HISTORICAL AND REVISION NOTES (11 U.S.C. § 101)

Legislative State­ments

 

 

Sec­tion 101(2) de­fines "af­fil­i­ate.". The House amend­ment con­tains a pro­vi­sion that is a com­pro­mise be­tween the def­i­ni­tion in the House-passed version of H.R. 8200 and the Sen­ate amend­ment in the na­ture of a sub­sti­tute to H.R. 8200. Sub­par­a­graphs (A) and (B) are de­rived from the Sen­ate amend­ment and sub­par­a­graph (D) is tak­en from the House bill, while sub­par­a­graph (C) rep­re­sents a com­pro­mise, tak­ing the House po­si­tion with re­spect to a per­son whose busi­ness is op­er­ated un­der a lease or an op­er­at­ing agree­ment by the debt­or and with re­spect to a per­son sub­stan­tial­ly all of whose prop­er­ty is op­er­ated un­der an op­er­at­ing agree­ment by the debt­or and with re­spect to a per­son sub­stan­tial­ly all of whose prop­er­ty is op­er­ated un­der an op­er­at­ing agree­ment by the debt­or and the Sen­ate po­si­tion on leased prop­er­ty. Thus, the def­i­ni­tion of "af­fil­i­ate" ex­cludes per­sons sub­stan­tial­ly all of whose prop­er­ty is op­er­ated un­der a lease agree­ment by a debt­or, such as a small com­pany which owns equip­ment all of which is leased to a larger nonre­lated com­pany.

 

Sec­tion 101(4)(B) rep­re­sents a mod­i­fi­ca­tion of the House-passed bill to in­clude the def­i­ni­tion of "claim" a right to an eq­ui­ta­ble rem­e­dy for breach of per­for­mance if such breach gives rise to a right to pay­ment. This is in­tend­ed to cause the liq­ui­da­tion or estimation of con­tin­gent rights of pay­ment for which there may be an al­ter­na­tive eq­ui­ta­ble rem­e­dy with the re­sult that the eq­ui­ta­ble rem­e­dy will be sus­cep­ti­ble to be­ing dis­charged in bank­rupt­cy. For ex­am­ple, in some States, a judg­ment for spe­cif­ic per­for­mance may be sat­is­fied by an al­ter­na­tive right to pay­ment, in the event per­for­mance is re­fused; in that event, the cred­itor en­ti­tled to spe­cif­ic per­for­mance would have a "claim" for pur­poses of a pro­ceed­ing un­der ti­tle 11.

 

On the oth­er hand, rights to an eq­ui­ta­ble rem­e­dy for a breach of per­for­mance with re­spect to which such breach does not give rise to a right to pay­ment are not "claims" and would therefore not be sus­cep­ti­ble to dis­charge in bank­rupt­cy.

In a case un­der chap­ter 9 to ti­tle 11, "claim" does not in­clude a right to pay­ment un­der an in­dus­tri­al de­vel­op­ment bond is­sued by a mu­nic­ipal­i­ty as a mat­ter of con­ve­nience for a third par­ty.

 

Municipalities are au­tho­rized, un­der sec­tion 103(c) of the In­ter­nal Rev­e­nue Code of 1954, as amend­ed [sec­tion 103(c) of Title 26, In­ter­nal Rev­e­nue Code], to is­sue tax-ex­empt in­dus­tri­al de­vel­op­ment rev­e­nue bonds to pro­vide for the fi­nanc­ing of cer­tain pro­jects for pri­vately owned com­pa­nies. The bonds are sold on the ba­sis of the cred­it of the com­pany on whose be­half they are is­sued, and the prin­ci­pal, in­ter­est, and pre­mi­um, if any, are pay­able sole­ly from pay­ments made by the com­pany to the trust­ee un­der the bond in­den­ture and do not con­sti­tute claims on the tax reven­ues or oth­er funds of the is­su­ing mu­nic­i­palities. The mu­nic­ipal­i­ty mere­ly acts as the ve­hi­cle to en­able the bonds to be is­sued on a tax-ex­empt ba­sis. claims that arise by vir­tue of these bonds are not among the claims de­fined by this par­a­graph and amounts owed by pri­vate com­pa­nies to the hold­ers of in­dus­tri­al de­vel­op­ment rev­e­nue bonds are not to be in­cluded among the as­sets of the mu­nic­ipal­i­ty that would be af­fect­ed by the plan.

