United States Code

unless payments under the plan in such case totaled at least

[See main edition for text of (A) and (B), (10); (b)]

(c)(1) The trustee, a creditor, or the United States trustee may object to the granting of a discharge under subsection (a) of this section.

(2) On request of a party in interest, the court may order the trustee to examine the acts and conduct of the debtor to determine whether a ground exists for denial of discharge.

(d) On request of the trustee, a creditor, or the United States trustee, and after notice and a hearing, the court shall revoke a discharge granted under subsection (a) of this section if(1) such discharge was obtained through the fraud of the debtor, and the requesting party did not know of such fraud until after the granting of such discharge;

(2) the debtor acquired property that is property of the estate, or became entitled to acquire property that would be property of the estate, and knowingly and fraudulently failed to report the acquisition of or entitlement to such property, or to deliver or surrender such property to the trustee; or

(3) the debtor committed an act specified in subsection (a)(6) of this section.

(e) The trustee, a creditor, or the United States trustee may request a revocation of a discharge

(1) under subsection (d)(1) of this section within one year after such discharge is granted; or

(2) under subsection (d)(2) or (d)(3) of this section before the later of—

(A) one year after the granting of such discharge; and

(B) the date the case is closed.

(As amended Pub. L. 98-353, title III, § 480, July 10, 1984, 98 Stat. 382; Pub. L. 99-554, title II, §§ 220, 257(s), Oct. 27, 1986, 100 Stat. 3101, 3116.)

REFERENCES IN TEXT

The Bankruptcy Act, referred to in subsec. (a)(7), is act July 1, 1898, ch. 541, 30 Stat. 544, as amended, which was classified generally to former Title 11.

AMENDMENTS

1986-Subsec. (a)(9). Pub. L. 99-554, § 257(s), inserted reference to section 1228 of this title.

Subsec. (c). Pub. L. 99-554, § 220, amended subsec. (c) generally, substituting "The trustee, a creditor, or the United States trustee may object" for "The trustee or a creditor may object" in par. (1).

Subsec. (d). Pub. L. 99-554, § 220, amended subsec. (d) generally, substituting ", a creditor, or the United States trustee," for "or a creditor," in provisions preceding par. (1) and "acquisition of or entitlement to such property" for "acquisition of, or entitlement to, such property" in par. (2).

Subsec. (e). Pub. L. 99-554, § 220, amended subsec. (e) generally, substituting "The trustee, a creditor, or the United States trustee may" for "The trustee or a creditor may” in provisions preceding par. (1), "section within" for "section, within” and “discharge is granted" for "discharge was granted" in par. (1), "section before" for "section, before" in provisions of par. (2) preceding subpar. (A), and "discharge; and" for "discharge; or" in par. (2)(A).

1984-Subsec. (a)(6)(C). Pub. L. 98-353, § 480(a)(1), substituted "properly” for “property”.

Subsec. (a)(7). Pub. L. 98-353, § 480(a)(2), inserted ", under this title or under the Bankruptcy Act," after "another case".

Subsec. (a)(8). Pub. L. 98–353, § 480(a)(3), substituted "371," for "371".

Subsec. (c)(1). Pub. L. 98-353, § 480(b), substituted "to the granting of a discharge" for "to discharge”. Subsec. (e)(2)(A). Pub. L. 98-353, § 480(c), substituted "or" for "and".

EFFECTIVE Date of 1986 AMENDMENT

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, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.

Effective date and applicability of amendment by section 220 of Pub. L. 99-554 dependent upon the judicial district involved, see section 302(d), (e) 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.

SECTION REFERRED TO IN OTHER SECTIONS

This section is referred to in sections 348, 523, 524, 1141 of this title; title 12 section 1715z-la.

§ 728. Special tax provisions

(a) For the purposes of any State or local law imposing a tax on or measured by income, the taxable period of a debtor that is an individual shall terminate on the date of the order for relief under this chapter, unless the case was converted under section 1112 or 1208 of this title.

