Bankruptcy Forms: Filing Bankruptcy Chapter 7 Bankruptcy Software Chapter 13

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TITLE 11–BANKRUPTCY

CHAPTER 7–LIQUIDATION

Sub Chapter III – Stockbroker Liquidation

Sec. 744. Executory contracts

   Notwithstanding section 365(d)(1) of this title, the trustee shall 
assume or reject, under section 365 of this title, any executory 
contract of the debtor for the purchase or sale of a security in the 
ordinary course of the debtor's business, within a reasonable time after 
the date of the order for relief, but not to exceed 30 days. If the 
trustee does not assume such a contract within such time, such contract 
is rejected.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2613; Pub. L. 97-222, Sec. 10, 
July 27, 1982, 96 Stat. 238.)


                      Historical and Revision Notes

                        senate report no. 95-989

    Section 744 instructs the court to give the trustee a reasonable 
time, not to exceed 30 days, to assume or reject any executory contract 
of the stockbroker to buy or sell securities. Any contract not assumed 
within the time fixed by the court is considered to be rejected.


                               Amendments

    1982--Pub. L. 97-222 inserted ``but'' after ``relief,''.

                  Section Referred to in Other Sections

    This section is referred to in section 106 of this title.



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