United States Code

98-353, set out as an Effective Date of 1984 Amendment note under section 101 of this title.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 507, 546, 901 of this title.

§ 558. Defenses of the estate

The estate shall have the benefit of any defense available to the debtor as against any entity other than the estate, including statutes of limitation, statutes of frauds, usury, and other personal defenses. A waiver of any such defense by the debtor after the commencement of the case does not bind the estate.

(Added Pub. L. 98-353, title III, § 470(a), July 10, 1984, 98 Stat. 380.)

EFFECTIVE DATE

Section effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98-353, set out as an Effective Date of 1984 Amendment note under section 101 of this title.

§ 559. Contractual right to liquidate a repurchase agreement

The exercise of a contractual right of a repo participant to cause the liquidation of a repurchase agreement because of a condition of the kind specified in section 365(e)(1) of this title shall not be stayed, avoided, or otherwise limited by operation of any provision of this title or by order of a court or administrative agency in any proceeding under this title, unless, where the debtor is a stockbroker or securities clearing agency, such order is authorized under the provisions of the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.) or any statute administered by the Securities and Exchange Commission. In the event that a repo participant liquidates one or more repurchase agreements with a debtor and under the terms of one or more such agreements has agreed to deliver assets subject to repurchase agreements to the debtor, any excess of the market prices received on liquidation of such assets (or if any such assets are not disposed of on the date of liquidation of such repurchase agreements, at the prices available at the time of liquidation of such repurchase agreements from a generally recognized source or the most recent closing bid quotation from such a source) over the sum of the stated repurchase prices and all expenses in connection with the liquidation of such repurchase agreements shall be deemed property of the estate, subject to the available rights of setoff. As used in this section, the term "contractual right" includes a right set forth in a rule or bylaw, applicable to each party to the repurchase agreement, of a national securities exchange, a national securities association, or a securities clearing agency, 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. 98-353, title III, § 396(a), July 10, 1984, 98 Stat. 366.)

REFERENCES IN TEXT

The Securities Investor Protection Act of 1970, referred to in text, is Pub. L. 91-598, Dec. 30, 1970, 84

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in sections 103, 109, 303, 321, 326, 327, 330, 346, 347, 362, 365, 502, 508, 521, 524, 547, 1106, 1112, 1129, 1141, 1173, 1174, 1201, 1207, 1208, 1225, 1228, 1301, 1306, 1307, 1325, 1328 of this title; title 7 section 24; title 15 section 78fff-1; title 26 sections 108, 1398, 6012; title 28 sections 586, 1930; title 29 section 1362.

SUBCHAPTER I-OFFICERS AND

ADMINISTRATION

§ 701. Interim trustee

(a)(1) Promptly after the order for relief under this chapter, the United States trustee shall appoint one disinterested person that is a member of the panel of private trustees established under section 586(a)(1) of title 28 or that is serving as trustee in the case immediately before the order for relief under this chapter to serve as interim trustee in the case.

(2) If none of the members of such panel is willing to serve as interim trustee in the case, then the United States trustee may serve as interim trustee in the case.

[See main edition for text of (b) and (c)] (As amended Pub. L. 99-554, title II, § 215, Oct. 27, 1986, 100 Stat. 3100.)

AMENDMENTS

1986-Subsec. (a). Pub. L. 99-554 designated existing provisions as par. (1), substituted "the United States trustee shall appoint" for "the court shall appoint", "586(a)(1)" for "604(f)”, “that is serving" for "that was serving", and added par. (2).

EFFECTIVE DATE OF 1986 AMENDMENT

Effective date and applicability of amendment by Pub. L. 99-554 dependent upon the judicial district involved, see section 302(d), (e) of Pub. L. 99-554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.

SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 303, 322, 348, 557, 703 of this title.

8702. Election of trustee

[See main edition for text of (a)]

(b) At the meeting of creditors held under section 341 of this title, creditors may elect one person to serve as trustee in the case if election of a trustee is requested by creditors that may vote under subsection (a) of this section, and that hold at least 20 percent in amount of the claims specified in subsection (a)(1) of this section that are held by creditors that may vote under subsection (a) of this section.

(1) creditors holding at least 20 percent in amount of the claims of a kind specified in subsection (a)(1) of this section that are held by creditors that may vote under subsection (a) of this section vote; and

(2) such candidate receives the votes of creditors holding a majority in amount of claims specified in subsection (a)(1) of this section that are held by creditors that vote for a trustee.

