Section 1111(b) Election Notice

The legal template titled "Section 1111(b) Election Notice" is a document that outlines the election made by a secured creditor under Section 1111(b) of the Bankruptcy Code. Section 1111(b) is a provision that allows a secured creditor to choose to have their claim treated as fully secured, even if the value of the collateral is less than the amount owed.

This template serves as a formal notice to the bankruptcy court, the debtor, and other creditors that the secured creditor has elected to be treated as a fully secured creditor under Section 1111(b). It typically includes details such as the name and contact information of the secured creditor, the loan or credit agreement in question, the collateral securing the debt, and the amount owed.

By filing this Section 1111(b) Election Notice, the secured creditor aims to protect their rights and potentially benefit from the increased likelihood of full repayment in case the debtor's bankruptcy estate has sufficient value. This template ensures that the necessary legal requirements are met and provides a standardized format to comply with the procedural aspects of the bankruptcy process.