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11 U.S.C. § 703 — Successor trustee

Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 703 — Successor trustee

**(a)** If a trustee dies or resigns during a case, fails to qualify under [section 322 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section322&num=0&edition=prelim), or is removed under [section 324 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section324&num=0&edition=prelim), creditors may elect, in the manner specified in [section 702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section702&num=0&edition=prelim), a person to fill the vacancy in the office of trustee. **(b)** Pending election of a trustee under subsection (a) of this section, if necessary to preserve or prevent loss to the estate, the United States trustee may appoint an interim trustee in the manner specified in section 701(a). **(c)** If creditors do not elect a successor trustee under subsection (a) of this section or if a trustee is needed in a case reopened under [section 350 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section350&num=0&edition=prelim), then the United States trustee— (1) shall appoint one disinterested person that is a member of the panel of private trustees established under [section 586(a)(1) of title 28](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section586/a/1&num=0&edition=prelim) to serve as trustee in the case; or (2) may, if none of the disinterested members of such panel is willing to serve as trustee, serve as trustee in the case.

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Stable record: federal_law:legal_authorities:record_usc_19b805a43b8d277984a41750
Source file: Laws/federal/codes/united-states-code/title-11/section-703-successor-trustee--b6aaae21c9.md
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Source location: Title 11, Chapter 7, § 703; chapter-007-liquidation.md

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Federal law — U.S. Code and appendices · legal_authorities

28 U.S.C. § 581 — United States trustees

**(a)** The Attorney General shall appoint one United States trustee for each of the following regions composed of Federal judicial districts (without regard to section 451): (1) The judicial districts established for the States of Maine, Massachusetts, New Hampshire, and Rhode Island. (2) The judicial districts established for the States of Connecticut, New York, and Vermont. (3) The judicial districts established for the States of Delaware, New Jersey, and Pennsylvania. (4) The judicial districts established for the States of Maryland, North Carolina, South Carolina, Virginia, and West Virginia and for the District of Columbia. (5) The judicial districts established for the States of Louisiana and Mississippi. (6) The Northern District of Texas and the Eastern District of Texas. (7) The Southern District of Texas and the Western District of Texas. (8) The judicial districts established for the States of Kentucky and Tennessee. (9) The judicial districts established for the States of Michigan and Ohio. (10) The Central District of Illinois and the Southern District of Illinois; and the judicial districts established for the State of Indiana. (11) The Northern District of Illinois; and the judicial districts established for the State of Wisconsin. (12) The judicial districts established for the States of Minnesota, Iowa, North Dakota, and South Dakota. (13) The judicial districts established for the States of Arkansas, Nebraska, and Missouri. (14) The District of Arizona. (15) The Southern District of California; and the judicial districts established for the State of Hawaii, and for Guam and the Commonwealth of the Northern Mariana Islands. (16) The Central District of California. (17) The Eastern District of California and the Northern District of Cal

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 350 — Closing and reopening cases

**(a)** After an estate is fully administered and the court has discharged the trustee, the court shall close the case. **(b)** A case may be reopened in the court in which such case was closed to administer assets, to accord relief to the debtor, or for other cause.

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 324 — Removal of trustee or examiner

**(a)** The court, after notice and a hearing, may remove a trustee, other than the United States trustee, or an examiner, for cause. **(b)** Whenever the court removes a trustee or examiner under subsection (a) in a case under this title, such trustee or examiner shall thereby be removed in all other cases under this title in which such trustee or examiner is then serving unless the court orders otherwise.

