FEDERAL · 11 U.S.C. · Chapter SUBCHAPTER IV—COMMODITY BROKER LIQUIDATION
Treatment of accounts
11 U.S.C. § 763
Title11 — Bankruptcy
ChapterSUBCHAPTER IV—COMMODITY BROKER LIQUIDATION
This text of 11 U.S.C. § 763 (Treatment of accounts) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
11 U.S.C. § 763.
Text
(a)Accounts held by the debtor for a particular customer in separate capacities shall be treated as accounts of separate customers.
(b)A member of a clearing organization shall be deemed to hold such member's proprietary account in a separate capacity from such member's customers' account.
(c)The net equity in a customer's account may not be offset against the net equity in the account of any other customer.
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Related
In Re Emergency Beacon Corp.
84 B.R. 329 (S.D. New York, 1988)
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58 B.R. 619 (N.D. Illinois, 1985)
Pride of Virginia Poultry Corp. v. Rocco Feeds, Inc.
270 F.2d 852 (Fourth Circuit, 1959)
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Source Credit
History
(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2618; Pub. L. 98–353, title III, §486, July 10, 1984, 98 Stat. 383.)
Editorial Notes
Historical and Revision Notes
senate report no. 95–989
Section 763 provides for separate treatment of accounts held in separate capacities. A deficit in one account held for a customer may not be offset against the net equity in another account held by the same customer in a separate capacity or held by another customer.
Editorial Notes
Amendments
1984—Subsec. (a). Pub. L. 98–353 substituted "by the debtor for" for "by" and "treated as" for "deemed to be".
Statutory Notes and Related Subsidiaries
Effective Date of 1984 Amendment
Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title.
senate report no. 95–989
Section 763 provides for separate treatment of accounts held in separate capacities. A deficit in one account held for a customer may not be offset against the net equity in another account held by the same customer in a separate capacity or held by another customer.
Editorial Notes
Amendments
1984—Subsec. (a). Pub. L. 98–353 substituted "by the debtor for" for "by" and "treated as" for "deemed to be".
Statutory Notes and Related Subsidiaries
Effective Date of 1984 Amendment
Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title.
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Bluebook (online)
11 U.S.C. § 763, Counsel Stack Legal Research, https://law.counselstack.com/usc/11/763.