Bankruptcy Forms: Filing Bankruptcy Chapter 7 Bankruptcy Software Chapter 13

The Center For Debt Management
Center4DebtManagement.com ... Always open 24 / 7

Note: For affordable legal assistance The Center For Debt Management highly recommends Standard Legal's Do-It-Yourself Bankruptcy Forms Software Kits. For credit repair services,
the most trusted law firm in America with over 15 years of experience is Lexington Law Firm.

For more bankruptcy help and bankruptcy alternatives, go to Bankruptcy Resources



TITLE 11–BANKRUPTCY

CHAPTER 3–CASE ADMINISTRATION

Sub Chapter II –Officers

Sec. 322. Qualification of trustee

 (a) Except as provided in subsection (b)(1), a person selected under 
section 701, 702, 703, 1104, 1163, 1202, or 1302 of this title to serve 
as trustee in a case under this title qualifies if before five days 
after such selection, and before beginning official duties, such person 
has filed with the court a bond in favor of the United States 
conditioned on the faithful performance of such official duties.
    (b)(1) The United States trustee qualifies wherever such trustee 
serves as trustee in a case under this title.
    (2) The United States trustee shall determine--
        (A) the amount of a bond required to be filed under subsection 
    (a) of this section; and
        (B) the sufficiency of the surety on such bond.

    (c) A trustee is not liable personally or on such trustee's bond in 
favor of the United States for any penalty or forfeiture incurred by the 
debtor.
    (d) A proceeding on a trustee's bond may not be commenced after two 
years after the date on which such trustee was discharged.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2562; Pub. L. 98-353, title III, 
Sec. 429, July 10, 1984, 98 Stat. 369; Pub. L. 99-554, title II, 
Secs. 207, 257(d), Oct. 27, 1986, 100 Stat. 3098, 3114; Pub. L. 103-394, 
title V, Sec. 501(d)(3), Oct. 22, 1994, 108 Stat. 4143.)


                      Historical and Revision Notes

                         legislative statements

    Section 322(a) is modified to include a trustee serving in a 
railroad reorganization under subchapter IV of chapter 11.


                        senate report no. 95-989

    A trustee qualifies in a case by filing, within five days after 
selection, a bond in favor of the United States, conditioned on the 
faithful performance of his official duties. This section is derived 
from the Bankruptcy Act section 50b [section 78(b) of former title 11]. 
The court is required to determine the amount of the bond and the 
sufficiency of the surety on the bond. Subsection (c), derived from 
Bankruptcy Act section 50i [section 78(i) of former title 11], relieves 
the trustee from personal liability and from liability on his bond for 
any penalty or forfeiture incurred by the debtor. Subsection (d), 
derived from section 50m [section 78(m) of former title 11], fixes a 
two-year statute of limitations on any action on a trustee's bond. 
Finally, subsection (e) dispenses with the bonding requirement for the 
United States trustee.


                               Amendments

    1994--Subsec. (a). Pub. L. 103-394 substituted ``1202, or 1302'' for 
``1302, or 1202''.
    1986--Subsec. (a). Pub. L. 99-554, Sec. 257(d), inserted reference 
to section 1202 of this title.
    Pub. L. 99-554, Sec. 207(1), substituted ``Except as provided in 
subsection (b)(1), a person'' for ``A person''.
    Subsec. (b). Pub. L. 99-554, Sec. 207(2), amended subsec. (b) 
generally, adding par. (1), designating existing provisions as par. (2), 
substituting ``The United States trustee'' for ``The court'', ``(A) the 
amount'' for ``(1) the amount'', and ``(B) the sufficiency'' for ``(2) 
the sufficiency''.
    1984--Subsec. (b)(1). Pub. L. 98-353 inserted ``required to be''.


                    Effective Date of 1994 Amendment

    Amendment by Pub. L. 103-394 effective Oct. 22, 1994, and not 
applicable with respect to cases commenced under this title before Oct. 
22, 1994, see section 702 of Pub. L. 103-394, set out as a note under 
section 101 of this title.


                    Effective Date of 1986 Amendment

    Effective date and applicability of amendment by section 207 of Pub. 
L. 99-554 dependent upon the judicial district involved, see section 
302(d), (e) of Pub. L. 99-554, set out as a note under section 581 of 
Title 28, Judiciary and Judicial Procedure.
    Amendment by section 257 of Pub. L. 99-554 effective 30 days after 
Oct. 27, 1986, but not applicable to cases commenced under this title 
before that date, see section 302(a), (c)(1) of Pub. L. 99-554.


                    Effective Date of 1984 Amendment

    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.

                  Section Referred to in Other Sections

    This section is referred to in sections 701, 703, 746, 1101, 1104, 
1202, 1302 of this title; title 15 section 78eee.



Back Index Next

Note: For affordable legal assistance The Center For Debt Management highly recommends Standard Legal's Do-It-Yourself Bankruptcy Forms Software Kits. For credit repair services,
the most trusted law firm in America with over 15 years of experience is Lexington Law Firm.

For more bankruptcy help and bankruptcy alternatives, go to Bankruptcy Resources

Go to Index of Related Articles and Resources!

Click Below To Check Out More Financial Resources

Return to Top

The Center For Debt Management™

Helping Consumers Save Money and Reduce Debt Is Our Only Business!™

We invite you to explore the sectors listed below. We promise that you'll find exceptional values, offers and resources in which to reduce your living expenses and to enjoy life!


Debt Management and Financial Services! The Internet's oldest and most comprehensive debt management agency! Resources for debt management, consumer credit counseling, debt consolidation, debt reduction settlements, legal aid, financial aid, loans and financing, credit repair, credit reports, insurance quotes, income sources, tax assistance, and more.

Established in 1989 and serving the online community since 1992!


This site was created and designed by Daniel A. Gelinas
Disclaimer and Privacy Policy      © Copyright  2007 "The Center For Debt Management"      Contact Us
Return to Top

Legal Resource Center: United States Code TITLE 11 Filing Bankruptcy Forms Software