 

Sec­tion 101(6) de­fines "com­mod­i­ty bro­ker" as pro­vided by the Sen­ate amend­ment in or­der to in­di­cate that a com­mod­i­ty bro­ker ex­ists wheth­er or not there is com­mu­ni­ty prop­er­ty in the es­tate as of the com­mence­ment of the case.

 

Sec­tion 101(7) of the House amend­ment con­tains a def­i­ni­tion of con­sumer debt iden­ti­cal to the def­i­ni­tion in the House bill and Sen­ate amend­ment. A con­sumer debt does not in­clude a debt to any ex­tent the debt is se­cured by real prop­er­ty.

 

Sec­tion 101(9) of the Sen­ate amend­ment con­tained a def­i­ni­tion of "court." The House amend­ment deletes the pro­vi­sion as un­nec­es­sary in light of the pervasive ju­ris­dic­tion of a bank­rupt­cy court un­der all chap­ters of ti­tle 11 as in­di­cated in ti­tle II of the House amend­ment to H.R. 8200.

 

Sec­tion 101(11) de­fines "debt" to mean li­a­bil­i­ty on a claim, as was con­tained in the House-passed version of H.R. 8200. The Sen­ate amend­ment con­tained lan­guage in­di­cat­ing that "debt" does not in­clude a pol­i­cy loan made by a life in­sur­ance com­pany to the debt­or. That lan­guage is deleted in the House amend­ment as un­nec­es­sary since a life in­sur­ance com­pany clear­ly has no right to have a pol­i­cy loan repaid by the debt­or, al­though such com­pany does have a right of off­set with re­spect to such pol­i­cy loan. Clearly, then, a "debt" does not in­clude a pol­i­cy loan made by a life in­sur­ance com­pany. Inclusion of the lan­guage con­tained in the Sen­ate amend­ment would have re­quired ela­boration of oth­er le­gal re­la­tion­ships not aris­ing by a li­a­bil­i­ty on a claim. Further the lan­guage would have re­quired clarification that in­ter­est on a pol­i­cy loan made by a life in­sur­ance com­pany is a debt, and that the in­sur­ance com­pany does have right to pay­ment to that in­ter­est.

 

Sec­tion 101(14) adopts the def­i­ni­tion of "en­ti­ty" con­tained in the Sen­ate- passed version of H.R. 8200. Since the Sen­ate amend­ment to H.R. 8200 deleted the U.S. trust­ee, a cor­re­spond­ing def­i­ni­tional change is made in chap­ter 15 of the House amend­ment for U.S. trust­ees un­der the pilot pro­gram. Adop­tion by the House amend­ment of a pilot pro­gram for U.S. trust­ees un­der chap­ter 15 re­quires in­sertion of "Unit­ed States trust­ee" in many sec­tions. Several pro­vi­sions in chap­ter 15 of the House amend­ment that re­late to the U.S. trust­ee were not con­tained in the Sen­ate amend­ment in the na­ture of a sub­sti­tute.

 

Sec­tion 101(17) de­fines "farm­er" as in the Sen­ate amend­ment with an in­come lim­i­ta­tion per­cent­age of 80 per­cent in­stead of 75 per­cent.

 

Sec­tion 101(18) con­tains a new def­i­ni­tion of "farm­ing op­er­a­tion" de­rived from pres­ent law and the def­i­ni­tion of "farm­er" in the Sen­ate amend­ment. This def­i­ni­tion gives a broad con­struc­tion to the term "farm­ing op­er­a­tion".

 

Sec­tion 101(20) con­tains a def­i­ni­tion of for­eign rep­re­sen­ta­tive. It clarifies the House bill and Sen­ate amend­ment by in­di­cat­ing that a for­eign rep­re­sen­ta­tive must be duly se­lect­ed in a for­eign pro­ceed­ing.

 

Sec­tion 101(35) de­fines "se­cu­ri­ty" as con­tained in the Sen­ate amend­ment. H.R. 8200 as adopt­ed by the House ex­cluded cer­tain com­mer­cial notes from the def­i­ni­tion of "se­cu­ri­ty", and that ex­clu­sion is deleted.

