Notice to disclaim onerous property: trustee's failure to decide timely causes the property to be included in the estate. A written application by an interested person requiring the bankruptcy trustee to decide on disclaiming an onerous property obviates the need for a separate disclaimer notice; if the trustee fails to decide within the short statutory period, the property that cannot be disclaimed is deemed part of the bankrupt's estate, and a disclaimer is defined as notice given by the trustee under the statutory disclaimer mechanism.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Notice to disclaim onerous property: trustee's failure to decide timely causes the property to be included in the estate.
A written application by an interested person requiring the bankruptcy trustee to decide on disclaiming an onerous property obviates the need for a separate disclaimer notice; if the trustee fails to decide within the short statutory period, the property that cannot be disclaimed is deemed part of the bankrupt's estate, and a disclaimer is defined as notice given by the trustee under the statutory disclaimer mechanism.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