[See main edition for text of (b)]

(c) If there are pending a case under this chapter concerning a partnership and a case under this chapter concerning a partner in such partnership, a governmental unit's claim for any unpaid liability of such partner for a State or local tax on or measured by income, to the extent that such liability arose from the inclusion in such partner's taxable income of earnings of such partnership that were not withdrawn by such partner, is a claim only against such partnership.

(d) Notwithstanding section 541 of this title, if there are pending a case under this chapter concerning a partnership and a case under this chapter concerning a partner in such partnership, then any State or local tax refund or reduction of tax of such partner that would have otherwise been property of the estate of such partner under section 541 of this title

[See main edition for text of (1)]

(2) is otherwise property of the estate of such partner.

(As amended Pub. L. 98-353, title III, § 481, July 10, 1984, 98 Stat. 382; Pub. L. 99-554, title II, § 257(t), Oct. 27, 1986, 100 Stat. 3116.)

AMENDMENTS

1986-Subsec. (a). Pub. L. 99-554 inserted reference to section 1208 of this title.

1984-Subsec. (c). Pub. L. 98-353, § 481(a), substituted "taxable income" for "taxable income,”.

Subsec. (d)(2). Pub. L. 98-353, § 481(b), substituted "is otherwise property of the estate of such partner” for "is property of the estate of such partner otherwise".

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.

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.

SUBCHAPTER III-STOCKBROKER

LIQUIDATION

§ 741. Definitions for this subchapter

In this subchapter

(1) "Commission” means Securities and Exchange Commission;

(2) "customer" includes

(A) entity with whom a person deals as principal or agent and that has a claim against such person on account of a security received, acquired, or held by such person in the ordinary course of such person's business as a stockbroker, from or for the securities account or accounts of such entity

[See main edition for text of (i) to (vi)] (B) entity that has a claim against a person arising out of—

(i) a sale or conversion of a security received, acquired, or held as specified in subparagraph (A) of this paragraph; or

(ii) a deposit of cash, a security, or other property with such person for the purpose of purchasing or selling a security;

[See main edition for text of (3)]

(4) "customer property" means cash, security, or other property, and proceeds of such cash, security, or property, received, acquired, or held by or for the account of the debtor, from or for the securities account of a customer

(A) including

(i) property that was unlawfully converted from and that is the lawful property of the estate;

[See main edition for text of (ii) to (iv), (B); (5)]

(6) "net equity" means, with respect to all accounts of a customer that such customer has in the same capacity—

(A)(i) aggregate dollar balance that would remain in such accounts after the liquidation, by sale or purchase, at the time of the filing of the petition, of all securities positions in all such accounts, except any cus

tomer name securities of such customer; minus

[See main edition for text of (ii), (B)]

(7) "securities contract" means contract for the purchase, sale, or loan of a security, including an option for the purchase or sale of a security, certificate of deposit, or group or index of securities (including any interest therein or based on the value thereof), or any option entered into on a national securities exchange relating to foreign currencies, or the guarantee of any settlement of cash or securities by or to a securities clearing agency; (8) "settlement payment" means a preliminary settlement payment, a partial settlement payment, an interim settlement payment, a settlement payment on account, a final settlement payment, or any other similar payment commonly used in the securities trade; and

(9) "SIPC" means Securities Investor Protection Corporation.

(As amended Pub. L. 98-353, title III, § 482, July 10, 1984, 98 Stat. 382.)

AMENDMENTS

1984-Par. (2)(A). Pub. L. 98-353, § 482(1), substituted "with whom a person deals" for "with whom the debtor deals", "that has a claim" for "that holds a claim", "against such person" for "against the debtor", "held by such person" for "held by the debtor", and "such person's business as a stockbroker," for "business as a stockbroker".

Par. (2)(B). Pub. L. 98-353, § 482(2)(A), (B), substituted "has a claim" for "holds a claim” and “against a person" for "against the debtor" in provisions preceding cl. (i).

