Statute · United States Code

11 U.S.C. § 903 — Reservation of State power to control municipalities

11 U.S.C. § 903

Type
Statute
Source
United States Code
Jurisdiction
Federal
Date
2025-01-06
Topic
bankruptcy

This chapter does not limit or impair the power of a State to control, by legislation or otherwise, a municipality of or in such State in the exercise of the political or governmental powers of such municipality, including expenditures for such exercise, but— (1) a State law prescribing a method of composition of indebtedness of such municipality may not bind any creditor that does not consent to such composition; and (2) a judgment entered under such a law may not bind a creditor that does not consent to such composition.

Citator

11 U.S.C. § 903 — Reservation of State power to control municipalities is in force in the current edition of the Code, and nothing recorded condemns it.

This chapter does not limit or impair the power of a State to control, by legislation or otherwise, a municipality of or in such State in the exercise of the political or governmental powers of such municipality, including expenditures for such exercise, but— (1) a State law prescribing a method of composition of indebtedness of such municipality may not bind any creditor that does not consent to such composition; and (2) a judgment entered under such a law may not bind a creditor that does not consent to such composition.