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11 U.S.C. § 765 — Customer instructions

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

11 U.S.C. § 765 — Customer instructions

**(a)** The notice required by [section 342 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section342&num=0&edition=prelim) to customers shall instruct each customer— (1) to file a proof of such customer’s claim promptly, and to specify in such claim any specifically identifiable security, property, or commodity contract; and (2) to instruct the trustee of such customer’s desired disposition, including transfer under [section 766 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section766&num=0&edition=prelim) or liquidation, of any commodity contract specifically identified to such customer. **(b)** The trustee shall comply, to the extent practicable, with any instruction received from a customer regarding such customer’s desired disposition of any commodity contract specifically identified to such customer. If the trustee has transferred, under [section 766 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section766&num=0&edition=prelim), such a commodity contract, the trustee shall transmit any such instruction to the commodity broker to whom such commodity contract was so transferred.

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Source location: Title 11, Chapter 7, § 765; chapter-007-liquidation.md

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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. § 342 — Notice

**(a)** There shall be given such notice as is appropriate, including notice to any holder of a community claim, of an order for relief in a case under this title. **(b)** Before the commencement of a case under this title by an individual whose debts are primarily consumer debts, the clerk shall give to such individual written notice containing— (1) a brief description of— (A) chapters 7, 11, 12, and 13 and the general purpose, benefits, and costs of proceeding under each of those chapters; and (B) the types of services available from credit counseling agencies; and (2) statements specifying that— (A) a person who knowingly and fraudulently conceals assets or makes a false oath or statement under penalty of perjury in connection with a case under this title shall be subject to fine, imprisonment, or both; and (B) all information supplied by a debtor in connection with a case under this title is subject to examination by the Attorney General. **(c)** (1) If notice is required to be given by the debtor to a creditor under this title, any rule, any applicable law, or any order of the court, such notice shall contain the name, address, and last 4 digits of the taxpayer identification number of the debtor. If the notice concerns an amendment that adds a creditor to the schedules of assets and liabilities, the debtor shall include the full taxpayer identification number in the notice sent to that creditor, but the debtor shall include only the last 4 digits of the taxpayer identification number in the copy of the notice filed with the court. (2) (A) If, within the 90 days before the commencement of a voluntary case, a creditor supplies the debtor in at least 2 communications sent to the debtor with the current account number of the debtor and the address

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

11 U.S.C. § 766 — Treatment of customer property

**(a)** The trustee shall answer all margin calls with respect to a specifically identifiable commodity contract of a customer until such time as the trustee returns or transfers such commodity contract, but the trustee may not make a margin payment that has the effect of a distribution to such customer of more than that to which such customer is entitled under subsection (h) or (i) of this section. **(b)** The trustee shall prevent any open commodity contract from remaining open after the last day of trading in such commodity contract, or into the first day on which notice of intent to deliver on such commodity contract may be tendered, whichever occurs first. With respect to any commodity contract that has remained open after the last day of trading in such commodity contract or with respect to which delivery must be made or accepted under the rules of the contract market on which such commodity contract was made, the trustee may operate the business of the debtor for the purpose of— (1) accepting or making tender of notice of intent to deliver the physical commodity underlying such commodity contract; (2) facilitating delivery of such commodity; or (3) disposing of such commodity if a party to such commodity contract defaults. **(c)** The trustee shall return promptly to a customer any specifically identifiable security, property, or commodity contract to which such customer is entitled, or shall transfer, on such customer’s behalf, such security, property, or commodity contract to a commodity broker that is not a debtor under this title, subject to such rules or regulations as the Commission may prescribe, to the extent that the value of such security, property, or commodity contract does not exceed the amount to which such customer would be entitled under subs

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

11 U.S.C. § 765 — Customer instructions

Page 220 TITLE 11—BANKRUPTCY § 765 by the Commission by rule or order, either be- fore or after such transfer, and if such transfer is— (1) a transfer of a commodity contract en- tered into or carried by or through the debtor on behalf of a customer, and of any cash, secu- rities, or other property margining or securing such commodity contract; or (2) the liquidation of a commodity contract entered into or carried by or through the debt- or on behalf of a customer. (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2618; Pub. L. 97–222, § 17, July 27, 1982, 96 Stat. 240; Pub. L. 98–353, title III, § 487, July 10, 1984, 98 Stat. 383; Pub. L. 111–16, § 2(9), May 7, 2009, 123 Stat. 1607.) HISTORICAL AND REVISION NOTES LEGISLATIVE STATEMENTS Section 764 of the House amendment is derived from the House bill. SENATE REPORT NO. 95–989 Section 764 permits the trustee to void any transfer of property that, except for such transfer, would have been customer property, to the extent permitted under section 544, 545, 547, 548, 549, or 724(a). HOUSE REPORT NO. 95–595 Section 764 indicates the extent to which the avoid- ing powers may be used by the trustee under sub- chapter IV of chapter 7. If property recovered would have been customer property if never transferred, then subsection (a) indicates that it will be so treated when recovered. Subsection (b) prohibits avoiding any transaction that occurs before or within five days after the petition if the transaction is approved by the Commission and concerns an open contractual commitment. This en- ables the Commission to exercise its discretion to pro- tect the integrity of the market by insuring that trans- actions cleared with other brokers will not be undone on a preference or a fraudulent transfer theory. Subsectio

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