11 U.S.C. § 762 — Notice to the Commission and right to be

Page 219 TITLE 11—BANKRUPTCY § 764 such clearing organization’’ for ‘‘cleared by the debtor’’ in subpar. (D). Par. (9). Pub. L. 97–222, § 16(3), substituted ‘‘with re- spect to’’ for ‘‘if the debtor is’’ wherever appearing, in subpar. (A) substituted ‘‘such futures commission mer- chant’’ for ‘‘the debtor’’ wherever appearing and ‘‘such futures commission merchant’s’’ for ‘‘the debtor’s’’, in subpar. (B) substituted ‘‘such foreign futures commis- sion merchant’’ for ‘‘the debtor’’ wherever appearing and ‘‘such foreign futures commission merchant’s’’ for ‘‘the debtor’s’’, in subpar. (C) substituted ‘‘such lever- age transaction merchant’’ for ‘‘the debtor’’ wherever appearing and ‘‘such leverage transaction merchant’s’’ for ‘‘the debtor’s’’, inserted ‘‘or’’ after the semicolon in cl. (i), and substituted ‘‘holds’’ for ‘‘hold’’ in cl. (ii), in subpar. (D) substituted ‘‘such clearing organization’’ for ‘‘the debtor’’ wherever appearing, and in subpar. (E) substituted ‘‘such commodity options dealer’’ for ‘‘the debtor’’ wherever appearing and ‘‘such commodity op- tions dealer’s’’ for ‘‘the debtor’s’’. Par. (10). Pub. L. 97–222, § 16(4), struck out ‘‘at any time’’ after ‘‘security, or property,’’ in provisions pre- ceding subpar. (A). Par. (12). Pub. L. 97–222, § 16(5), inserted a comma after ‘‘property’’ and struck out the comma after ‘‘credit’’. Par. (13). Pub. L. 97–222, § 16(6), substituted ‘‘section 19 of the Commodity Exchange Act (7 U.S.C. 23)’’ for ‘‘sec- tion 217 of the Commodity Futures Trading Commis- sion Act of 1974 (7 U.S.C. 15a)’’. Par. (14). Pub. L. 97–222, § 16(7), struck out ‘‘that is en- gaged’’ after ‘‘means person’’. Par. (15). Pub. L. 97–222, § 16(8), substituted ‘‘mark-to- market payments, settlement payments, variation pay- ments, daily settlement payments, and final settle- ment payments made as adjustments to settlement prices’’ for ‘‘a daily variation settlement payment’’. Par. (16). Pub. L. 97–222, § 16(9), struck out ‘‘at any time’’ after ‘‘customer property’’. Par. (17). Pub. L. 97–222, § 16(10), in provisions pre- ceding subpar. (A) substituted ‘‘has’’ for ‘‘holds’’, in subpar. (A) inserted ‘‘the’’ after ‘‘(A)’’ in provisions pre- ceding cl. (i), and ‘‘in such capacity’’ after ‘‘customer’’ in cl. (ii). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provi- sion of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation imple- menting such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of Title 7, Agriculture. EFFECTIVE DATE OF 2005 AMENDMENT Amendment by Pub. L. 109–8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of this title. EFFECTIVE DATE OF 1994 AMENDMENT Amendment by Pub. L. 103–394 effective Oct. 22, 1994, and not applicable with respect to cases commenced under this title before Oct. 22, 1994, see section 702 of Pub. L. 103–394, set out as a note under section 101 of this title. 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. § 762. Notice to the Commission and right to be heard (a) The clerk shall give the notice required by section 342 of this title to the Commission. (b) The Commission may raise and may appear and be heard on any issue in a case under this chapter. (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2618.) HISTORICAL AND REVISION NOTES SENATE REPORT NO. 95–989 Section 762 provides that the Commission shall be given such notice as is appropriate of an order for relief in a bankruptcy case and that the Commission may raise and may appear and may be heard on any issue in case involving a commodity broker liquidation. § 763. Treatment of accounts (a) Accounts held by the debtor for a par- ticular 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 mem- ber’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. (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2618; Pub. L. 98–353, title III, § 486, July 10, 1984, 98 Stat. 383.) HISTORICAL AND REVISION NOTES SENATE REPORT NO. 95–989 Section 763 provides for separate treatment of ac- counts held in separate capacities. A deficit in one ac- count held for a customer may not be offset against the net equity in another account held by the same cus- tomer in a separate capacity or held by another cus- tomer. 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. § 764. Voidable transfers (a) Except as otherwise provided in this sec- tion, any transfer by the debtor of property that, but for such transfer, would have been cus- tomer property, may be avoided by the trustee, and such property shall be treated as customer property, if and to the extent that the trustee avoids such transfer under section 544, 545, 547, 548, 549, or 724(a) of this title. For the purpose of such sections, the property so transferred shall be deemed to have been property of the debtor, and, if such transfer was made to a customer or for a customer’s benefit, such customer shall be deemed, for the purposes of this section, to have been a creditor. (b) Notwithstanding sections 544, 545, 547, 548, 549, and 724(a) of this title, the trustee may not avoid a transfer made before seven days after the order for relief, if such transfer is approved