Law360, New York (December 1, 2008, 12:00 AM EST) -- In 1994, Congress amended the Bankruptcy Code to include, for the first time, the concept of a “single asset real estate” (“SARE”) case, and singled it out for some fairly harsh treatment. Under the Bankruptcy Code as amended in 1994, a SARE case was defined as one having the following four characteristics:
(a) real property constituting a single property or project (other than residential property with fewer than 4 residential units);
(b) which real property generates substantially all of the gross income of a debtor;...
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