The exchange of a new security under the plan for a claim covered by 
the plan, whether such exchange occurred before or after the date of the 
filing of the petition, does not limit or impair the effectiveness of 
the plan or of any provision of this chapter. The amount and number 
specified in section 1126(c) of this title include the amount and number 
of claims formerly held by a creditor that has participated in any such 
exchange.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2625.)


                      Historical and Revision Notes

                         legislative statements

    The House amendment deletes section 950 of the Senate amendment as 
unnecessary. The constitutionality of chapter 9 of the House amendment 
is beyond doubt.


                        senate report no. 95-989

    [Section 949] This section [enacted as section 946], which follows 
section 97 of current law [section 417 of former title 11], permits an 
exchange of a security before the case is filed to constitute an 
acceptance of the plan if the exchange was under a proposal that later 
becomes the plan.