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11 U.S.C. § 767 — Commodity broker liquidation and forward contract merchants, commodity brokers, stockbrokers, financial institutions, financial participants, securities clearing agencies, swap participants, repo participants, and master netting agreement participants

submitted 21 years ago by Pub. L. 109-8 to r/title-11-BANKRUPTCY · 56 words · no verdicts yet

in plain englishAI-generated · not legal advice

This section protects the priority of an unsecured claim held by certain financial-market participants. Exercising rights under this title does not change that claim’s priority.

Despite any other provision of this title, when a forward contract merchant, commodity broker, stockbroker, financial institution, financial participant, securities clearing agency, swap participant, repo participant, or master-netting-agreement participant exercises rights under this title, that exercise does not change the priority of any unsecured claim the participant may have afterward. This section does not define those quoted terms.

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

Notwithstanding any other provision of this title, the exercise of rights by a forward contract merchant, commodity broker, stockbroker, financial institution, financial participant, securities clearing agency, swap participant, repo participant, or master netting agreement participant under this title shall not affect the priority of any unsecured claim it may have after the exercise of such rights.

Source credit: (Added Pub. L. 109–8, title IX, § 907(l), Apr. 20, 2005, 119 Stat. 181.)

history & why it existsrecord from the source credit
  • 2005Enacted · Pub. L. 109-8 · 119 Stat. 181

A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-8 on 2005-04-20.

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