FEDERAL · 11 U.S.C. · Chapter 7
Executory contracts
Current through Pub. L. 119-102
Notwithstanding section 365(d)(1) of this title, the trustee shall assume or reject, under section 365 of this title, any executory contract of the debtor for the purchase or sale of a security in the ordinary course of the debtor's business, within a reasonable time after the date of the order for relief, but not to exceed 30 days. If the trustee does not assume such a contract within such time, such contract is rejected.
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11 U.S.C. § 744 (Executory contracts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
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Source Credit
History
(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2613; Pub. L. 97–222, §10, July 27, 1982, 96 Stat. 238.)
Editorial Notes
Historical and Revision Notes
senate report no. 95–989
Section 744 instructs the court to give the trustee a reasonable time, not to exceed 30 days, to assume or reject any executory contract of the stockbroker to buy or sell securities. Any contract not assumed within the time fixed by the court is considered to be rejected.
Editorial Notes
Amendments
1982—Pub. L. 97–222 inserted "but" after "relief,".
senate report no. 95–989
Section 744 instructs the court to give the trustee a reasonable time, not to exceed 30 days, to assume or reject any executory contract of the stockbroker to buy or sell securities. Any contract not assumed within the time fixed by the court is considered to be rejected.
Editorial Notes
Amendments
1982—Pub. L. 97–222 inserted "but" after "relief,".