 

Sec­tion 101(40) de­fines "trans­fer" as in the Sen­ate amend­ment. The def­i­ni­tion con­tained in H.R. 8200 as passed by the House in­cluded "set­off" in the def­i­ni­tion of "trans­fer". Inclusion of "set­off" is deleted. The ef­fect is that a "set­off" is not sub­ject to be­ing set aside as a pref­er­en­tial "trans­fer" but will be sub­ject to spe­cial rules.

Legislative Reports

2005 Acts (Pub. L. 109-8). House Report No. 109-31.

2000 Acts (Pub. L. 106-554). House Report No. 106-645.

1994 Acts (Pub. L. 103-394). House Report No. 103-835.

1990 Acts.

June 25, 1990 (Pub. L. 101-311). House Report No. 101-484.

Nov. 29, 1990 (Pub. L. 101-647). House Report No. 101-681(Part I).

1988 Acts.

Oct. 18, 1988 (Pub. L. 100-506). Sen­ate Report No. 100-505.

Nov. 3, 1988 (Pub. L. 100-597). House Report No. 100-1011.

1986 Acts (Pub. L. 99-554). House Report No. 99-764 and House Con­fer­ence Report No. 99-958.

1982 Acts (Pub. L. 97-222). House Report No. 97-420.

 

 

 

 

 

1978 Acts (Pub. L. 95-598).

 

 

Sen­ate Report No. 95-989. Sec­tion 101 of ti­tle 11 con­tains 40 def­i­ni­tions

 

 

Par­a­graph (1) de­fines "ac­count­ant" as an ac­count­ant au­tho­rized un­der ap­pli­ca­ble law to prac­tice ac­count­ing. The term in­cludes a pro­fes­sion­al ac­count­ing as­so­ci­a­tion, cor­po­ra­tion, or part­ner­ship if ap­pli­ca­ble law au­tho­rizes such a unit to prac­tice ac­count­ing.

 

Par­a­graph (2) de­fines "af­fil­i­ate." An af­fil­i­ate is an en­ti­ty with a close re­la­tion­ship to the debt­or. It in­cludes a 20 per­cent par­ent or sub­sid­i­ary of the debt­or, wheth­er a cor­po­rate, part­ner­ship, in­di­vid­u­al, or es­tate par­ent.

The use of "di­rect­ly or in­di­rect­ly" in sub­par­a­graphs (A) and (B) is in­tend­ed to cov­er situations in which there is an op­por­tu­ni­ty to con­trol, and where the ex­is­tence of that op­por­tu­ni­ty op­er­ates as indi­rect con­trol.

 

"Affiliate" is de­fined pri­mar­i­ly for use in the def­i­ni­tion of in­sider, infra, and for use in the chap­ter 11 re­or­ga­ni­za­tion cases. The def­i­ni­tion of "af­fil­i­ate" does not in­clude an en­ti­ty act­ing in a fi­du­cia­ry or agen­cy ca­pac­i­ty if the en­ti­ty does not have the sole dis­cre­tion­ary pow­er to vote 20 per­cent of the vot­ing se­cu­ri­ties but hold them sole­ly as se­cu­ri­ty and have not ex­er­cised the pow­er to vote. This re­stric­tion ap­plies to a cor­po­rate af­fil­i­ate un­der sub­par­a­graph (B) of par­a­graph (2).

Subsec­tions (C) and (D) of par­a­graph (2) de­fine af­fil­i­ate al­so as those per­sons and en­ti­ties whose busi­ness or sub­stan­tial­ly all of whose prop­er­ty is op­er­ated un­der a lease or op­er­at­ing agree­ment by a debt­or and whose busi­ness or prop­er­ty is more than 50 per­cent un­der the con­trol of the debt­or.

 

The def­i­ni­tion of "at­tor­ney" in par­a­graph (3) is sim­i­lar to the def­i­ni­tion of ac­count­ant.

