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."—were targeted directly at this wide variety of debtor relief measures.
Others, like Gaius and Tiberius Gracchus in the 2nd century bc, continued to champion them, even in the area of land reform and debtor relief.
Along with the purchase of bad loans and debtor relief plans, the government also took over banks that collapsed under corrupt or inept management.
Of course, as our recent decisions make plain, the applicability of the Clause has not been confined to classic "debtor relief" laws, but has been regarded as implicated by any measure which dilutes or nullifies a duty created by a contract.
And when numerous prominent men including the richest man in America and a justice of the Supreme Court found themselves imprisoned for debt or forced to become fugitives from creditors, their fate altered the political dimensions of debtor relief, leading to the highly controversial Bankruptcy Act of 1800.
And when numerous prominent men - including the richest man in America and a justice of the Supreme Court - found themselves imprisoned for debt or forced to become fugitives from creditors, their fate altered the political dimensions of debtor relief, leading to the highly controversial Bankruptcy Act of 1800.
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The Supreme Court recognized this transformation in 1934 (three years before F.D.R.'s court-packing plan), when it upheld a Minnesota debtor-relief law allowing courts to extend the deadline for mortgage payments.
While debtor-relief laws had been precisely what the framers of the contracts clause of the Constitution meant to forbid when they held that no state shall pass laws "impairing the obligation of contracts," the court concluded that the meaning of the Constitution had changed and that judges were free to recognize the change.
GSA will, if legally permitted, take the necessary legal steps to ensure no funds or money are paid by the Agency to the debtor until relief from the automatic stay is obtained.
"The debtor requests relief in accordance with the chapter of title 11," one of the documents said, and in this case restructuring meant that everybody who'd once owned stock in Swift Energy would lose virtually everything.
Uncle Sam gives the debtor some relief in that cancelled debts aren't counted as taxable income.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com