(d) If a trustee is not elected under this section, then the interim trustee shall serve as trustee in the case.

(As amended Pub. L. 98-353, title III, § 472, July 10, 1984, 98 Stat. 380.)

AMENDMENTS

1984-Subsec. (b). Pub. L. 98-353, § 472(a), inserted "held" after "meeting of creditors".

Subsec. (c)(1). Pub. L. 98-353, § 472(b)(1), inserted "of a kind" after "claims".

Subsec. (c)(2). Pub. L. 98–353, § 472(b)(2), substituted "for a trustee" for "for trustee".

Subsec. (d). Pub. L. 98-353, § 472(c), substituted "this section" for "subsection (c) of this section".

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.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 322, 546, 557, 701, 703, 705 of this title.

§ 703. Successor trustee

[See main edition for text of (a)]

(b) Pending election of a trustee under subsection (a) of this section, if necessary to preserve or prevent loss to the estate, the United States trustee may appoint an interim trustee in the manner specified in section 701(a).

(c) If creditors do not elect a successor trustee under subsection (a) of this section or if a trustee is needed in a case reopened under section 350 of this title, then the United States trust

(1) shall appoint one disinterested person that is a member of the panel of private trustees established under section 586(a)(1) of title 28 to serve as trustee in the case; or

(2) may, if none of the disinterested members of such panel is willing to serve as trustee, serve as trustee in the case.

(As amended Pub. L. 98-353, title III, § 473, July 10, 1984, 98 Stat. 381; Pub. L. 99-554, title II, § 216, Oct. 27, 1986, 100 Stat. 3100.)

AMENDMENTS

1986-Subsec. (b). Pub. L. 99-554 amended subsec. (b) generally, substituting "the United States trustee may appoint" for "the court may appoint" and "manner specified in section 701(a)" for "manner and subject to the provisions of section 701 of this title". Subsec. (c). Pub. L. 99-554 amended subsec. (c) generally, substituting "this section or" for "this section, or", "then the United States trustee" for "then the court", designating part of existing provisions as par. (1), and, as so designated, substituting “586(a)(1)" for "604(f)", "in the case; or" for "in the case.", and adding par. (2).

1984-Subsec. (b). Pub. L. 98-353 substituted "and subject to the provisions of section 701 of this title" for "specified in section 701(a) of this title. Sections 701(b) and 701(c) of this title apply to such interim trustee".

EFFECTIVE DATE OF 1986 AMENDMENT

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.

SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 322, 557 of this title.

§ 704. Duties of trustee

The trustee shall

(1) collect and reduce to money the property of the estate for which such trustee serves, and close such estate as expeditiously as is compatible with the best interests of parties in interest;

(2) be accountable for all property received; (3) ensure that the debtor shall perform his intention as specified in section 521(2)(B) of this title;

(4) investigate the financial affairs of the debtor;

(5) if a purpose would be served, examine proofs of claims and object to the allowance of any claim that is improper;

(6) if advisable, oppose the discharge of the debtor;

(7) unless the court orders otherwise, furnish such information concerning the estate and the estate's administration as is requested by a party in interest;

(8) if the business of the debtor is authorized to be operated, file with the court, with the United States trustee, and with any governmental unit charged with responsibility for collection or determination of any tax arising out of such operation, periodic reports and summaries of the operation of such business, including a statement of receipts and disbursements, and such other information as the United States trustee or the court requires; and

(9) make a final report and file a final account of the administration of the estate with the court and with the United States trustee.

(As amended Pub. L. 98-353, title III, §§ 311(a), 474, July 10, 1984, 98 Stat. 355, 381; Pub. L. 99-554, title II, § 217, Oct. 27, 1986, 100 Stat. 3100.)

AMENDMENTS

1986-Par. (8). Pub. L. 99-554, § 217(1), inserted ", with the United States trustee," after "with the court" and "the United States trustee or" after “information as".

Par. (9). Pub. L. 99-554, § 217(2), inserted "with the United States trustee" after "court".

1984-Par. (1). Pub. L. 98-353, § 474, substituted "close such estate" for "close up such estate".

Pars. (3) to (9). Pub. L. 98-353, § 311(a), added par. (3) and redesignated former pars. (3) to (8) as (4) to (9), respectively.

