§ 783. Additional powers of trustee

Statutory text

Distribution of Property Not of the Estate.—

The trustee under this subchapter has power to distribute property not of the estate, including distributions to customers that are mandated by subchapters III and IV of this chapter.

Disposition of Institution.—

The trustee under this subchapter may, after notice and a hearing—

sell the clearing bank to a depository institution or consortium of depository institutions (which consortium may agree on the allocation of the clearing bank among the consortium);

merge the clearing bank with a depository institution;

transfer contracts to the same extent as could a receiver for a depository institution under paragraphs (9) and (10) of section 11(e) of the Federal Deposit Insurance Act;

transfer assets or liabilities to a depository institution; and

transfer assets and liabilities to a bridge depository institution as provided in paragraphs (1), (3)(A), (5), and (6) of section 11(n) of the Federal Deposit Insurance Act, paragraphs (9) through (13) of such section, and subparagraphs (A) through (H) and subparagraph (K) of paragraph (4) of such section 11(n), except that—

the bridge depository institution to which such assets or liabilities are transferred shall be treated as a clearing bank for the purpose of this subsection; and

any references in any such provision of law to the Federal Deposit Insurance Corporation shall be construed to be references to the appointing agency and that references to deposit insurance shall be omitted.

Certain Transfers Included.—

Any reference in this section to transfers of liabilities includes a ratable transfer of liabilities within a priority class.

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.

2000
Consolidated Appropriations Act, 2001
Pub. L. 106–554 § 1(a)(5)(tI)(s112)(c)(5)(B) · 114 Stat. 2763
Enacted · 11 U.S.C. § 783
Added Pub. L. 106–554, § 1(a)(5) [title I, § 112(c)(5)(B)], Dec. 21, 2000, 114 Stat. 2763, 2763A–395
Source evidence
Code source credit
Added Pub. L. 106–554, § 1(a)(5) [title I, § 112(c)(5)(B)], Dec. 21, 2000, 114 Stat. 2763, 2763A–395
Enacted provision · exact public law section
(5) H.R. 5660, as introduced on December 14, 2000.
2008
Federal Housing Finance Regulatory Reform Act of 2008
Pub. L. 110–289 div. A title VI § 1604(b)(3) · 122 Stat. 2654
Substituted · 11 U.S.C. § 783(b)(5)
Pub. L. 110–289, which directed amendment of this section by substituting “bridge depository institution” for “bridge bank”, was executed by making the substitution in introductory provisions and subpar. (A) of subsec. (b)(5), to reflect the probable intent of Congress
Source evidence
Code amendment note
Subsec. (b)(5). Pub. L. 110–289, which directed amendment of this section by substituting “bridge depository institution” for “bridge bank”, was executed by making the substitution in introductory provisions and subpar. (A) of subsec. (b)(5), to reflect the probable intent of Congress.
Enacted provision · exact public law section
(3) Title 11, united states code.— Section 783 of title 11, United States Code, is amended by striking “bridge bank” and inserting “bridge depository institution”.

2 of 2 references resolved to an enrolled provision

Editorial Notes

References in Text

Section 11 of the Federal Deposit Insurance Act, referred to in subsec. (b)(3), (5), is classified to section 1821 of Title 12, Banks and Banking.

Amendments

2008—Subsec. (b)(5). Pub. L. 110–289, which directed amendment of this section by substituting “bridge depository institution” for “bridge bank”, was executed by making the substitution in introductory provisions and subpar. (A) of subsec. (b)(5), to reflect the probable intent of Congress.

Credits

2000–2008 · 2 acts

2000Added Pub. L. 106–554, § 1(a)(5) [title I, § 112(c)(5)(B)], Dec. 21, 2000, 114 Stat. 2763, 2763A–395
2008amended Pub. L. 110–289, div. A, title VI, § 1604(b)(3), July 30, 2008, 122 Stat. 2829.

Show as published

(Added Pub. L. 106–554, § 1(a)(5) [title I, § 112(c)(5)(B)], Dec. 21, 2000, 114 Stat. 2763, 2763A–395; amended Pub. L. 110–289, div. A, title VI, § 1604(b)(3), July 30, 2008, 122 Stat. 2829.)