Bankruptcy Forms: Filing Bankruptcy Chapter 7 Bankruptcy Software Chapter 13

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TITLE 11–BANKRUPTCY

CHAPTER 3–CASE ADMINISTRATION

Sub Chapter III –Administration

Sec. 347. Unclaimed property

   (a) Ninety days after the final distribution under section 726, 
1226, or 1326 of this title in a case under chapter 7, 12, or 13 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.
    (b) 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, 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.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2568; Pub. L. 99-554, title II, 
Sec. 257(h), Oct. 27, 1986, 100 Stat. 3114.)


                      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 Sec. 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 [Sec. 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].


                               Amendments

    1986--Subsec. (a). Pub. L. 99-554, Sec. 257(h)(1), inserted 
references to section 1226 and chapter 12 of this title.
    Subsec. (b). Pub. L. 99-554, Sec. 257(h)(2), inserted references to 
chapter 12 and section 1225 of this title.


                    Effective Date of 1986 Amendment

    Amendment by 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, set out as a note under 
section 581 of Title 28, Judiciary and Judicial Procedure.

                  Section Referred to in Other Sections

    This section is referred to in section 901 of this title.


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