Congress is currently considering new bankruptcy legislation. To date, its focus has been on two bills, one prepared by the National Commission on Bankruptcy Laws, the other by the National Conference of Bankruptcy Judges. Both bills call for substantial changes in present bankruptcy practices. Affirmative action on some combination of the two now seems likely. It appears that Congress soon will, for the first time in 77 years, comprehensively revise bankruptcy law. Accordingly, this is an appropriate time to examine closely basic bankruptcy concepts and policies. This article will deal with one very specific topic: the effect of recordation on lien invalidation under present bankruptcy law and under the proposed acts.

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