11 U.S.C. § 560 — Contractual right to liquidate, terminate, or accelerate a swap agreement
submitted 36 years ago by Pub. L. 101-311 to r/title-11-BANKRUPTCY · 223 words · no verdicts yet
A translation hasn’t been published for this section yet. The official text below is complete and authoritative.
The exercise of any contractual right of any swap participant* or financial participant* to cause the liquidation, termination, or acceleration of one or more swap agreements because of a condition of the kind specified in section 365(e)(1) of this title or to offset or net out any termination values or payment amounts arising under or in connection with the termination, liquidation, or acceleration of one or more swap agreements shall not be stayed, avoided, or otherwise limited by operation of any provision of this title or by order of a court or administrative agency in any proceeding under this title. As used in this section, the term “contractual right” includes a right set forth in a rule or bylaw of a derivatives clearing organization (as defined in the Commodity Exchange Act), a multilateral clearing organization (as defined in the Federal Deposit Insurance Corporation* Improvement Act of 1991), a national securities exchange, a national securities association, a securities clearing agency, a contract market designated under the Commodity Exchange Act, a derivatives transaction execution facility registered under the Commodity Exchange Act, or a board of trade (as defined in the Commodity Exchange Act) or in a resolution of the governing board thereof and a right, whether or not evidenced in writing, arising under common law, under law merchant, or by reason of normal business practice.
Source credit: (Added Pub. L. 101–311, title I, § 106(a), June 25, 1990, 104 Stat. 268; amended Pub. L. 109–8, title IX, § 907(j), (o)(10), Apr. 20, 2005, 119 Stat. 178, 182.)
- 1990Enacted · Pub. L. 101-311 · 104 Stat. 268
- 2005Amended · Pub. L. 109-8 · 119 Stat. 178, 182
A history note hasn’t been published yet. The record shows enactment by Pub. L. 101-311 on 1990-06-25.
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