Bankruptcy Forms: Filing Bankruptcy Chapter 7 Bankruptcy Software Chapter 13

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TITLE 11–BANKRUPTCY

CHAPTER 5–CREDITORS, THE DEBTOR, AND THE ESTATE

Sub Chapter III – The Estate

Sec. 555. Contractual right to liquidate a securities contract

    The exercise of a contractual right of a stockbroker, financial 
institution, or securities clearing agency to cause the liquidation of a 
securities contract, as defined in section 741 of this title, because of 
a condition of the kind specified in section 365(e)(1) of this title 
shall not be stayed, avoided, or otherwise limited by operation of any 
provision of this title or by order of a court or administrative agency 
in any proceeding under this title unless such order is authorized under 
the provisions of the Securities Investor Protection Act of 1970 or any 
statute administered by the Securities and Exchange Commission. As used 
in this section, the term ``contractual right'' includes a right set 
forth in a rule or bylaw of a national securities exchange, a national 
securities association, or a securities clearing agency.

(Added Pub. L. 97-222, Sec. 6(a), July 27, 1982, 96 Stat. 236; amended 
Pub. L. 98-353, title III, Sec. 469, July 10, 1984, 98 Stat. 380; Pub. 
L. 103-394, title V, Sec. 501(b)(6), (d)(20), Oct. 22, 1994, 108 Stat. 
4143, 4146.)

                       References in Text

    The Securities Investor Protection Act of 1970, referred to in text, 
is Pub. L. 91-598, Dec. 30, 1970, 84 Stat. 1636, as amended, which is 
classified generally to chapter 2B-1 (Sec. 78aaa et seq.) of Title 15, 
Commerce and Trade. For complete classification of this Act to the Code, 
see section 78aaa of Title 15 and Tables.


                               Amendments

    1994--Pub. L. 103-394 substituted ``section 741 of this title'' for 
``section 741(7)'' and struck out ``(15 U.S.C. 78aaa et seq.)'' after 
``Act of 1970''.
    1984--Pub. L. 98-353 inserted ``, financial institution,'' after 
``stockbroker''.


                    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 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.


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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,
the most trusted law firm in America with over 15 years of experience is Lexington Law Firm.

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