The filing of a petition for relief under any bankruptcy law of the United States shall render any unperformed letter of commitment under sections 52-1401 to 52-1408 null and void.

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Terms Used In Nebraska Statutes 52-1411

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • United States shall: include territories, outlying possessions, and the District of Columbia. See Nebraska Statutes 49-801
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