Title 11 — Bankruptcy
Chapter 7 — Liquidation
§ 763. Treatment of accounts
Statutory text
Accounts held by the debtor for a particular customer in separate capacities shall be treated as accounts of separate customers.
A member of a clearing organization shall be deemed to hold such member’s proprietary account in a separate capacity from such member’s customers’ account.
The net equity in a customer’s account may not be offset against the net equity in the account of any other customer.
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. § 763
Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2618
Source evidence
Code source credit
Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2618Pub. L. 98–353 title III § 486 · 98 Stat. 333
Substituted · 11 U.S.C. § 763(a)
Pub. L. 98–353 substituted “by the debtor for” for “by”
Substituted · 11 U.S.C. § 763(a)
Pub. L. 98–353 substituted “treated as” for “deemed to be”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 98–353 substituted “by the debtor for” for “by” and “treated as” for “deemed to be”.Enacted provision · exact public law section
Sec. 486. Section 763(a) of title 11 of the United States Code is amended by— (1) inserting “the debtor for” after “by”; and (2) striking out “deemed to be” and inserting in lieu thereof “treated as”.Effective date note
Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title.
2 of 3 references resolved to an enrolled provision · 1 partial
Notes
Historical and Revision Notes
senate report no. 95–989
Section 763 provides for separate treatment of accounts held in separate capacities. A deficit in one account held for a customer may not be offset against the net equity in another account held by the same customer in a separate capacity or held by another customer.
Editorial Notes
Amendments
1984—Subsec. (a). Pub. L. 98–353 substituted “by the debtor for” for “by” and “treated as” for “deemed to be”.
Statutory Notes and Related Subsidiaries
Effective Date of 1984 Amendment
Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after , see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title.
Credits
1978–1984 · 2 acts
Show as published
(Pub. L. 95–598, , 92 Stat. 2618; Pub. L. 98–353, title III, § 486, , 98 Stat. 383.)