48 USC 2101 - Effective date

Collapse to view only § 2101. Effective date

§ 2101. Effective date
§ 2102. Severability
§ 2103. Supremacy
§ 2104. Definitions
§ 2105. Placement
§ 2106. Compliance with Federal laws

§ 2101. Effective date

(a) In general

(b) Subchapter III and Subchapter VI

(1) Subchapter III shall apply with respect to cases commenced under subchapter III on or after June 30, 2016.

(2) Subchapters III and VI shall apply with respect to debts, claims, and liens (as such terms are defined in ) created before, on, or after such date.

(Pub. L. 114–187, § 2, June 30, 2016, 130 Stat. 550.)

§ 2102. Severability

(a) In general

(b) Uniformity

(Pub. L. 114–187, § 3, June 30, 2016, 130 Stat. 550.)

§ 2103. Supremacy

The provisions of this chapter shall prevail over any general or specific provisions of territory law, State law, or regulation that is inconsistent with this chapter.

(Pub. L. 114–187, § 4, June 30, 2016, 130 Stat. 551.)

§ 2104. Definitions

In this chapter—

(1) Agreed accounting standards

(2) Bond

(3) Bond Claim

The term “Bond Claim” means, as it relates to a Bond—

(A) right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured; or

(B) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured.

(4) Budget

(5) Puerto Rico

(6) Compliant budget

The term “compliant budget” means a budget that is prepared in accordance with—

(A) agreed accounting standards; and

(B) the applicable Fiscal Plan.

(7) Covered territorial instrumentality

(8) Covered territory

(9) Executive Director

(10) Fiscal Plan

(11) Government of Puerto Rico

(12) Governor

(13) Instrumentality Budget

(14) Instrumentality Fiscal Plan

(15) Legislature

(16) Modified accrual accounting standards

(17) Oversight Board

(18) Territorial government

(19) Territorial instrumentality

(A) In general

(B) Exclusion

(20) Territory

The term “territory” means—

(A) Puerto Rico;

(B) Guam;

(D) the Commonwealth of the Northern Mariana Islands; or

(E) the United States Virgin Islands.

(21) Territory Budget

(22) Territory Fiscal Plan

(Pub. L. 114–187, § 5, June 30, 2016, 130 Stat. 551.)

§ 2105. Placement

The Law Revision Counsel is directed to place this Act as chapter 20 of title 48.

(Pub. L. 114–187, § 6, June 30, 2016, 130 Stat. 553.)

§ 2106. Compliance with Federal laws

Except as otherwise provided in this chapter, nothing in this chapter shall be construed as impairing or in any manner relieving a territorial government, or any territorial instrumentality thereof, from compliance with Federal laws or requirements or territorial laws and requirements implementing a federally authorized or federally delegated program protecting the health, safety, and environment of persons in such territory.

(Pub. L. 114–187, § 7, June 30, 2016, 130 Stat. 553.)