Title 11 — Bankruptcy
Chapter 7 — Liquidation
§ 744. Executory contracts
Statutory text
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.
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. § 744
Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2613
Source evidence
Code source credit
Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2613Pub. L. 97–222 § 10 · 96 Stat. 235
Inserted · 11 U.S.C. § 744
Pub. L. 97–222 inserted “but” after “relief,”
Source evidence
Code amendment note
Pub. L. 97–222 inserted “but” after “relief,”.Enacted provision · exact public law section
Sec. 10. Section 744 of title 11, United States Code, is amended by inserting “but” after “relief.”.
1 of 2 references resolved to an enrolled provision · 1 partial
Notes
Historical and Revision Notes
senate report no. 95–989
Section 744 instructs the court to give the trustee a reasonable time, not to exceed 30 days, to assume or reject any executory contract of the stockbroker to buy or sell securities. Any contract not assumed within the time fixed by the court is considered to be rejected.
Editorial Notes
Amendments
1982—Pub. L. 97–222 inserted “but” after “relief,”.
Credits
1978–1982 · 2 acts
- 1978Pub. L. 95–598, , 92 Stat. 2613
- 1982Pub. L. 97–222, § 10, , 96 Stat. 238.
Show as published
(Pub. L. 95–598, , 92 Stat. 2613; Pub. L. 97–222, § 10, , 96 Stat. 238.)