11 U.S.C. § 1201: Stay of action against codebtor

such individual became liable on or secured such debt in the ordinary course of such individual’s business; or the case is closed, dismissed, or converted to a case under chapter 7 of this title. A creditor may present a negotiable instrument, and may give notice of dishonor of such an instrument. as between the debtor and the individual protected under subsection (a) of this section, such individual received the consideration for the claim held by such creditor; the plan filed by the debtor proposes not to pay such claim; or such creditor’s interest would be irreparably harmed by continuation of such stay. Twenty days after the filing of a request under subsection (c)(2) of this section for relief from the stay provided by subsection (a) of this section, such stay is terminated with respect to the party in interest making such request, unless the debtor or any individual that is liable on such debt with the debtor files and serves upon such party in interest a written objection to the taking of the proposed action. Chapter 12 of title 11, United States Code, as reenacted by section 149 of division C of the Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999 ( Public Law 105–277 ) [set out as a note below], and as in effect on June 30, 2005 , is hereby reenacted. Paragraph (1) shall take effect on July 1, 2005 . Chapter 12 of title 11, United States Code, as reenacted by subsection (a), is amended by this Act [see Tables for classification].” Chapter 12 of title 11 of the United States Code, as in effect on December 31, 2003 , is hereby reenacted for the period beginning on January 1, 2004 , and ending on July 1, 2005 . All cases commenced or pending under chapter 12 of title 11, United States Code, as reenacted under subsection (a), and all matters and proceedings in or relating to such cases, shall be conducted and determined under such chapter as if such chapter were continued in effect after July 1, 2005 . The substantive rights of parties in connection with such cases, matters, and proceedings shall continue to be governed under the laws applicable to such cases, matters, and proceedings as if such chapter were continued in effect after July 1, 2005 .”