Los Angeles Bankruptcy Attorney, Bankruptcy Lawyer, Bankruptcy Code 11 USC Section 783

TITLE 11 - BANKRUPTCY
CHAPTER 7 - LIQUIDATION
    SUBCHAPTER V - CLEARING BANK LIQUIDATION

-HEAD-
    Sec. 783. Additional powers of trustee

-STATUTE-
      (a) Distribution of Property Not of the Estate. - The trustee
    under this subchapter has power to distribute property not of the
    estate, including distributions to customers that are mandated by
    subchapters III and IV of this chapter.
      (b) Disposition of Institution. - The trustee under this
    subchapter may, after notice and a hearing - 
        (1) sell the clearing bank to a depository institution or
      consortium of depository institutions (which consortium may agree
      on the allocation of the clearing bank among the consortium);
        (2) merge the clearing bank with a depository institution;
        (3) transfer contracts to the same extent as could a receiver
      for a depository institution under paragraphs (9) and (10) of
      section 11(e) of the Federal Deposit Insurance Act;
        (4) transfer assets or liabilities to a depository institution;
      and
        (5) transfer assets and liabilities to a bridge bank as
      provided in paragraphs (1), (3)(A), (5), and (6) of section 11(n)
      of the Federal Deposit Insurance Act, paragraphs (9) through (13)
      of such section, and subparagraphs (A) through (H) and
      subparagraph (K) of paragraph (4) of such section 11(n), except
      that - 
          (A) the bridge bank to which such assets or liabilities are
        transferred shall be treated as a clearing bank for the purpose
        of this subsection; and
          (B) any references in any such provision of law to the
        Federal Deposit Insurance Corporation shall be construed to be
        references to the appointing agency and that references to
        deposit insurance shall be omitted.

      (c) Certain Transfers Included. - Any reference in this section
    to transfers of liabilities includes a ratable transfer of
    liabilities within a priority class.

-SOURCE-
    (Added Pub. L. 106-554, Sec. 1(a)(5) [title I, Sec. 112(c)(5)(B)],
    Dec. 21, 2000, 114 Stat. 2763, 2763A-395.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      Section 11 of the Federal Deposit Insurance Act, referred to in
    subsec. (b)(3), (5), is classified to section 1821 of Title 12,
    Banks and Banking.
Professional Membership