 

Par­a­graph (4) de­fines "claim." The ef­fect of the def­i­ni­tion is a sig­nif­i­cant departure from pres­ent law. Under pres­ent law, "claim"; is not de­fined in straight bank­rupt­cy. Instead it is simply used, along with the concept of provabil­i­ty in sec­tion 63 of the Bank­rupt­cy Act [sec­tion 103 of for­mer Title 11], to lim­it the kinds of ob­li­ga­tions that are pay­able in a bank­rupt­cy case. The term is de­fined in the debt­or re­ha­bil­i­ta­tion chap­ters of pres­ent law far more broadly. The def­i­ni­tion in par­a­graph (4) adopts an even broader def­i­ni­tion of claim than is found in the pres­ent debt­or re­ha­bil­i­ta­tion chap­ters. The def­i­ni­tion is any right to pay­ment, wheth­er or not re­duced to judg­ment, liq­ui­dated, un­liq­ui­dated, fix­ed, con­tin­gent, ma­tured, un­ma­tured, dis­puted, undis­puted, le­gal, eq­ui­ta­ble, se­cured, or un­se­cured. The def­i­ni­tion al­so in­cludes as a claim an eq­ui­ta­ble right to per­for­mance that does not give rise to a right to pay­ment. By this broadest pos­sible def­i­ni­tion and by the use of the term throughout the ti­tle 11, espe­cial­ly in sub­chap­ter I of chap­ter 5, the bill contemplates that all le­gal ob­li­ga­tions of the debt­or, no mat­ter how remote or con­tin­gent, will be able to be dealt with in the bank­rupt­cy case. It per­mits the broadest pos­sible re­lief in the bank­rupt­cy court.

 

Par­a­graph (5) de­fines "com­mod­i­ty bro­ker" by ref­er­ence to various terms used and de­fined in sub­chap­ter IV of chap­ter 7, Com­mod­i­ty Broker Liq­ui­da­tion. The terms are de­scribed in con­nec­tion with sec­tion 761, infra.

 

Par­a­graph (6) de­fines "com­mu­ni­ty claim" for those eight States that have com­mu­ni­ty prop­er­ty laws. The def­i­ni­tion is keyed to the li­a­bil­i­ty of the debt­or's prop­er­ty for a claim against ei­ther the debt­or or the debt­or's spouse. If the debt­or's prop­er­ty is li­a­ble for a claim against ei­ther, that claim is a com­mod­i­ty bro­ker.

 

Par­a­graph (7) de­fines "con­sumer debt". The def­i­ni­tion is adapted from the def­i­ni­tion used in various con­sumer pro­tec­tion laws. It encompasses only a debt in­curred by an in­di­vid­u­al pri­mar­i­ly for a per­son­al, fam­i­ly, or house­hold pur­pose.

The def­i­ni­tion of "cor­po­ra­tion" in par­a­graph (8) is sim­i­lar to the def­i­ni­tion in cur­rent law, sec­tion 1(8) [sec­tion 1(8) of for­mer Title 11]. The term encompasses any as­so­ci­a­tion hav­ing the pow­er or priv­i­lege that a pri­vate cor­po­ra­tion, but not an in­di­vid­u­al or part­ner­ship, has; part­ner­ship as­so­ci­a­tions or­ga­nized un­der a law that makes only the cap­i­tal sub­scribed re­spon­si­ble for the debts of the part­ner­ship; joint-stock com­pany; un­in­cor­po­rated com­pany or as­so­ci­a­tion; and busi­ness trust. "Unincor­po­rated as­so­ci­a­tion" is in­tend­ed spe­cif­i­cal­ly to in­clude a la­bor union, as well as oth­er bodies that come un­der that phrase as used un­der cur­rent law. The ex­clu­sion of lim­ited part­ner­ships is explicit, and not left to the case law.

 

Par­a­graph (9) de­fines "court" as the bank­rupt­cy judge in the dis­trict in which the case is pend­ing ex­cept in mu­nic­i­pal ad­just­ment and rail­road re­or­ga­ni­za­tion cases, where "court" means the Fed­er­al dis­trict judge.