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 702 — Election of trustee

**(a)** A creditor may vote for a candidate for trustee only if such creditor— (1) holds an allowable, undisputed, fixed, liquidated, unsecured claim of a kind entitled to distribution under section 726(a)(2), 726(a)(3), 726(a)(4), 752(a), 766(h), or 766(i) of this title; (2) does not have an interest materially adverse, other than an equity interest that is not substantial in relation to such creditor’s interest as a creditor, to the interest of creditors entitled to such distribution; and (3) is not an insider. **(b)** At the meeting of creditors held under [section 341 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section341&num=0&edition=prelim), creditors may elect one person to serve as trustee in the case if election of a trustee is requested by creditors that may vote under subsection (a) of this section, and that hold at least 20 percent in amount of the claims specified in subsection (a)(1) of this section that are held by creditors that may vote under subsection (a) of this section. **(c)** A candidate for trustee is elected trustee if— (1) creditors holding at least 20 percent in amount of the claims of a kind specified in subsection (a)(1) of this section that are held by creditors that may vote under subsection (a) of this section vote; and (2) such candidate receives the votes of creditors holding a majority in amount of claims specified in subsection (a)(1) of this section that are held by creditors that vote for a trustee. **(d)** If a trustee is not elected under this section, then the interim trustee shall serve as trustee in the case.

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 101 — Definitions

In this title the following definitions shall apply: (1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized. (2) The term “affiliate” means— (A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or (D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement. (3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 701 — Interim trustee

**(a)** (1) Promptly after the order for relief under this chapter, the United States trustee shall appoint one disinterested person that is a member of the panel of private trustees established under [section 586(a)(1) of title 28](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section586/a/1&num=0&edition=prelim) or that is serving as trustee in the case immediately before the order for relief under this chapter to serve as interim trustee in the case. (2) If none of the members of such panel is willing to serve as interim trustee in the case, then the United States trustee may serve as interim trustee in the case. **(b)** The service of an interim trustee under this section terminates when a trustee elected or designated under [section 702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section702&num=0&edition=prelim) to serve as trustee in the case qualifies under [section 322 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section322&num=0&edition=prelim). **(c)** An interim trustee serving under this section is a trustee in a case under this title.

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 322 — Qualification of trustee

**(a)** Except as provided in subsection (b)(1), a person selected under section 701, 702, 703, 1104, 1163, 1183, 1202, or 1302 of this title to serve as trustee in a case under this title qualifies if before seven days after such selection, and before beginning official duties, such person has filed with the court a bond in favor of the United States conditioned on the faithful performance of such official duties. **(b)** (1) The United States trustee qualifies wherever such trustee serves as trustee in a case under this title. (2) The United States trustee shall determine— (A) the amount of a bond required to be filed under subsection (a) of this section; and (B) the sufficiency of the surety on such bond. **(c)** A trustee is not liable personally or on such trustee’s bond in favor of the United States for any penalty or forfeiture incurred by the debtor. **(d)** A proceeding on a trustee’s bond may not be commenced after two years after the date on which such trustee was discharged.

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 703 — Successor trustee

Page 191 TITLE 11—BANKRUPTCY § 703 (3) is not an insider. (b) At the meeting of creditors held under sec- tion 341 of this title, creditors may elect one person to serve as trustee in the case if election of a trustee is requested by creditors that may vote under subsection (a) of this section, and that hold at least 20 percent in amount of the claims specified in subsection (a)(1) of this sec- tion that are held by creditors that may vote under subsection (a) of this section. (c) A candidate for trustee is elected trustee if— (1) creditors holding at least 20 percent in amount of the claims of a kind specified in subsection (a)(1) of this section that are held by creditors that may vote under subsection (a) of this section vote; and (2) such candidate receives the votes of creditors holding a majority in amount of claims specified in subsection (a)(1) of this sec- tion that are held by creditors that vote for a trustee. (d) If a trustee is not elected under this sec- tion, then the interim trustee shall serve as trustee in the case. (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2604; Pub. L. 97–222, § 7, July 27, 1982, 96 Stat. 237; Pub. L. 98–353, title III, § 472, July 10, 1984, 98 Stat. 380.) HISTORICAL AND REVISION NOTES LEGISLATIVE STATEMENTS The House amendment adopts section 702(a)(2) of the Senate amendment. An insubstantial equity interest does not disqualify a creditor from voting for a can- didate for trustee. SENATE REPORT NO. 95–989 Subsection (a) of this section specifies which credi- tors may vote for a trustee. Only a creditor that holds an allowable, undisputed, fixed, liquidated, unsecured claim that is not entitled to priority, that does not have an interest materially adverse to the interest of general unsecured creditors, an

Source: Supplied 2024 U.S. Code historical extraction · 11 U.S.C. § 703

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