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  • US Legal Forms
  • 8.48 Extortionate Credit Transactions (18 U.S.C. Sec. 892)

8.48 Extortionate Credit Transactions (18 U.S.C. Sec. 892)

Category:
Federal - Jury Instructions - 9th Circuit - Criminal
State:
Multi-State
Control #:
US-JURY-9THCIR-8-48-CR
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Description

Sample Jury Instructions from the 9th Circuit Federal Court of Appeals. http://www3.ce9.uscourts.gov/jury-instructions/

Section 8.48 Extortionate Credit Transactions (18 U.S.C. Sec. 892) is a federal law that prohibits any person from using extortionate means to collect an extension of credit, or repayment of an extension of credit. This includes using violence, threats of violence, or other criminal means to collect or attempt to collect an extension of credit or repayment of an extension of credit. Under this law, any agreement to use extortionate means to collect an extension of credit or repayment of an extension of credit is unenforceable. There are two types of extortionate credit transactions that are prohibited under this law: (1) “Demand for Unreasonable Extension of Credit” and (2) “Extortionate Credit Transaction.” A “Demand for Unreasonable Extension of Credit” occurs when a person knowingly makes a demand for an extension of credit that is either excessive or not reasonably related to the borrower’s ability to repay. An “Extortionate Credit Transaction” occurs when a person uses extortionate means or practices collecting an extension of credit or repayment of an extension of credit.

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FAQ

Any transaction requiring exorbitant payment from the corporate debtor shall be termed as extortionate credit transaction and shall be subject to avoidance under Section 50 of the Code.

IBC Section 51-Orders of Adjudicating Authority in respect of extorionate credit transactions. (e) require any security interest that was created as part of the extortionate credit transaction to be relinquished in favour of the liquidator or the resolution professional, as the case may be.

(1) Where the corporate debtor has been a party to an extortionate credit transaction involving the receipt of financial or operational debt during the period within two years preceding the insolvency commencement date, the liquidator or the resolution professional as the case may be, may make an application for

Realization of security interest by secured creditor. (1) A secured creditor who seeks to realize its security interest under section 52 shall intimate the liquidator of the price at which he proposes to realize its secured asset.

An extortionate transaction is defined as the receipt of financial or operational debt within two years after the insolvency beginning date at terms requiring the corporate debtor to make extravagant payments, which may be avoided by an order of the adjudicating authority under Section 50 of the IBC.

54. (1) Where the assets of the corporate debtor have been completely liquidated, the liquidator shall make an application to the Adjudicating Authority for the dissolution of such corporate debtor.

Under the Insolvency Act 1986 a credit transaction is extortionate if, having regard to the risk accepted by the lender, the payments required in return were grossly exorbitant; or if it otherwise grossly contravened the ordinary principles of fair dealing.

Whoever makes any extortionate extension of credit, or conspires to do so, shall be fined under this title or imprisoned not more than 20 years, or both.

8.48 Extortionate Credit Transactions (18 U.S.C. Sec. 892) Related Searches

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More info

Whoever makes any extortionate extension of credit, or conspires to do so, shall be fined under this title or imprisoned not more than 20 years, or both. Offenses Under Title 18. 8.Items 891 - 896 — CHAPTER 42—EXTORTIONATE CREDIT TRANSACTIONS. Sec. 891. Definitions and rules of construction. 892. 8.48. Extortionate Credit Transactions (18 U.S.C. § 892). --. 8.47A. Mailing Threatening Communications—Threats To. Kidnap or Injure (18 U.S.C. § 876(c)). Extortionate Credit Transactions (18 U.S.C. § 892). 8.18.1. 8.41. False Impersonation of Citizen of United States (18. On January 18, 2022, Judge Torres granted. Accordance with Section 1342's money-mandating provisions.

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