Par. (2)(B)(ii). Pub. L. 98-353, § 482(2)(C), substituted "such person" for "the debtor".

Par. (4)(A)(i). Pub. L. 98-353, § 482(3), substituted "from and that is the lawful" for "and that is".

Par. (6)(A)(i). Pub. L. 98-353, § 482(4), inserted a comma after "petition" and "any" after "except".

Par. (7). Pub. L. 98-353, § 482(5), amended par. (7) generally, inserting provisions relating to options for the purchase or sale of certificates of deposit, or a group or index of securities (including any interest therein or based on the value thereof), or any option entered into on a national securities exchange relating to foreign currencies.

Par. (8). Pub. L. 98-353, § 482(6), inserted "a final settlement payment,".

(As amended Pub. L. 99-554, title II, § 283(t), Oct. 27, 1986, 100 Stat. 3118.)

AMENDMENTS

1986-Pub. L. 99-554 which directed the amendment of this section by striking “(d)” was executed by striking "(a)" after "section 342" as the probable intent of Congress.

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.

§745. Treatment of accounts

(a) Accounts held by the debtor for a particular customer in separate capacities shall be treated as accounts of separate customers.

[See main edition for text of (b)]

(c) Each trustee's account specified as such on the debtor's books, and supported by a trust deed filed with, and qualified as such by, the Internal Revenue Service, and under the Internal Revenue Code of 1986 (26 U.S.C. 1 et seq.), shall be treated as a separate customer account for each beneficiary under such trustee account.

(As amended Pub. L. 98-353, title III, § 483, July 10, 1984, 98 Stat. 383; Pub. L. 99-514, § 2, Oct. 22, 1986, 100 Stat. 2095.)

AMENDMENTS

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

1984-Subsec. (a). Pub. L. 98-353 inserted "the debtor for" after “by".

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.

§ 752. Customer property

(a) The trustee shall distribute customer property ratably to customers on the basis and to the extent of such customers' allowed net equity claims and in priority to all other claims, except claims of the kind specified in section 507(a)(1) of this title that are attributable to the administration of such customer property. (b)(1) The trustee shall distribute customer property in excess of that distributed under subsection (a) of this section in accordance with section 726 of this title.

(2) Except as provided in section 510 of this title, if a customer is not paid the full amount of such customer's allowed net equity claim from customer property, the unpaid portion of such claim is a claim entitled to distribution under section 726 of this title.

[See main edition for text of (c)]

(As amended Pub. L. 98-353, title III, § 484, July 10, 1984, 98 Stat. 383.)

AMENDMENTS

1984-Subsec. (a). Pub. L. 98-353, § 484(a), substituted "customers' allowed" for "customers allowed",

"except claims of the kind" for "except claims", and "such customer property" for "customer property". Subsec. (b)(2). Pub. L. 98-353, § 484(b), substituted "section 726" for "section 726(a)".

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.

SUBCHAPTER IV-COMMODITY BROKER LIQUIDATION

§ 761. Definitions for this subchapter In this subchapter

[See main edition for text of (1) to (9)]

(10) "customer property" means cash, a security, or other property, or proceeds of such cash, security, or property, received, acquired, or held by or for the account of the debtor, from or for the account of a customer(A) including—

[See main edition for text of (i) to (vii)]

(viii) property that was unlawfully converted from and that is the lawful property of the estate; and

[See main edition for text of (ix), (B); (11) to (17)]

(As amended Pub. L. 98-353, title III, § 485, July 10, 1984, 98 Stat. 383.)

AMENDMENTS

1984-Par. (10)(A)(viii). Pub. L. 98-353 substituted "from and that is the lawful property” for “and that is property".

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.

§ 763. Treatment of accounts

(a) Accounts held by the debtor for a particular customer in separate capacities shall be treated as accounts of separate customers.

[See main edition for text of (b) and (c)] (As amended Pub. L. 98-353, title III, § 486, July 10, 1984, 98 Stat. 383.)

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.

