2012 US Code
Title 11 - Bankruptcy
Chapter 7 - LIQUIDATION (§§ 701 - 784)
Subchapter III - STOCKBROKER LIQUIDATION (§§ 741 - 753)
Section 744 - Executory contracts
| Publication Title | United States Code, 2012 Edition, Title 11 - BANKRUPTCY |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 11 - BANKRUPTCY CHAPTER 7 - LIQUIDATION SUBCHAPTER III - STOCKBROKER LIQUIDATION Sec. 744 - Executory contracts |
| Contains | section 744 |
| Date | 2012 |
| Laws in Effect as of Date | January 15, 2013 |
| Positive Law | Yes |
| Disposition | standard |
| Source Credit | Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2613; Pub. L. 97-222, §10, July 27, 1982, 96 Stat. 238. |
| Statutes at Large References | 92 Stat. 2613 96 Stat. 238 |
| Public Law References | Public Law 95-598, Public Law 97-222 |
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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, §10, July 27, 1982, 96 Stat. 238.)
Historical and Revision Notes senate report no. 95–989Section 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.
Amendments1982—Pub. L. 97–222 inserted “but” after “relief,”.
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