 

Par­a­graph (10) de­fines "cred­i­tor" to in­clude hold­ers of prepe­ti­tion claims against the debt­or. How­ev­er, it al­so encompasses cer­tain hold­ers of claims that are deem­ed to arise be­fore the date of the fil­ing of the pe­ti­tion, such as those in­jured by the re­jec­tion of an ex­ec­u­to­ry con­tract or un­ex­pired lease, cer­tain in­vest­ment tax cred­it recapture claim hold­ers, "in­vol­un­tary gap" cred­itors, and cer­tain hold­ers of the right of set­off. The term al­so in­cludes the hold­er of a prepe­ti­tion com­mod­i­ty bro­ker. A guar­an­tor of or sure­ty for a claim against the debt­or is al­so a cred­itor, be­cause he holds a con­tin­gent claim against the debt­or that be­comes fix­ed when he pays the cred­itor whose claim he has guar­an­teed or in­sured.

 

Par­a­graph (11) de­fines "cus­to­di­an." There is no sim­i­lar def­i­ni­tion in cur­rent law. It is de­fined to fa­cil­i­tate drafting, and means a prepe­ti­tion liquidator of the debt­or's prop­er­ty, such as an as­sign­ee for the ben­e­fit of cred­itors, a re­ceiver of the debt­or's prop­er­ty, or ad­min­is­tra­tor of the debt­or's prop­er­ty. The def­i­ni­tion of cus­to­di­an to in­clude a re­ceiver or trust­ee is de­scrip­tive, and not meant to be lim­ited to court of­fi­cers with those ti­tles. The def­i­ni­tion is in­tend­ed to in­clude oth­er of­fi­cers of the court if their func­tions are sub­stan­tial­ly sim­i­lar to those of a re­ceiver or trust­ee.

 

"Debt" is de­fined in par­a­graph (12) as a li­a­bil­i­ty on a claim. The terms "debt" and "claim" are coextensive: a cred­itor has a "claim" against the debt­or; the debt­or owes a "debt" to the cred­itor. This def­i­ni­tion of "debt" and the def­i­ni­tion of "claim" on which it is based, pro­posed 11 U.S.C. 101(4), does not in­clude a trans­ac­tion such as a pol­i­cy loan on an in­sur­ance pol­i­cy. Under that kind of trans­ac­tion, the debt­or is not li­a­ble to the in­sur­ance com­pany for re­pay­ment; the amount owed is mere­ly avail­able to the com­pany for set­off against any ben­e­fits that be­come pay­able un­der the pol­i­cy. As such, the loan is not a claim (it is not a right to pay­ment) that the com­pany can as­sert against the es­tate; nor is the debt­or's ob­li­ga­tion a debt (a li­a­bil­i­ty on a claim) that will be dis­charged un­der pro­posed 11 U.S.C. 523 or 524.

 

Par­a­graph (13) de­fines "debt­or." Debt­or means per­son or mu­nic­ipal­i­ty con­cern­ing which a case un­der ti­tle II [probably means 11] has been com­menced. This is a change in ter­mi­nol­o­gy from pres­ent law, which iden­ti­fies the per­son by or against whom a pe­ti­tion is filed in a straight bank­rupt­cy liq­ui­da­tion case as the "bank­rupt", and a per­son or mu­nic­ipal­i­ty that is pro­ceed­ing un­der a debt­or re­ha­bil­i­ta­tion chap­ter (chap­ters VIII through XIII of the Bank­rupt­cy Act) [chap­ters 8 through 13 of for­mer Title 11] as a "debt­or." The term "debt­or" is used for both kinds of cases in this bill, for ease of ref­er­ence in chap­ters 1, 3, and 5 (which ap­ply to straight bank­rupt­cy and re­or­ga­ni­za­tion cases).

 

