2004 US Code
Title 11 - BANKRUPTCY
CHAPTER 5 - CREDITORS, THE DEBTOR, AND THE ESTATE
SUBCHAPTER III - THE ESTATE
Sec. 556 - Contractual right to liquidate a commodities contract or forward contract
View MetadataPublication Title | United States Code, 2000 Edition, Supplement 4, 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 III - THE ESTATE Sec. 556 - Contractual right to liquidate a commodities contract or forward contract |
Contains | section 556 |
Date | 2004 |
Laws in Effect as of Date | January 3, 2005 |
Positive Law | Yes |
Disposition | standard |
Source Credit | Added Pub. L. 97-222, §6(a), July 27, 1982, 96 Stat. 236; amended Pub. L. 101-311, title II, §205, June 25, 1990, 104 Stat. 270; Pub. L. 103-394, title V, §501(b)(7), Oct. 22, 1994, 108 Stat. 4143. |
Statutes at Large References | 96 Stat. 236 104 Stat. 270 108 Stat. 4143 |
Public Law References | Public Law 97-222, Public Law 101-311, Public Law 103-394 |
§556. Contractual right to liquidate a commodities contract or forward contract
The contractual right of a commodity broker or forward contract merchant to cause the liquidation of a commodity contract, as defined in section 761 of this title, or forward contract because of a condition of the kind specified in section 365(e)(1) of this title, and the right to a variation or maintenance margin payment received from a trustee with respect to open commodity contracts or forward contracts, shall not be stayed, avoided, or otherwise limited by operation of any provision of this title or by the order of a court in any proceeding under this title. As used in this section, the term “contractual right” includes a right set forth in a rule or bylaw of a clearing organization or contract market or in a resolution of the governing board thereof and a right, whether or not evidenced in writing, arising under common law, under law merchant or by reason of normal business practice.
(Added Pub. L. 97–222, §6(a), July 27, 1982, 96 Stat. 236; amended Pub. L. 101–311, title II, §205, June 25, 1990, 104 Stat. 270; Pub. L. 103–394, title V, §501(b)(7), Oct. 22, 1994, 108 Stat. 4143.)
Amendments1994—Pub. L. 103–394 substituted “section 761 of this title” for “section 761(4)”.
1990—Pub. L. 101–311 inserted before period at end “and a right, whether or not evidenced in writing, arising under common law, under law merchant or by reason of normal business practice”.
Effective Date of 1994 AmendmentAmendment 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.
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