§ 764. Voidable transfers

(a) Except as otherwise provided in this section, any transfer by the debtor of property that, but for such transfer, would have been

customer property, may be avoided by the trustee, and such property shall be treated as customer property, if and to the extent that the trustee avoids such transfer under section 544, 545, 547, 548, 549, or 724(a) of this title. For the purpose of such sections, the property so transferred shall be deemed to have been property of the debtor, and, if such transfer was made to a customer or for a customer's benefit, such customer shall be deemed, for the purposes of this section, to have been a creditor.

[See main edition for text of (b)]

(As amended Pub. L. 98-353, title III, § 487, July 10, 1984, 98 Stat. 383.)

AMENDMENTS

1984-Subsec. (a). Pub. L. 98-353 substituted "any transfer by the debtor” for “any transfer".

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.

§ 765. Customer instructions

(a) The notice required by section 342 of this title to customers shall instruct each customer

[See main edition for text of (1) and (2); (b)] (As amended Pub. L. 98-353, title III, § 488, July 10, 1984, 98 Stat. 383.)

AMENDMENTS

1984-Subsec. (a). Pub. L. 98-353 substituted "notice required by" for "notice under".

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.

§ 766. Treatment of customer property

[See main edition for text of (a) to (i)] (j)(1) The trustee shall distribute customer property in excess of that distributed under subsection (h) or (i) of this section in accordance with section 726 of this title.

(As amended Pub. L. 98-353, title III, § 489, July 10, 1984, 98 Stat. 383.)

AMENDMENTS

1984-Subsec. (j)(2). Pub. L. 98-353 substituted "section 726" for "section 726(a)”.

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.

CHAPTER 9-ADJUSTMENT OF DEBTS OF A MUNICIPALITY

CHAPTER REFERRED TO IN OTHER SECTIONS

This chapter is referred to in sections 101, 103, 109, 347, 362, 365, 502, 503 of this title; title 28 section 1930.

SUBCHAPTER I-GENERAL PROVISIONS

§ 901. Applicability of other sections of this title

(a) Sections 301, 344, 347(b), 349, 350(b), 361, 362, 364(c), 364(d), 364(e), 364(f), 365, 366, 501, 502, 503, 504, 506, 507(a)(1), 509, 510, 524(a)(1), 524(a)(2), 544, 545, 546, 547, 548, 549(a), 549(c), 549(d), 550, 551, 552, 553, 557, 1102, 1103, 1109, 1111(b), 1122, 1123(a)(1), 1123(a)(2), 1123(a)(3), 1123(a)(4), 1123(a)(5), 1123(b), 1124, 1125, 1126(a), 1126(b), 1126(c), 1126(e), 1126(f), 1126(g), 1127(d), 1128, 1129(a)(2), 1129(a)(3), 1129(a)(8), 1129(a)(10), 1129(b)(1), 1129(b)(2)(A), 1129(b)(2)(B), 1142(b), 1143, 1144, and 1145 of this title apply in a case under this chapter.

[See main edition for text of (b) and (c)] (As amended Pub. L. 98-353, title III, §§ 353, 490, July 10, 1984, 98 Stat. 361, 383.)

AMENDMENTS

1984-Subsec. (a). Pub. L. 98-353 inserted "557," after "553," and substituted "1111(b)," for "1111(b)".

§ 902. Definitions for this chapter In this chapter

[See main edition for text of (1)]

(2) "special tax payer" means record owner or holder of legal or equitable title to real property against which a special assessment or special tax has been levied the proceeds of which are the sole source of payment of an obligation issued by the debtor to defray the cost of an improvement relating to such real property;

[See main edition for text of (3) and (4)] (As amended Pub. L. 98-353, title III, § 491, July 10, 1984, 98 Stat. 383.)

AMENDMENTS

1984-Par. (2). Pub. L. 98-353 substituted "legal or equitable title to real property against which a special assessment or special tax has been levied” for “title, legal or equitable, to real property against which has been levied a special assessment or special tax".