EFFECTIVE DATE OF 1986 AmendmenT

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.

SECTION REFERRED TO IN OTHER SECTIONS This section is referred to in sections 1106, 1202, 1302, 1304 of this title; title 29 section 1342.

§ 705. Creditors' committee

[See main edition for text of (a)]

(b) A committee elected under subsection (a) of this section may consult with the trustee or the United States trustee in connection with the administration of the estate, make recommendations to the trustee or the United States trustee respecting the performance of the trustee's duties, and submit to the court or the United States trustee any question affecting the administration of the estate.

(As amended Pub. L. 99-554, title II, § 218, Oct. 27, 1986, 100 Stat. 3100.)

AMENDMENTS

1986-Subsec. (b). Pub. L. 99-554 inserted "or the United States trustee" in three places.

EFFECTIVE DATE OF 1986 AMENDMENT Effective date and applicability of amendment by Pub. L. 99-554 dependent upon the judicial district involved, see section 302(d), (e) of Pub. L. 99-554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.

§ 706. Conversion

(a) The debtor may convert a case under this chapter to a case under chapter 11, 12, or 13 of this title at any time, if the case has not been converted under section 1112, 1307, or 1208 of this title. Any waiver of the right to convert a case under this subsection is unenforceable.

[See main edition for text of (b)]

(c) The court may not convert a case under this chapter to a case under chapter 12 or 13 of this title unless the debtor requests such conversion.

[See main edition for text of (d)]

(As amended Pub. L. 99-554, title II, § 257(q), Oct. 27, 1986, 100 Stat. 3115.)

AMENDMENTS

1986-Subsec. (a). Pub. L. 99-554, § 257(q)(1), inserted references to chapter 12 and section 1208 of this title.

Subsec. (c). Pub. L. 99-554, § 257(q)(2), inserted reference to chapter 12.

EFFECTIVE Date of 1986 AMENDMENT

Amendment by Pub. L. 99-554 effective 30 days after Oct. 27, 1986, but not applicable to cases commenced under this title before that date, see section 302(a), (c)(1) of Pub. L. 99-554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 348, 1146, 1208, 1231, 1307 of this title.

§ 707. Dismissal

(a) The court may dismiss a case under this chapter only after notice and a hearing and only for cause, including

(1) unreasonable delay by the debtor that is prejudicial to creditors;

(2) nonpayment of any fees or charges required under chapter 123 of title 28; and

(3) failure of the debtor in a voluntary case Ito file, within fifteen days or such additional time as the court may allow after the filing of the petition commencing such case, the information required by paragraph (1) of section 521, but only on a motion by the United States trustee.

(b) After notice and a hearing, the court, on its own motion or on a motion by the United States trustee, but not at the request or suggestion of any party in interest, may dismiss a case filed by an individual debtor under this chapter whose debts are primarily consumer debts if it finds that the granting of relief would be a substantial abuse of the provisions of this chapter. There shall be a presumption in favor of granting the relief requested by the debtor.

(As amended Pub. L. 98-353, title III, §§ 312, 475, July 10, 1984, 98 Stat. 355, 381; Pub. L. 99-554, title II, § 219, Oct. 27, 1986, 100 Stat. 3100.)

AMENDMENTS

1986-Subsec. (a)(3). Pub. L. 99-554, § 219(a), added par. (3).

Subsec. (b). Pub. L. 99-554, § 219(b), substituted "motion or on a motion by the United States trustee, but" for "motion and".

1984-Pub. L. 98-353 designated existing provisions as subsec. (a) and in pars. (1) and (2) substituted "or" for "and", and added subsec. (b).

EFFECTIVE DATE OF 1986 AMENDMENT

RULES PROMULGATED BY SUPREME COURT

United States Supreme Court to prescribe general rules implementing the practice and procedure to be followed under subsec. (b) of this section, with section 2075 of Title 28, Judiciary and Judicial Procedure, to apply with respect to such general rules, see section 320 of Pub. L. 98-353, set out as a note under section 2075 of Title 28.

SUBCHAPTER II-COLLECTION, LIQUIDATION, AND DISTRIBUTION OF THE ESTATE

§ 723. Rights of partnership trustee against general partners

(a) If there is a deficiency of property of the estate to pay in full all claims which are allowed in a case under this chapter concerning a partnership and with respect to which a general partner of the partnership is personally liable, the trustee shall have a claim against such general partner for the full amount of the deficiency.

