11 U.S.C. § 321 — Eligibility to serve as trustee
submitted 48 years ago by Pub. L. 95-598 to r/title-11-BANKRUPTCY · 151 words · no verdicts yet
This law says who can serve as a bankruptcy trustee: a competent individual living or working in or near the right court district, or an authorized corporation with an office there. A person who served as examiner in the case cannot also be its trustee. The local U.S. trustee can serve as trustee if needed.
(a) A person can serve as trustee in a bankruptcy case only if they are one of two kinds. First, an individual who is competent to do the trustee's job and — in a chapter 7, 12, or 13 case — lives or has an office in the court district where the case is pending, or in a district next to it. Second, a corporation* that its own charter or bylaws allow to act as trustee, and which — in a chapter 7, 12, or 13 case — has an office in at least one of those districts.
(b) A person who already served as an examiner in the case cannot also serve as its trustee.
(c) If necessary, the United States trustee for that judicial district can serve as the trustee in the case.
A person may serve as trustee in a case under this title only if such person is—
an individual that is competent to perform the duties of trustee and, in a case under chapter 7, 12, or 13 of this title, resides or has an office in the judicial district within which the case is pending, or in any judicial district adjacent to such district; or
a corporation* authorized by such corporation’s charter or bylaws to act as trustee, and, in a case under chapter 7, 12, or 13 of this title, having an office in at least one of such districts.
A person that has served as an examiner in the case may not serve as trustee in the case.
The United States trustee for the judicial district in which the case is pending is eligible to serve as trustee in the case if necessary.
Source credit: (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2561; Pub. L. 98–353, title III, § 428, July 10, 1984, 98 Stat. 369; Pub. L. 99–554, title II, §§ 206, 257(c), Oct. 27, 1986, 100 Stat. 3098, 3114.)
- 1978Enacted · Pub. L. 95-598 · 92 Stat. 2561
- 1984Amended · Pub. L. 98-353 · 98 Stat. 369
- 1986Amended · Pub. L. 99-554 · 100 Stat. 3098, 3114
A history note hasn’t been published yet. The record shows enactment by Pub. L. 95-598 on 1978-11-06.
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