Par­a­graph (14) de­fines "disin­ter­ested per­son." The def­i­ni­tion is adapted from sec­tion 158 of chap­ter X of cur­rent law [sec­tion 558 of for­mer Title 11], though it is expanded and mod­i­fied in some re­spects. A per­son is a disin­ter­ested per­son if the per­son is not a cred­itor, eq­ui­ty se­cu­ri­ty hold­er, or in­sider; is not and was not an in­vest­ment banker of the debt­or for any out­stand­ing se­cu­ri­ty of the debt­or (the change from un­der­writ­er in cur­rent law to in­vest­ment banker is to make the term more de­scrip­tive and to avoid con­flict with the def­i­ni­tion of un­der­writ­er in sec­tion 2(11) of the Se­cu­ri­ties Act of 1933 (15 U.S.C. 77b(11) ) [15 U.S.C. § 77(b)(11)]; has not been an in­vest­ment banker for a se­cu­ri­ty of the debt­or with­in 3 years be­fore the date of the fil­ing of the pe­ti­tion (the change from five years to three years here con­forms the def­i­ni­tion with the stat­ute of lim­i­ta­tions in the Se­cu­ri­ties Act of 1933) [15 U.S.C. § 77n], or an at­tor­ney for such an in­vest­ment banker; is not an in­sider of the debt­or or of such an in­vest­ment banker; and does not have an in­ter­est ma­te­ri­al­ly ad­verse to the es­tate.

 

"Entity" is de­fined, for con­ve­nience, in par­a­graph (15), to in­clude per­son, es­tate, trust, and gov­ern­men­tal unit. It is the most inclusive of the various de­fined terms re­lat­ing to bodies or units.

 

Par­a­graph (16) de­fines "eq­ui­ty se­cu­ri­ty." The term in­cludes a share or stock in a cor­po­ra­tion, a lim­ited part­ner's in­ter­est in a lim­ited part­ner­ship, and a war­rant or right to sub­scribe to an eq­ui­ty se­cu­ri­ty. The term does not in­clude a se­cu­ri­ty, such as a con­vertible de­ben­ture, that is con­vertible into eq­ui­ty se­cu­ri­ty, but has not been con­vert­ed.

 

Par­a­graph (17) de­fines "eq­ui­ty se­cu­ri­ty hold­er" for con­ve­nience as the hold­er of an eq­ui­ty se­cur­ing of the debt­or.

 

Par­a­graph (18) de­fines "farm­er". It encompasses only those per­sons for whom farm­ing op­er­a­tions con­trib­ute 75 per­cent or more of their to­tal in­come.

 

Paragraphs (19) and (20) de­fine "for­eign pro­ceed­ing" and "for­eign rep­re­sen­ta­tive". A for­eign pro­ceed­ing is a pro­ceed­ing in an­oth­er coun­try in which the debt­or has some sub­stan­tial con­nec­tion for the pur­pose of liq­ui­dat­ing the es­tate of the debt­or or the pur­pose of fi­nan­cial re­ha­bil­i­ta­tion of the debt­or. A for­eign rep­re­sen­ta­tive is the rep­re­sen­ta­tive of the es­tate in a for­eign pro­ceed­ing, such as a trust­ee or ad­min­is­tra­tor.

 

Par­a­graph (21) de­fines "gov­ern­men­tal unit" in the broadest sense. The def­i­ni­tion encompasses the Unit­ed States, a State, Com­mon­wealth, Dis­trict, Ter­ri­to­ry, mu­nic­ipal­i­ty, or for­eign state, and a de­part­ment, agen­cy, or in­stru­men­tal­i­ty of any of those en­ti­ties. "De­part­ment, agen­cy, or in­stru­men­tal­i­ty" does not in­clude an en­ti­ty that owes its ex­is­tence to State ac­tion, such as the grant­ing of a char­ter or a li­cense but that has no oth­er con­nec­tion with a State or lo­cal gov­ern­ment or the Fed­er­al Gov­ern­ment. The re­la­tion­ship must be an ac­tive one in which the de­part­ment, agen­cy, or in­stru­men­tal­i­ty is ac­tu­al­ly car­ry­ing out some gov­ern­men­tal func­tion.

 

Par­a­graph (22) de­fines "in­den­ture." It is sim­i­lar to the def­i­ni­tion of in­den­ture in the Trust In­den­ture Act of 1939 [15 U.S.C. § 77ccc(7)]. An in­den­ture is the in­stru­ment un­der which se­cu­ri­ties, ei­ther debt or eq­ui­ty, of the debt­or are out­stand­ing.

 

Par­a­graph (23) de­fines "in­den­ture trust­ee" as the trust­ee un­der an in­den­ture.

