2003 U.S. Code
Title 11 - BANKRUPTCY
CHAPTER 5 - CREDITORS, THE DEBTOR, AND THE ESTATE
SUBCHAPTER I - CREDITORS AND CLAIMS
Sec. 504 - Sharing of compensation
View Metadata| Publication Title | United States Code, 2000 Edition, Supplement 3, Title 11 - BANKRUPTCY |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 11 - BANKRUPTCY CHAPTER 5 - CREDITORS, THE DEBTOR, AND THE ESTATE SUBCHAPTER I - CREDITORS AND CLAIMS Sec. 504 - Sharing of compensation |
| Contains | section 504 |
| Date | 2003 |
| Laws in Effect as of Date | January 19, 2004 |
| Positive Law | Yes |
| Disposition | standard |
| Source Credit | Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2582. |
| Statutes at Large Reference | 92 Stat. 2582 |
| Public Law Reference | Public Law 95-598 |
§504. Sharing of compensation
(a) Except as provided in subsection (b) of this section, a person receiving compensation or reimbursement under section 503(b)(2) or 503(b)(4) of this title may not share or agree to share—
(1) any such compensation or reimbursement with another person; or
(2) any compensation or reimbursement received by another person under such sections.
(b)(1) A member, partner, or regular associate in a professional association, corporation, or partnership may share compensation or reimbursement received under section 503(b)(2) or 503(b)(4) of this title with another member, partner, or regular associate in such association, corporation, or partnership, and may share in any compensation or reimbursement received under such sections by another member, partner, or regular associate in such association, corporation, or partnership.
(2) An attorney for a creditor that files a petition under section 303 of this title may share compensation and reimbursement received under section 503(b)(4) of this title with any other attorney contributing to the services rendered or expenses incurred by such creditor's attorney.
(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2582.)
Historical and Revision Notes I74senate report no. 95–989Section 504 prohibits the sharing of compensation, or fee splitting, among attorneys, other professionals, or trustees. The section provides only two exceptions: partners or associates in the same professional association, partnership, or corporation may share compensation inter se; and attorneys for petitioning creditors that join in a petition commencing an involuntary case may share compensation.
Section Referred to in Other SectionsThis section is referred to in section 901 of this title; title 15 section 78fff.
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