St Joseph Hospital: Occupational Llicense

Occupational Llicense

Further, the court (and presumably the New York legislature) recognized that the tolling language in the pre-2001 version of the New York statute was unnecessary. Specifically, section 362(b)(3) of the Bankruptcy Code authorizes the filing of a continuation statement against a debtor. This section of the Bankruptcy Code, which obviates the need for a tolling provision in state law, thus enables a creditor to assure continued perfection of its security interest despite a debtor’s bankruptcy filing. Interestingly, the Court did not explain why a lender should receive the benefit of continued perfection in a bankruptcy case even though the automatic stay does not prevent a lender from filing a continuation statement.

Read moreFurther, the court (and presumably the New York legislature) recognized that the tolling language in the pre-2001 version of the New York statute was unnecessary. Specifically, section 362(b)(3) of the Bankruptcy Code authorizes the filing of a continuation statement against a debtor. This section of the Bankruptcy Code, which obviates the need for a tolling provision in state law, thus enables a creditor to assure continued perfection of its security interest despite a debtor’s bankruptcy filing. Interestingly, the Court did not explain why a lender should receive the benefit of continued perfection in a bankruptcy case even though the automatic stay does not prevent a lender from filing a continuation statement.