§ 903. Reservation of State power to control municipalities

This chapter does not limit or impair the power of a State to control, by legislation or otherwise, a municipality of or in such State in the exercise of the political or governmental powers of such municipality, including expenditures for such exercise, but—

(1) a State law prescribing a method of composition of indebtedness of such municipality may not bind any creditor that does not consent to such composition; and

(2) a judgment entered under such a law may not bind a creditor that does not consent to such composition.

(As amended Pub. L. 98-353, title III, § 492, July 10, 1984, 98 Stat. 383.)

AMENDMENTS

1984-Par. (2). Pub. L. 98-353 struck out "to" before "that does not consent".

SUBCHAPTER II-ADMINISTRATION

AMENDMENTS

1984-Pub. L. 98-353, title III, § 493, July 10, 1984, 98 Stat. 383, substituted "SUBCHAPTER" for "SUBCHAPER".

§ 921. Petition and proceedings relating to petition

(a) Notwithstanding sections 109(d) and 301 of this title, a case under this chapter concerning an unincorporated tax or special assessment district that does not have such district's own officials is commenced by the filing under section 301 of this title of a petition under this chapter by such district's governing authority or the board or body having authority to levy taxes or assessments to meet the obligations of such district.

[See main edition for text of (b)]

(c) After any objection to the petition, the court, after notice and a hearing, may dismiss the petition if the debtor did not file the petition in good faith or if the petition does not meet the requirements of this title.

(d) If the petition is not dismissed under subsection (c) of this section, the court shall order relief under this chapter.

(e) The court may not, on account of an appeal from an order for relief, delay any proceeding under this chapter in the case in which the appeal is being taken; nor shall any court order a stay of such proceeding pending such appeal. The reversal on appeal of a finding of jurisdiction does not affect the validity of any debt incurred that is authorized by the court under section 364(c) or 364(d) of this title. (As amended Pub. L. 98-353, title III, § 494, July 10, 1984, 98 Stat. 383.)

AMENDMENTS

1984-Subsec. (a). Pub. L. 98-353, § 494(c), substituted "109(d)" for "109(c)".

Subsec. (c). Pub. L. 98-353, § 494(a), substituted "any" for "an”, and “petition if the debtor did not file the petition in good faith" for "petition, if the debtor did not file the petition in good faith,”.

Subsec. (d). Pub. L. 98-353, § 494(b), (d), redesignated subsec. (e) as (d) and substituted "subsection (c)" for "subsection (d)". No former subsec. (d) had been enacted.

Subsecs. (e), (f). Pub. L. 98–353, § 494(b), redesignated subsec. (f) as (e). Former subsec. (e) redesignated (d).

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.

§ 922. Automatic stay of enforcement of claims against the debtor

(a) A petition filed under this chapter operates as a stay, in addition to the stay provided by section 362 of this title, applicable to all entities, of

(1) the commencement or continuation, including the issuance or employment of process, of a judicial, administrative, or other action or proceeding against an officer or inhabitant of the debtor that seeks to enforce a claim against the debtor; and

[See main edition for text of (2); (b)] (As amended Pub. L. 98-353, title III, § 495, July 10, 1984, 98 Stat. 384.)

AMENDMENTS

1984-Subsec. (a)(1). Pub. L. 98-353 substituted "a judicial" for “judicial”, and “action or proceeding" for "proceeding".

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.

§ 927. Dismissal

[See main edition for text of (a)]

(b) The court shall dismiss a case under this chapter if confirmation of a plan under this chapter is refused.

(As amended Pub. L. 98–353, title III, § 496, July 10, 1984, 98 Stat. 384.)

AMENDMENTS

1984-Subsec. (b). Pub. L. 98-353 substituted "confirmation of a plan under this chapter" for "confirmation".

SUBCHAPTER III-THE PLAN

§ 943. Confirmation

(a) A special tax payer may object to confirmation of a plan.

(b) The court shall confirm the plan if—

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