Title 11 — Bankruptcy
Chapter 3 — Case Administration
§ 347. Unclaimed property
Statutory text
Ninety days after the final distribution under section 726, 1194, 1226, or 1326 of this title in a case under chapter 7, subchapter V of chapter 11, 12, or 13 1 of this title, as the case may be, the trustee shall stop payment on any check remaining unpaid, and any remaining property of the estate shall be paid into the court and disposed of under chapter 129 of title 28.
Any security, money, or other property remaining unclaimed at the expiration of the time allowed in a case under chapter 9, 11, or 12 of this title for the presentation of a security or the performance of any other act as a condition to participation in the distribution under any plan confirmed under section 943(b), 1129, 1173, 1191, or 1225 of this title, as the case may be, becomes the property of the debtor or of the entity acquiring the assets of the debtor under the plan, as the case may be.
Footnotes
- 1 So in original. See 2019 Amendment note below.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 95–598 · 92 Stat. 2549
Enacted · 11 U.S.C. § 347
Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2568
Source evidence
Code source credit
Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2568Bankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act of 1986
Pub. L. 99–554 § 257(h)(1) · 100 Stat. 3088
Inserted · 11 U.S.C. § 347(a)
Pub. L. 99–554, § 257(h)(1), inserted references to section 1226 and chapter 12 of this title
Source evidence
Code amendment note
Subsec. (a). Pub. L. 99–554, § 257(h)(1), inserted references to section 1226 and chapter 12 of this title.Enacted provision · exact public law section
(1) in subsection (a)— (A) by inserting “, 1226,” after “section 726”, and (B) by inserting “, 12,” after “chapter 7”, andBankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act of 1986
Pub. L. 99–554 § 257(h)(2) · 100 Stat. 3088
Inserted · 11 U.S.C. § 347(b)
Pub. L. 99–554, § 257(h)(2), inserted references to chapter 12 and section 1225 of this title
Source evidence
Code amendment note
Subsec. (b). Pub. L. 99–554, § 257(h)(2), inserted references to chapter 12 and section 1225 of this title.Enacted provision · exact public law section
(2) in subsection (b)— (A) by striking out “or 11” and inserting in lieu thereof “, 11, or 12”, and (B) by striking out “or 1173” and inserting in lieu thereof “1173, or 1225”.Small Business Reorganization Act of 2019
Pub. L. 116–54 § 4(a)(5)(A) · 133 Stat. 1079
Inserted · 11 U.S.C. § 347(a)
Pub. L. 116–54, § 4(a)(5)(A), inserted “1194,” after “726,” and “subchapter V of chapter 11,” after “chapter 7,”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 116–54, § 4(a)(5)(A), inserted “1194,” after “726,” and “subchapter V of chapter 11,” after “chapter 7,”.Enacted provision · exact public law section
(A) in subsection (a)— (i) by inserting “1194,” after “726,”; and (ii) by inserting “subchapter V of chapter 11,” after “chapter 7,”; andEffective date note
Amendment by Pub. L. 116–54 effective 180 days after Aug. 23, 2019, see section 5 of Pub. L. 116–54, set out as a note under section 101 of this title.Small Business Reorganization Act of 2019
Pub. L. 116–54 § 4(a)(5)(B) · 133 Stat. 1079
Inserted · 11 U.S.C. § 347(b)
Pub. L. 116–54, § 4(a)(5)(B), inserted “1194,” after “1173,”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 116–54, § 4(a)(5)(B), inserted “1194,” after “1173,”.Enacted provision · exact public law section
(B) in subsection (b), by inserting “1194,” after “1173,”;Effective date note
Amendment by Pub. L. 116–54 effective 180 days after Aug. 23, 2019, see section 5 of Pub. L. 116–54, set out as a note under section 101 of this title.Coronavirus Aid, Relief, and Economic Security Act
Pub. L. 116–136 div. A title I § 1113(a)(4)(B) · 134 Stat. 281
Substituted · 11 U.S.C. § 347(b)
Pub. L. 116–136 substituted “1191” for “1194”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 116–136 substituted “1191” for “1194”.Enacted provision · exact public law section
(B) Unclaimed property.— Section 347(b) of title 11, United States Code, is amended by striking “1194” and inserting “1191”.
5 of 6 references resolved to an enrolled provision · 1 partial
Notes
Historical and Revision Notes
legislative statements
Section 347(a) of the House amendment adopts a comparable provision contained in the Senate amendment instructing the trustee to stop payment on any check remaining unpaid more than 90 days after the final distribution in a case under Chapter 7 or 13. Technical changes are made in section 347(b) to cover distributions in a railroad reorganization.
senate report no. 95–989
Section 347 is derived from Bankruptcy Act § 66 [section 106 of former title 11]. Subsection (a) requires the trustee to stop payment on any distribution check that is unpaid 90 days after the final distribution in a case under chapter 7 or 13. The unclaimed funds, and any other property of the estate are paid into the court and disposed of under chapter 129 [§ 2041 et seq.] of title 28, which requires the clerk of court to hold the funds for their owner for 5 years, after which they escheat to the Treasury.
Subsection (b) specifies that any property remaining unclaimed at the expiration of the time allowed in a chapter 9 or 11 case for presentation (exchange) of securities or the performance of any other act as a condition to participation in the plan reverts to the debtor or the entity acquiring the assets of the debtor under the plan. Conditions to participation under a plan include such acts as cashing a check, surrendering securities for cancellation, and so on. Similar provisions are found in sections 96(d) and 205 of current law [sections 416(d) and 605 of former title 11].
Editorial Notes
Amendments1986–2020 · 3 rounds
2020
Subsec. (b). Pub. L. 116–136 substituted “1191” for “1194”.
2019
Subsec. (a). Pub. L. 116–54, § 4(a)(5)(A), inserted “1194,” after “726,” and “subchapter V of chapter 11,” after “chapter 7,”.
Subsec. (b). Pub. L. 116–54, § 4(a)(5)(B), inserted “1194,” after “1173,”.
1986
Subsec. (a). Pub. L. 99–554, § 257(h)(1), inserted references to section 1226 and chapter 12 of this title.
Subsec. (b). Pub. L. 99–554, § 257(h)(2), inserted references to chapter 12 and section 1225 of this title.
Statutory Notes and Related Subsidiaries
Effective Date of 2019 Amendment
Amendment by Pub. L. 116–54 effective 180 days after , see section 5 of Pub. L. 116–54, set out as a note under section 101 of this title.
Effective Date of 1986 Amendment
Amendment by Pub. L. 99–554 effective 30 days after , but not applicable to cases commenced under this title before that date, see section 302(a), (c)(1) of Pub. L. 99–554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.