[See main edition for text of (b)]

(c) Notwithstanding section 728(c) of this title, the trustee has a claim against the estate of each general partner in such partnership that is a debtor in a case under this title for the full amount of all claims of creditors allowed in the case concerning such partnership. Notwithstanding section 502 of this title, there shall not be allowed in such partner's case a claim against such partner on which both such partner and such partnership are liable, except to any extent that such claim is secured only by property of such partner and not by property of such partnership. The claim of the trustee under this subsection is entitled to distribution in such partner's case under section 726(a) of this title the same as any other claim of a kind specified in such section.

[See main edition for text of (d)]

(As amended Pub. L. 98-353, title III, § 476, July 10, 1984, 98 Stat. 381.)

AMENDMENTS

1984-Subsec. (a). Pub. L. 98-353, § 476, substituted provisions that the trustee shall have a claim for the full amount of the deficiency against a general partner who is personally liable with respect to claims concerning partnerships which are allowed in a case under this chapter, for provisions that each general partner in the partnership would be liable to the trustee for the full amount of such deficiency.

Subsec. (c). Pub. L. 98-353, § 476(b), substituted "such partner's case" for "such case" in two places, "by property of such partnership" for "be property of such partnership”, and “a kind specified in such section" for "the kind specified in such section".

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.

§ 724. Treatment of certain liens

[See main edition for text of (a)]

(b) Property in which the estate has an interest and that is subject to a lien that is not avoidable under this title and that secures an allowed claim for a tax, or proceeds of such property, shall be distributed

(1) first, to any holder of an allowed claim secured by a lien on such property that is not avoidable under this title and that is senior to such tax lien;

(2) second, to any holder of a claim of a kind specified in section 507(a)(1), 507(a)(2), 507(a)(3), 507(a)(4), 507(a)(5), or 507(a)(6) of this title, to the extent of the amount of such allowed tax claim that is secured by such tax lien;

(3) third, to the holder of such tax lien, to any extent that such holder's allowed tax claim that is secured by such tax lien exceeds any amount distributed under paragraph (2) of this subsection;

[See main edition for text of (4) to (6)]

(c) If more than one holder of a claim is entitled to distribution under a particular paragraph of subsection (b) of this section, distribution to such holders under such paragraph shall be in the same order as distribution to such holders would have been other than under this section.

(d) A statutory lien the priority of which is determined in the same manner as the priority of a tax lien under section 6323 of the Internal Revenue Code of 1986 (26 U.S.C. 6323) shall be treated under subsection (b) of this section the same as if such lien were a tax lien.

(As amended Pub. L. 98-353, title III, § 477, July 10, 1984, 98 Stat. 381; Pub. L. 99-514, § 2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 99-554, title II, § 283(r), Oct. 27, 1986, 100 Stat. 3118.)

AMENDMENTS

1986-Subsec. (b)(2). Pub. L. 99-554 inserted reference to section 507(a)(6) of this title.

Subsec. (d). Pub. L. 99-514 substituted "Internal Revenue Code of 1986" for "Internal Revenue Code of 1954".

1984-Subsec. (b). Pub. L. 98-353, § 477(a)(1), substituted "a tax" for "taxes" in provisions preceding par. (1).

Subsec. (b)(2). Pub. L. 98-353, § 477(a)(2), substituted "any holder of a claim of a kind specified" for "claims specified", "section 507(a)(1)” for “sections 507(a)(1)”, and "or 507(a)(5) of this title" for "and 507(a)(5) of this title".

Subsec. (b)(3). Pub. L. 98-353, § 477(a)(3), substituted "allowed tax claim" for "allowed claim".

Subsec. (c). Pub. L. 98-353, § 477(b), substituted "holder of a claim is entitled" for "creditor is entitled" and "holders" for "creditors" in two places.

Subsec. (d). Pub. L. 98-353, § 477(c), substituted "the priority of which" for "whose priority" and "the same as if such lien were a tax lien" for "the same as a tax lien".

EFFECTIVE Date of 1986 AmendmenT Amendment by Pub. L. 99-554 effective 30 days after Oct. 27, 1986, see section 302(a) of Pub. L. 99-554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.

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.

