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. 751. Customer name securities

The trustee shall deliver any customer name security to or on behalf 
of the customer entitled to such security, unless such customer has a 
negative net equity. With the approval of the trustee, a customer may 
reclaim a customer name security after payment to the trustee, within 
such period as the trustee allows, of any claim of the debtor against 
such customer to the extent that such customer will not have a negative 
net equity after such payment.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2614.)


                      Historical and Revision Notes

                        senate report no. 95-989

    Section 751 requires the trustee to deliver a customer name security 
to the customer entitled to such security unless the customer has a 
negative net equity. The customer's net equity will be negative when the 
amount owed by the customer to the stockbroker exceeds the liquidation 
value of the non-customer name securities in the customer's account. If 
the customer is a net debtor of the stockbroker, then the trustee may 
permit the customer to repay debts to the stockbroker so that the 
customer will no longer be in debt to the stockbroker. If the customer 
refuses to pay such amount, then the court may order the customer to 
endorse the security in order that the trustee may liquidate such 
property.

                  Section Referred to in Other Sections

    This section is referred to in sections 741, 748, 750 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.

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

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