11 U.S.C. § 744 — Executory contracts

submitted 48 years ago by Pub. L. 95-598 to r/title-11-BANKRUPTCY · 76 words · no verdicts yet

in plain englishAI-generated · not legal advice

The bankruptcy trustee must assume or reject an ordinary-course contract to buy or sell a security within a reasonable time after the relief order, and never more than 30 days. If the trustee does not assume it in time, it is rejected.

Despite 11 U.S.C. § 365(d)(1), the trustee must assume or reject under § 365 an executory contract for the debtor’s ordinary-course purchase or sale of a security within a reasonable time after the order for relief, but no later than 30 days. If the trustee does not assume it by then, the contract is rejected.

the actual law source: uscode.house.gov ↗public domain

Notwithstanding section 365(d)(1) of this title, the trustee shall assume or reject, under section 365 of this title, any executory contract of the debtor for the purchase or sale of a security in the ordinary course of the debtor’s business, within a reasonable time after the date of the order for relief, but not to exceed 30 days. If the trustee does not assume such a contract within such time, such contract is rejected.

Source credit: (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2613; Pub. L. 97–222, § 10, July 27, 1982, 96 Stat. 238.)

history & why it existsrecord from the source credit

1978Enacted · Pub. L. 95-598 · 92 Stat. 2613
1982Amended · Pub. L. 97-222 · 96 Stat. 238

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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