 

Par­a­graph (24) de­fines "in­di­vid­u­al with reg­u­lar in­come." The ef­fect of this def­i­ni­tion, and of its use in sec­tion 109(e), is to expand sub­stan­tial­ly the kinds of in­di­vid­u­als that are el­i­gi­ble for re­lief un­der chap­ter 13, Ad­just­ment of Debts of an Individual with Regular In­come. Chap­ter XIII [chap­ter 13 of for­mer Title 11] is now avail­able only for wage earners. The def­i­ni­tion encompasses all in­di­vid­u­als with in­comes that are suf­fi­cient­ly sta­ble and reg­u­lar to en­able them to make pay­ments un­der a chap­ter 13 plan. Thus, in­di­vid­u­als on welfare, so­cial se­cu­ri­ty, fix­ed pen­sion in­comes, or who live on in­vest­ment incomes, will be able to work out re­pay­ment plans with their cred­itors rath­er than be­ing forced into straight bank­rupt­cy. Also, self- em­ployed in­di­vid­u­als will be el­i­gi­ble to use chap­ter 13 if they have reg­u­lar in­comes.

How­ev­er, the def­i­ni­tion ex­cludes cer­tain stock­bro­kers and com­mod­i­ty bro­kers, in or­der to pro­hib­it them from pro­ceed­ing un­der chap­ter 13 and avoid­ing the cus­tom­er pro­tec­tion pro­vi­sions of chap­ter 7.

 

"Insider", de­fined in par­a­graph (25), is a new term. An in­sider is one who has a suf­fi­cient­ly close re­la­tion­ship with the debt­or that his con­duct is made sub­ject to closer scrutiny than those deal­ing at arms length with the debt­or. If the debt­or is an in­di­vid­u­al, then a rel­a­tive of the debt­or, a part­ner­ship in which the debt­or is a gen­er­al part­ner, a gen­er­al part­ner of the debt­or, and a cor­po­ra­tion con­trolled by the debt­or are all in­siders. If the debt­or is a cor­po­ra­tion, then a con­trol­ling per­son, a rel­a­tive of a con­trol­ling per­son, a part­ner­ship in which the debt­or is a gen­er­al part­ner, and a gen­er­al part­ner of the debt­or are all in­siders. If the debt­or is a part­ner­ship, then a gen­er­al part­ner of or in the debt­or, a rel­a­tive of a gen­er­al part­ner in the debt­or, and a per­son in con­trol are all in­siders. If the debt­or is a mu­nic­ipal­i­ty, then an elect­ed of­fi­cial of the debt­or is an in­sider. In ad­di­tion, af­fil­i­ates of the debt­or and man­ag­ing agents are in­siders.

 

The def­i­ni­tion of "in­sol­vent" in par­a­graph (26) is adopt­ed from sec­tion 1(19) of cur­rent law [sec­tion 1(19) of for­mer Title 11]. An en­ti­ty is in­sol­vent if its debts are great­er than its as­sets, at a fair val­u­a­tion, ex­clu­sive of prop­er­ty ex­empted or fraud­u­lent­ly trans­fer­red. It is the traditional bank­rupt­cy bal­ance sheet test of in­sol­ven­cy. For a part­ner­ship, the def­i­ni­tion is mod­i­fied to ac­count for the li­a­bil­i­ty of a general partner for the part­ner­ship's debts. The dif­fer­ence in this def­i­ni­tion from that in cur­rent law is in the ex­clu­sion of ex­empt prop­er­ty for all pur­poses in the def­i­ni­tion of in­sol­vent.

 

Par­a­graph (27) de­fines "ju­di­cial lien." It is one of three kinds of liens de­fined in this sec­tion. A ju­di­cial lien is a lien ob­tained by judg­ment, levy, se­ques­tra­tion, or oth­er le­gal or eq­ui­ta­ble pro­cess or pro­ceed­ing.

 

Par­a­graph (28) de­fines "lien." The def­i­ni­tion is new and is very broad. A lien is de­fined as a charge against or in­ter­est in prop­er­ty to se­cure pay­ment of a debt or per­for­mance of an ob­li­ga­tion. It in­cludes inchoate liens. In gen­er­al, the concept of lien is di­vided into three kinds of liens: ju­di­cial liens, se­cu­ri­ty in­ter­ests, and stat­u­to­ry liens. Those three cat­e­go­ries are mu­tu­al­ly ex­clu­sive and are exhaustive ex­cept for cer­tain com­mon law liens.

