11 U.S.C. § 765 — Customer instructions
submitted 48 years ago by Pub. L. 95-598 to r/title-11-BANKRUPTCY · 135 words · no verdicts yet
The notice to customers must tell each customer to file a claim promptly, identify certain property or contracts, and tell the trustee what to do with identified commodity contracts. The trustee must follow those instructions as far as practicable and pass them to a receiving commodity broker after a transfer.
(a) The notice section 342 requires for customers must tell each customer—(1) to promptly file proof of the customer’s claim* and identify in it any specifically identifiable security, property, or commodity contract; and (2) to tell the trustee what the customer wants done with each specifically identified commodity contract, including transfer* under section 766 or liquidation.
(b) To the extent practicable, the trustee must follow a customer’s instruction about the desired disposition of a specifically identified commodity contract. If the trustee transferred the contract under section 766, the trustee must send the instruction to the commodity broker* that received the transferred contract.
The notice required by section 342 of this title to customers shall instruct each customer—
to file a proof of such customer’s claim* promptly, and to specify in such claim any specifically identifiable security, property, or commodity contract; and
to instruct the trustee of such customer’s desired disposition, including transfer* under section 766 of this title or liquidation, of any commodity contract specifically identified to such customer.
The trustee shall comply, to the extent practicable, with any instruction received from a customer regarding such customer’s desired disposition of any commodity contract specifically identified to such customer. If the trustee has transferred, under section 766 of this title, such a commodity contract, the trustee shall transmit any such instruction to the commodity broker* to whom such commodity contract was so transferred.
Source credit: (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2619; Pub. L. 97–222, § 18, July 27, 1982, 96 Stat. 240; Pub. L. 98–353, title III, § 488, July 10, 1984, 98 Stat. 383.)
- 1978Enacted · Pub. L. 95-598 · 92 Stat. 2619
- 1982Amended · Pub. L. 97-222 · 96 Stat. 240
- 1984Amended · Pub. L. 98-353 · 98 Stat. 383
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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