S.Amdt. 74

1. Rewrites page 499, line 3 through page 500, line 2

   ReplacesPrinted page

   Removes page 499, line 3 through page 500, line 2 of the printed bill. See that page

   Inserted: SEC. 1402. FRAUDULENT TRANSFERS AND OBLIGATIONS.

   Inserted: Section 548 of title 11, United States Code, as amended by section 907, is further amended--

   Inserted: (1) in subsection (a)--

   Inserted: (A) in paragraph (1)--

   Inserted: (i) by striking "one year" and inserting "4 years";

   Inserted: (ii) by inserting "(including any transfer to or for the benefit of an insider under an employment contract)" after "any transfer";

   Inserted: (iii) by inserting "(including any obligation to or for the benefit of an insider under an employment contract)" after "any obligation";

   Inserted: (iv) in subparagraph (A), by striking "or" at the end;

   Inserted: (v) in subparagraph (B)--

   Inserted: (I) in clause (ii)--

   Inserted: (aa) in subclause (II), by striking "or" at the end;

   Inserted: (bb) in subclause (III), by striking the period at the end and inserting "; or"; and

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   Inserted: (cc) by adding at the end the following:

   Inserted: "(IV) made such transfer to or for the benefit of an insider, or incurred such obligation to or for the benefit of an insider, under an employment contract and not in the ordinary course of business."; and

   Inserted: (II) by striking the period at the end and inserting "; or"; and

   Inserted: (vi) by adding at the end the following:

   Inserted: "(C) made an excess benefit transfer or incurred an excess benefit obligation to an insider, general partner, or other affiliated person of the debtor, if the debtor--

   Inserted: "(i) was insolvent on the date on which the transfer was made or the obligation was incurred; or

   Inserted: "(ii) became insolvent in part as a result of the transfer or obligation.";

   Inserted: (2) in subsection (b), by striking "one year" and inserting "2 years"; and

   Inserted: (3) in subsection (d)(2)--

   Inserted: (A) in subparagraph (D), by striking "and" at the end;

   Inserted: (B) in subparagraph (E), by striking the period at the end and inserting "; and"; and

   Inserted: (C) by adding at the end the following:

   Inserted: "(F) the terms 'excess benefit transfer' and 'excess benefit obligation' mean--

   Inserted: "(i) a transfer or obligation, as applicable, to an insider, general partner, or other affiliated person of the debtor in an amount that is not less than 10 times the amount of the mean transfer or obligation of a similar kind given to nonmanagement employees during the calendar year in which the transfer is made or the obligation is incurred; or

   Inserted: "(ii) if no such similar transfers were made to, or obligations incurred for the benefit of, such nonmanagement employees during such calendar year, a transfer or obligation that is in an amount that is not less than 25 percent more than the amount of any similar transfer or obligation made to or incurred for the benefit of such insider, partner, or other affiliated person of the debtor during the calendar year before the year in which such transfer is made or obligation is incurred.".

   Original wording

   Beginning on page 499, strike line 3 and all that follows through page 500, line 2, and insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed