Professional Membership
TITLE 11 - BANKRUPTCY CHAPTER 7 - LIQUIDATION SUBCHAPTER IV - COMMODITY BROKER LIQUIDATION -HEAD- Sec. 763. Treatment of accounts -STATUTE- (a) Accounts held by the debtor for a particular customer in separate capacities shall be treated as accounts of separate customers. (b) A member of a clearing organization shall be deemed to hold such member's proprietary account in a separate capacity from such member's customers' account. (c) The net equity in a customer's account may not be offset against the net equity in the account of any other customer. -SOURCE- (Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2618; Pub. L. 98-353, title III, Sec. 486, July 10, 1984, 98 Stat. 383.) HISTORICAL AND REVISION NOTES SENATE REPORT NO. 95-989 Section 763 provides for separate treatment of accounts held in separate capacities. A deficit in one account held for a customer may not be offset against the net equity in another account held by the same customer in a separate capacity or held by another customer. AMENDMENTS 1984 - Subsec. (a). Pub. L. 98-353 substituted "by the debtor for" for "by" and "treated as" for "deemed to be". EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98-353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98-353, set out as a note under section 101 of this title. -End-