuned mass damper TMD , located between the 87th and 91st floors,  stabilizes the tower against movements caused by high winds.
Two restaurants have opened on the 85th floor: Occupying all of the 86th floor is Taiwanese restaurant Ding Xian The multi-story retail mall adjoining the tower is home to hundreds of fashionable stores, restaurants, clubs and other attractions.
The mall's interior is modern in design even as it makes use of traditional elements. The curled ruyi symbol is a recurring motif inside the mall.
Many features of the interior also observe feng shui traditions. The st floor is home to a private VIP club named Summit , according to the observatory brochure.
Before , no information about this club was ever made public. Access to the st floor requires two elevator transfers on the 89th and 93rd floors, respectively.
There is only one service elevator that facilitates access to the top 9 floors The st floor is divided into three levels: The VIP club exists on the lower level, while RF, a mechanical floor, provides access to the metre tall spire, which has 24 levels numbered R1 through R24 that can only be accessed via ladder.
The 92nd through th floors are officially designated as communication floors, although it's unknown if there are any radio or TV stations currently broadcasting from the top of Taipei The number 4 is considered an unlucky number in Chinese culture,  so what would have been the 44th floor has been replaced by Level 43, with 42A replacing the actual 43 to compensate for the skipped floor number.
There is a freight elevator that facilitates access to every level from B5 to 91, with a button for every floor.
A tenant directory is posted in the first-floor lobby from the Xinyi entrance. As of 1 January , the highest occupied office floor excluding the observatory and restaurants is The building appears to be at least 70 percent occupied at this point.
All publicly accessible floors have wheelchair accessibility support. Taipei includes 2 high speed observatory elevators manufactured by Toshiba.
Their highest speed is 1, meters per minute about It only takes 37 seconds to travel from the 5th floor to the 89th floor of the skyscraper.
Taipei features an Indoor Observation deck 88th and 89th floor and an Outdoor Observation deck 91st floor.
Both offer degree views and attract visitors from around the world. The Indoor Observatory stands Here one may view the skyscraper's main damper, which is the world's largest and heaviest visible damper, and buy food, drinks and gift items.
Two more flights of stairs take visitors up to the Outdoor Observatory. The Outdoor Observatory, at The Indoor Observatory is open thirteen hours a day 9: Tickets may be purchased on site in the shopping mall 5th floor or in advance through the Observatory's website.
Many works of art appear in and around Taipei The artists represented have included Wu Ching gold sculpture , Ping-huang Chang traditional painting and Po-lin Chi aerial photography.
Talks between merchants and city government officials initially centered on a proposal for a story tower to serve as an anchor for new development in Taipei's business district.
Planners were considering taking the new structure to a more ambitious height only after an expat suggested it, along with many of the other features used in the design of the building.
It wasn't until the summer of that the city granted a license for the construction of a story tower on the site. In the meantime, construction proceeded and the first tower column was erected in the summer of A major earthquake took place in Taiwan during 31 March destroying a construction crane at the rooftop, which was at floor number The crane fell down onto the Xinyi Road beneath the tower, crushing several vehicles and causing five deaths — two crane operators and three workers who were not properly harnessed.
However, an inspection showed no structural damage to the building, and construction work was able to restart within a week. Taipei 's roof was completed three years later on 1 July Ma Ying-jeou , in his first term as Taipei mayor, fastened a golden bolt to signify the achievement.
Open-air concerts featured a number of popular performers, including singers A-Mei and Stefanie Sun. Visitors rode the elevators to the Observatory for the first time.
A few hours later the first fireworks show at Taipei heralded the arrival of a new year. Important dates in the planning and construction of Taipei include the following: Taipei is the site of many special events.
Art exhibits, as noted above, regularly take place in the Observatory. A few noteworthy dates since the tower's opening include these.
The display, the largest of 65, such displays in 47 countries, was part of the international celebration Physics Enlightens the World.
On 25 December , French rock and urban climber Alain Robert made an authorized climb to the top of the pinnacle in four hours.
Proceeds were to benefit Taiwan's Olympic teams. The men's race was won by Paul Crake of Australia 10 minutes, 29 seconds , and the women's race by Andrea Mayr of Austria 12 minutes, 38 seconds.
The women's race was won by Lee Hsiao-yu of Taiwan 14 minutes, 53 seconds. Another popular location for crowds to gather to see the fireworks display is the Sun Yat-sen Memorial Hall.
For the first three years — , the annual fireworks show at Taipei was preceded by the sequential display of numerals in lights on each section to count down the last eight seconds to midnight.
Since the building has been completely darkened, then fireworks begin to launch sequentially from the lower to upper sections. The structure is already designed to be energy-efficient, with double-pane windows blocking external heat by 50 percent and recycled water meeting 20—30 percent of the building's needs.
Estimates show the savings resulting from the modifications would pay for the cost of making them within three years. It displaced the Bank of America Tower in Manhattan as the world's tallest and highest-use green building in addition to the Environmental Protection Agency building in Florida as the world's largest green building.
From Wikipedia, the free encyclopedia. This article's tone or style may not reflect the encyclopedic tone used on Wikipedia. See Wikipedia's guide to writing better articles for suggestions.
May Learn how and when to remove this template message. Location of Taipei 's largest tuned mass damper. Taipei during a typhoon.
Ruyi figure over one of the building's entrances. Shadow of the tower in the late afternoon; the adjoining park circular feature, bottom acts as the face of a sundial.
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