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Chapter 12 Bankruptcy, section 1232 v section 553: Setoff as an Effective Veto?
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Chapter 12 Bankruptcy, section 1232 v section 553: Setoff as an Effective Veto?
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Journal Article
Chapter 12 Bankruptcy, section 1232 v section 553: Setoff as an Effective Veto?
2022
Overview
A recent district com! case in the Eighth Circuit utilized the legislative history of the Family Farmer Clarification Act of 2017 to argue that the IRS's and Iowa Department of Revenue's (IDR) use of their right to setoff (section 553) acted as an effective veto. The court gave an expansive reading to the effects of section 1232, holding that it conflicted with section 553 and that section 1232 controlled. This decision was reversed on appeal, but the appellate court did not address if this use of setoff acted as an effective veto for otherwise viable bankruptcy plans.This Note will address whether these sections should be read in conflict with one another and if the right to setoff acts as a veto power in this context. If an effective veto power exists, then small farmers may face a new barrier to successfully filing for Chapter 12 bankruptcy and saving their farms. This Note will start by providing background on the farming industry, Chapter 12 bankruptcy, and the court decision before delving into whether the right to setoff in this context acts as an effective veto.
Publisher
University of Iowa Journal of Corporation Law,University of Iowa, College of Law
Subject
/ Exports
/ Farmers
/ Finance
/ Prices
/ Priorities of claims and liens
/ Recall of judicial decisions
/ Remedies
/ Taxes
/ Trends
