Chapter 9 or 11—Accepting or Rejecting a Plan

U.S Code last checked for updates: Jan 30, 2025

Rule 3018.

(a)

In General.

(1)

Who May Accept or Reject a Plan. Within the time set by the court under Rule 3017, 3017.1, or 3017.2, a claim holder or equity security holder may accept or reject a Chapter 9 or Chapter 11 plan under § 1126.

(2)

Claim Based on a Security of Record. Subject to (b), an equity security holder or creditor whose claim is based on a security of record may accept or reject a plan only if the equity security holder or creditor is the holder of record:

(A)

on the date the order approving the disclosure statement is entered; or

(B)

on another date the court sets:

(i)

under Rule 3017.2; or

(ii)

after notice and a hearing and for cause.

(3)

Changing or Withdrawing an Acceptance or Rejection. After notice and a hearing and for cause, the court may permit a creditor or equity security holder to change or withdraw an acceptance or rejection.

(4)

Temporarily Allowing a Claim or Interest

. Even if an objection to a claim or interest has been filed, the court may, after notice and a hearing, temporarily allow a claim or interest in an amount that the court considers proper for voting to accept or reject a plan.

(b)

Treatment of Acceptances or Rejections Obtained Before the Petition Was Filed.

(1)

Acceptance or Rejection by a Nonholder of Record. An equity security holder or creditor who accepted or rejected a plan before the petition was filed will not be considered to have accepted or rejected the plan under § 1126(b) if the equity security holder or creditor:

(A)

has a claim or interest based on a security of record; and

(B)

was not the security’s holder of record on the date specified in the solicitation of the acceptance or rejection.

(2)

Defective Solicitations. A holder of a claim or interest who accepted or rejected a plan before the petition was filed will not be considered to have accepted or rejected the plan if the court finds, after notice and a hearing, that:

(A)

the plan was not sent to substantially all creditors and equity security holders of the same class;

(B)

an unreasonably short time was prescribed for those creditors and equity security holders to accept or reject the plan; or

(C)

the solicitation did not comply with § 1126(b).

(c)

Form for Accepting or Rejecting a Plan; Procedure When More Than One Plan Is Filed.

(1)

Form. An acceptance or rejection of a plan must:

(A)

be in writing;

(B)

identify the plan or plans;

(C)

be signed by the creditor or equity security holder—or an authorized agent; and

(D)

conform to Form 314.

(2)

When More Than One Plan Is Distributed. If more than one plan is sent under Rule 3017, a creditor or equity security holder may accept or reject one or more plans and may indicate preferences among those accepted.

(d)

Partially Secured Creditor.

If a creditor’s claim has been allowed in part as a secured claim and in part as an unsecured claim, the creditor may accept or reject a plan in both capacities.

(As amended Mar. 30, 1987, eff. Aug. 1, 1987; Apr. 30, 1991, eff. Aug. 1, 1991; Apr. 22, 1993, eff. Aug. 1, 1993; Apr. 11, 1997, eff. Dec. 1, 1997; Apr. 11, 2022, eff. Dec. 1, 2022; Apr. 2, 2024, eff. Dec. 1, 2024.)