§ 7-540. Interest of assignee or pledgee not subject to setoff, counterclaim, surcharge, or defense; order effective despite bankruptcy

   (a) Interest of assignee or pledgee not subject to setoff, counterclaim, surcharge, or defense. -- The interest of an assignee or pledgee in rate stabilization property and in the revenues and collections arising from that property is not subject to setoff, counterclaim, surcharge, or defense by the electric company or any other person or in connection with the bankruptcy of the electric company or any other entity.

(b) Order effective despite bankruptcy. -- A qualified rate order remains in effect and unabated notwithstanding the bankruptcy of the electric company, its successors, or assignees.

HISTORY: 2006 Sp. Sess., ch. 5, § 1.