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t Associate Professor, University of Minnesota Law School. B.A., Williams College, 1968; Ph.D., Yale University, 1972; J.D., Yale Law School, 1975. The author wishes to thank Professor Grant Gilmore of the Yale Law School for reading and commenting on an earlier draft of this Article. I 11 U.S.C. §§ 1-1103 (1970). The proposed Act, sponsored by the Commission on the Bankruptcy Laws of the United States, was originally introduced in 1973. See H.R. 10792, 93d Cong., 1st Sess. (1973); 119 CONG. REC. 33445 (1973). The Commission bill has been reintroduced, see S. 236, 94th Cong., 1st Sess. (1975), H.R. 31, 94th Cong., 1st Sess. (1975); 121 CONG. REC. 6467 (daily ed. April 22, 1975). A proposal supported by the National Conference of Bankruptcy Judges is also before Congress. See S. 235, 94th Cong., 1st Sess. (1975); H.R. 32, 94th Cong., 1st Sess. (1975); 121 CONG. REc. S6467 (daily ed. April 22, 1975); 120 CONG. REC. H9249 (daily ed. Sept. 12, 1974). This Article principally addresses the problems of H.R. 31. Significant differences in H.R. 32 will be mentioned in the notes. 2 For a general discussion of some of the changes embodied in the proposed Bankruptcy Act, see Symposium-Bankruptcy Reform-1973, 21 U.C.L.A.L. REV. 381 (1973). The legislative history of the 1973 Act is recounted briefly in Cyr, The Bankruptcy Act of 1973: Back to the Drafting Board, 48 Am. BANKR. L.J. 45 (1974). For a more detailed consideration of some of the proposed Act's most controversial sections, see, e.g., Broude, Jurisdiction and Venue Under the Bankruptcy Act of 1973, 48 Am. BANKR. L.J. 231 (1974); Brudney, The Bankruptcy Commission's Proposed "Modifications" of the Absolute Priority Rule, 48 AM. BANKR. L.J. 305 (1974); Phelan, The Proposed Bankruptcy Administration (the "FBA")-Bureaucratic Alphabet Soup Gets a Bigger Bowl, 48 AM. BANKR. L.J. 341 (1974); Twinem, Bankruptcy Report: Some Limitations on Creditors' Rights, 29 Bus. LAW. 353 (1974); Viles, Non-Revolutionary Bankruptcy Act Proposed by the National Bankruptcy Commission, 29 Bus. LAW. 1117 (1974); Weintraub & Levin, Chapter VII (Reorganizations) As Proposed by the National Bankruptcy Commission: The Widening Gap Between Theory And Reality, 47 AM. BANKR. L.J. 323 (1973). ' The proposed Act is sponsored by the Commission on the Bankruptcy Laws of the United States, which was created by the Act ofJuly 24, 1970, Pub. L. No. 91-354, 84 Stat. 468. The Commission's mandate was to "study, analyze, evaluate and recommend changes to the [Bankruptcy] Act... in order for such Act to reflect and adequately meet the demands of present technical, financial, and commercial activities." Id. § l(b). The Commission submitted a report explaining its proposals. See REPORT OF THE COMMISSION

The Treatment of Security Interests in After-Acquired Property under the Proposed Bankruptcy Act