Series 50: Discharge

Taken from our Series 50 Online Guide

Discharge

When the plan is approved, the municipality will receive a discharge, which prevents anyone from taking actions against the municipality designed to recover debt payments outside of the plan.

In order for the municipality to receive a discharge:

•The court must approve the plan.

•The municipality must make a deposit of money with the disbursing agent of the court; this is a deposit against payments the municipality has agreed to make to debtors.

•If the deposit consists of securities, the court must determine that the obligations they rep

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