Source: http://topics.law.cornell.edu/uscode/text/11/761?quicktabs_8=1
Timestamp: 2013-12-11 02:52:13
Document Index: 521969205

Matched Legal Cases: ['§ 761', '§ 761', '§ 761', '§ 16', '§ 485', '§ 501', '§ 1', '§ 112', '§ 907', '§ 724', '§ 761', '§ 761', '§ 761', '§ 1', '§ 724', '§ 724', '§ 1', '§ 112', '§ 1', '§ 112', '§ 1', '§ 112', '§ 501', '§ 501', '§ 501', '§ 16', '§ 16', '§ 16', '§ 16', '§ 16', '§ 16', '§ 16', '§ 16', '§ 16', '§ 16', '§ 711']

11 USC § 761 - Definitions for this subchapter | Title 11 - Bankruptcy | U.S. Code | LII / Legal Information Institute
USC › Title 11 › Chapter 7 › Subchapter IV › § 761	prevnext
11 USC § 761 - Definitions for this subchapter
with respect to a futures commission merchant—
entity that holds a claim against such futures commission merchant arising out of—
with respect to a foreign futures commission merchant—
entity that holds a claim against such foreign futures commission merchant arising out of—
with respect to a leverage transaction merchant—
entity that holds a claim against such leverage transaction merchant arising out of—
with respect to a commodity options dealer—
entity that holds a claim against such commodity options dealer arising out of—
“customer property” means cash, a security, or other property, or proceeds of such cash, security, or property, received, acquired, or held by or for the account of the debtor, from or for the account of a customer—
“net equity” means, subject to such rules and regulations as the Commission promulgates under the Act, with respect to the aggregate of all of a customer’s accounts that such customer has in the same capacity—
the balance remaining in such customer’s accounts immediately after—
the value, as of the date of transfer, of—
(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2615; Pub. L. 97–222, § 16,July 27, 1982, 96 Stat. 238; Pub. L. 98–353, title III, § 485,July 10, 1984, 98 Stat. 383; Pub. L. 103–394, title V, § 501(d)(29),Oct. 22, 1994, 108 Stat. 4146; Pub. L. 106–554, § 1(a)(5) [title I, § 112(c)(6)], Dec. 21, 2000, 114 Stat. 2763, 2763A–395; Pub. L. 109–8, title IX, § 907(a)(3),Apr. 20, 2005, 119 Stat. 174; Pub. L. 111–203, title VII, § 724(b),July 21, 2010, 124 Stat. 1684.)
Paragraph (5) [enacted as (4)] defines “commodity contract” to mean a commodity futures contract (§ 761(4)), a commodity option (§ 761(6)), or a leverage contract (§ 761(15)).
Paragraph (b) [probably should be “(6)” which was enacted as (5)] defines “commodity option” by reference to section 4c(b) of the Commodity Exchange Act [7 U.S.C. 6c
The definition of “customer” serves to isolate that class of persons entitled to the protection subchapter IV provides to customers. In addition, section 101
(5) defines “commodity broker” to mean a futures commission merchant, foreign futures commission merchant, clearing organization, leverage transaction merchant, or commodity options dealer, with respect to which there is a customer. Accordingly, the definition of customer also serves to designate those entities which must utilize chapter 7 and are precluded from reorganizing under chapter 11.
Paragraph (12) defines “distribution share” to mean the amount to which a customer is entitled under section 765
The Commodity Exchange Act, referred to in pars. (1), (2), (8), and (17), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, as amended, which is classified generally to chapter 1 (§ 1 et seq.) of Title 7, Agriculture. Sections 4c(b) and 19 of the Act are classified to sections 6c
(b) and 23, respectively, of Title 7. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables.
2010—Par. (4)(F). Pub. L. 111–203, § 724(b)(1), added subpar. (F) and struck out former subpar. (F) which read as follows: “any other agreement or transaction that is similar to an agreement or transaction referred to in this paragraph;”.
Par. (9)(A)(i). Pub. L. 111–203, § 724(b)(2), substituted “a commodity contract account” for “the commodity futures account”.
2005—Par. (4)(F) to (J). Pub. L. 109–8added subpars. (F) to (J).
2000—Par. (2). Pub. L. 106–554, § 1(a)(5) [title I, § 112(c)(6)(A)], amended par. (2) generally. Prior to amendment, par. (2) read as follows: “ ‘clearing organization’ means organization that clears commodity contracts made on, or subject to the rules of, a contract market or board of trade;”.
Par. (7). Pub. L. 106–554, § 1(a)(5) [title I, § 112(c)(6)(B)], amended par. (7) generally. Prior to amendment, par. (7) read as follows: “ ‘contract market’ means board of trade designated as a contract market by the Commission under the Act;”.
Par. (8). Pub. L. 106–554, § 1(a)(5) [title I, § 112(c)(6)(C)], amended par. (8) generally. Prior to amendment, par. (8) read as follows: “ ‘contract of sale’, ‘commodity’, ‘future delivery’, ‘board of trade’, and ‘futures commission merchant’ have the meanings assigned to those terms in the Act;”.
1994—Par. (1). Pub. L. 103–394, § 501(d)(29)(A), struck out “(7 U.S.C. 1 et seq.)” after “Act”.
Par. (5). Pub. L. 103–394, § 501(d)(29)(B), struck out “(7 U.S.C. 6c
(b))” after “Act”.
Par. (13). Pub. L. 103–394, § 501(d)(29)(C), struck out “(7 U.S.C. 23)” after “Act”.
1984—Par. (10)(A)(viii). Pub. L. 98–353substituted “from and that is the lawful property” for “and that is property”.
1982—Par. (2). Pub. L. 97–222, § 16(1), inserted “made” after “commodity contracts”.
Par. (4). Pub. L. 97–222, § 16(2), substituted “with respect to” for “if the debtor is” wherever appearing, and substituted “cleared by such clearing organization, or commodity option traded on, or subject to the rules of, a contract market or board of trade that is cleared by such clearing organization” for “cleared by the debtor” in subpar. (D).
Par. (9). Pub. L. 97–222, § 16(3), substituted “with respect to” for “if the debtor is” wherever appearing, in subpar. (A) substituted “such futures commission merchant” for “the debtor” wherever appearing and “such futures commission merchant’s” for “the debtor’s”, in subpar. (B) substituted “such foreign futures commission merchant” for “the debtor” wherever appearing and “such foreign futures commission merchant’s” for “the debtor’s”, in subpar. (C) substituted “such leverage 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 options 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 preceding 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 “section 217 of the Commodity Futures Trading Commission Act of 1974 (7 U.S.C. 15a)”.
Par. (14). Pub. L. 97–222, § 16(7), struck out “that is engaged” after “means person”.
Par. (15). Pub. L. 97–222, § 16(8), substituted “mark-to-market payments, settlement payments, variation payments, daily settlement payments, and final settlement 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 preceding subpar. (A) substituted “has” for “holds”, in subpar. (A) inserted “the” after “(A)” in provisions preceding cl. (i), and “in such capacity” after “customer” in cl. (ii).
Amendment by Pub. L. 111–203effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 ofPub. L. 111–203, set out as a note under section 1a of Title 7, Agriculture.