Professional Membership
TITLE 11 - BANKRUPTCY CHAPTER 12 - ADJUSTMENT OF DEBTS OF A FAMILY FARMER OR FISHERMAN WITH REGULAR ANNUAL INCOME SUBCHAPTER II - THE PLAN -HEAD- Sec. 1226. Payments -STATUTE- (a) Payments and funds received by the trustee shall be retained by the trustee until confirmation or denial of confirmation of a plan. If a plan is confirmed, the trustee shall distribute any such payment in accordance with the plan. If a plan is not confirmed, the trustee shall return any such payments to the debtor, after deducting - (1) any unpaid claim allowed under section 503(b) of this title; and (2) if a standing trustee is serving in the case, the percentage fee fixed for such standing trustee. (b) Before or at the time of each payment to creditors under the plan, there shall be paid - (1) any unpaid claim of the kind specified in section 507(a)(2) of this title; and (2) if a standing trustee appointed under section 1202(c) (!1) of this title is serving in the case, the percentage fee fixed for such standing trustee under section 1202(d) (!1) of this title. (c) Except as otherwise provided in the plan or in the order confirming the plan, the trustee shall make payments to creditors under the plan. -SOURCE- (Added and amended Pub. L. 99-554, title II, Sec. 255, title III, Sec. 302(f), Oct. 27, 1986, 100 Stat. 3111, 3124; Pub. L. 103-394, title V, Sec. 501(d)(36), Oct. 22, 1994, 108 Stat. 4147; Pub. L. 105-277, div. C, title I, Sec. 149(a), Oct. 21, 1998, 112 Stat. 2681-610; Pub. L. 106-5, Sec. 1(1), (2), Mar. 30, 1999, 113 Stat. 9; Pub. L. 106-70, Sec. 1, Oct. 9, 1999, 113 Stat. 1031; Pub. L. 107-8, Sec. 1, May 11, 2001, 115 Stat. 10; Pub. L. 107-17, Sec. 1, June 26, 2001, 115 Stat. 151; Pub. L. 107-170, Sec. 1, May 7, 2002, 116 Stat. 133; Pub. L. 107-171, title X, Sec. 10814(a), May 13, 2002, 116 Stat. 532; Pub. L. 107-377, Sec. 2(a), Dec. 19, 2002, 116 Stat. 3115; Pub. L. 108-73, Sec. 2(a), Aug. 15, 2003, 117 Stat. 891; Pub. L. 108-369, Sec. 2(a), Oct. 25, 2004, 118 Stat. 1749; Pub. L. 109-8, title X, Sec. 1001(a)(1), title XV, Sec. 1502(a)(9), Apr. 20, 2005, 119 Stat. 185, 217.) -REFTEXT- REFERENCES IN TEXT Section 1202(c) and (d) of this title, referred to in subsec. (b)(2), was repealed by section 227 of Pub. L. 99-554, and provisions relating to appointment of and fixing percentage fees for standing trustees are contained in section 586(b) and (e) of Title 28, Judiciary and Judicial Procedure, as amended by section 113(b), (c) of Pub. L. 99-554. -COD- CODIFICATION For repeal of section effective Oct. 1, 1998, and subsequent reenactment of section, see note set out preceding section 1201 of this title. AMENDMENTS 2005 - Subsec. (b)(1). Pub. L. 109-8, Sec. 1502(a)(9), substituted "507(a)(2)" for "507(a)(1)". 1994 - Subsec. (b)(2). Pub. L. 103-394 substituted "1202(c)" for "1202(d)" and "1202(d)" for "1202(e)". EFFECTIVE DATE OF 2005 AMENDMENT Amendment by section 1502(a)(9) of Pub. L. 109-8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109-8, set out as a note under section 101 of this title. EFFECTIVE DATE OF 1994 AMENDMENT Amendment by Pub. L. 103-394 effective Oct. 22, 1994, and not applicable with respect to cases commenced under this title before Oct. 22, 1994, see section 702 of Pub. L. 103-394, set out as a note under section 101 of this title. -FOOTNOTE- (!1) See References in Text note below.