8725. Disposition of certain property

After the commencement of a case under this chapter, but before final distribution of property of the estate under section 726 of this title, the trustee, after notice and a hearing, shall dispose of any property in which an entity other than the estate has an interest, such as a lien, and that has not been disposed of under another section of this title.

(As amended Pub. L. 98-353, title III, § 478, July 10, 1984, 98 Stat. 381.)

AMENDMENTS

1984-Pub. L. 98-353 substituted "distribution of property of the estate" for "distribution".

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.

§ 726. Distribution of property of the estate

[See main edition for text of (a)]

(b) Payment on claims of a kind specified in paragraph (1), (2), (3), (4), (5), (6) or (7) of section 507(a) of this title, or in paragraph (2), (3), (4), or (5) of subsection (a) of this section, shall be made pro rata among claims of the kind specified in each such particular paragraph, except that in a case that has been converted to this chapter under section 1112 1 1208, or 1307 of this title, a claim allowed under section 503(b) of this title incurred under this chapter after such conversion has priority over a claim allowed under section 503(b) of this title incurred under any other chapter of this title or under this chapter before such conversion and over any expenses of a custodian superseded under section 543 of this title.

(c) Notwithstanding subsections (a) and (b) of this section, if there is property of the kind specified in section 541(a)(2) of this title, or proceeds of such property, in the estate, such property or proceeds shall be segregated from other property of the estate, and such property or proceeds and other property of the estate shall be distributed as follows:

(1) Claims allowed under section 503 of this title shall be paid either from property of the kind specified in section 541(a)(2) of this title, or from other property of the estate, as the interest of justice requires.

(2) Allowed claims, other than claims allowed under section 503 of this title, shall be paid in the order specified in subsection (a) of this section, and, with respect to claims of a kind specified in a particular paragraph of section 507 of this title or subsection (a) of this section, in the following order and

manner:

'So in original. Probably should be followed by a comma.

[See main edition for text of (A) to (D)] (As amended Pub. L. 98-353, title III, § 479, July 10, 1984, 98 Stat. 381; Pub. L. 99-554, title II, §§ 257(r), 283(s), Oct. 27, 1986, 100 Stat. 3115, 3118.)

AMENDMENTS

1986-Subsec. (b). Pub. L. 99-554, § 283(s), inserted reference to par. (7) of section 507(a) of this title.

Pub. L. 99-554, § 257(r), inserted reference to section 1208 of this title.

1984-Subsec. (b). Pub. L. 98-353, § 479(a), substituted "each such particular paragraph" for "a particular paragraph", "a claim allowed under section 503(b) of this title" for “administrative expenses” in two places, and "has priority over" for "have priority over".

Subsec. (c)(1). Pub. L. 98-353, § 479(b)(1), substituted "Claims allowed under section 503 of this title" for "Administrative expenses".

Subsec. (c)(2). Pub. L. 98-353, § 479(b)(2), substituted "Allowed claims, other than claims allowed under section 503 of this title," for "Claims other than for administrative expenses".

EFFECTIVE DATE OF 1986 AMENDMENT

Amendment by section 283 of Pub. L. 99-554 effective 30 days after Oct. 27, 1986, see section 302(a) of Pub. L. 99-554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.

Amendment by section 257 of Pub. L. 99-554 effective 30 days after Oct. 27, 1986, but not applicable to cases commenced under this title before that date, see section 302(a), (c)(1) of Pub. L. 99-554.

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.

§ 727. Discharge

(a) The court shall grant the debtor a discharge, unless

[See main edition for text of (1) to (5)] (6) the debtor has refused, in the case—

[See main edition for text of (A) and (B)]

(C) on a ground other than the properly invoked privilege against self-incrimination, to respond to a material question approved by the court or to testify;

(7) the debtor has committed any act specified in paragraph (2), (3), (4), (5), or (6) of this subsection, on or within one year before the date of the filing of the petition, or during the case, in connection with another case, under this title or under the Bankruptcy Act, concerning an insider;

(8) the debtor has been granted a discharge under this section, under section 1141 of this title, or under section 14, 371, or 476 of the Bankruptcy Act, in a case commenced within six years before the date of the filing of the petition;

(9) the debtor has been granted a discharge under section 1228 or 1328 of this title, or under section 660 or 661 of the Bankruptcy Act, in a case commenced within six years before the date of the filing of the petition,

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