 

Par­a­graph (29) de­fines "mu­nic­ipal­i­ty." The def­i­ni­tion is adapted from the terms used in the chap­ter IX (mu­nic­i­pal bank­rupt­cy) [chap­ter 9 of for­mer Title 11] amend­ment to the Bank­rupt­cy Act enacted in 1976 (Pub. L. 94-260). That amend­ment spoke in terms of "po­lit­i­cal sub­di­vi­sion or pub­lic agen­cy or in­stru­men­tal­i­ty of a State". Bank­rupt­cy Act sec. 84 [sec­tion 404 of for­mer Title 11]. The term mu­nic­ipal­i­ty is de­fined by those three terms for con­ve­nience. It does not in­clude the Dis­trict of Co­lum­bia or any ter­ri­to­ries of the Unit­ed States.

 

"Per­son" is de­fined in par­a­graph (30). The def­i­ni­tion is a change in wording, but not in sub­stance, from the def­i­ni­tion in sec­tion 1(23) of the Bank­rupt­cy Act [sec­tion 1(23) of for­mer Title 11]. The def­i­ni­tion is al­so sim­i­lar to the one con­tained in 1 U.S.C. sec. 1, but is re­peated here for con­ve­nience and ease of ref­er­ence. Per­son in­cludes in­di­vid­u­al part­ner­ship, and cor­po­ra­tion. The ex­clu­sion of gov­ern­men­tal units is made explicit in or­der to avoid any confusion that may arise if, for ex­am­ple, a mu­nic­ipal­i­ty is in­cor­po­rated and thus is le­gal­ly a cor­po­ra­tion as well as gov­ern­men­tal unit. The def­i­ni­tion does not in­clude an es­tate or a trust, which are in­cluded only in the def­i­ni­tion of "en­ti­ty" in pro­posed 11 U.S.C. 101(14).

 

"Pe­ti­tion" is de­fined for con­ve­nience in par­a­graph (31). Pe­ti­tion is a pe­ti­tion un­der sec­tion 301, 302, 303, or 304 of the bank­rupt­cy code—that is, a pe­ti­tion that com­mences a case un­der ti­tle 11.

 

Par­a­graph (32) de­fines pur­chaser as a trans­fer­ee of a vol­un­tary trans­fer, such as a sale or gift, and in­cludes an im­me­di­ate or me­di­ate trans­fer­ee of a pur­chaser.

 

The def­i­ni­tion of "rail­road" in par­a­graph (33) is de­rived from sec­tion 77 of the Bank­rupt­cy Act [sec­tion 205 of for­mer Title 11]. A rail­road is a com­mon car­ri­er by rail­road en­gaged in the trans­por­ta­tion of in­di­vid­u­als or prop­er­ty, or an own­er of track­age fa­cil­i­ties leased by such a com­mon car­ri­er. The ef­fect of the def­i­ni­tion and the use of the term in sec­tion 109(d) is to elim­i­nate the lim­i­ta­tion now found in sec­tion 77 of the Bank­rupt­cy Act that only railroads en­gaged in interstate commerce may pro­ceed un­der the rail­road re­or­ga­ni­za­tion pro­vi­sions. The lim­i­ta­tion may have been in­serted be­cause of a doubt that the commerce pow­er could not reach intrastate railroads. Be that as it may, this bill is enacted un­der the bank­rupt­cy pow­er.

 

Par­a­graph (34) de­fines "rel­a­tive" as an in­di­vid­u­al re­lated by af­fin­i­ty or con­san­guin­i­ty with­in the third degree as de­ter­mined by the com­mon law, and in­cludes in­di­vid­u­als in a step or adop­tive re­la­tion­ship. The def­i­ni­tion is sim­i­lar to cur­rent law, but adds the lat­ter phrase. This def­i­ni­tion should be ap­plied as of the time when the trans­ac­tion that it con­cerns took place. Thus, a for­mer spouse is not a rel­a­tive, but if, for ex­am­ple, for pur­poses of the pref­er­ence sec­tion, pro­posed 11 U.S.C. 547(b)(4)(B), the trans­fer­ee was a spouse of the debt­or at the time of the trans­fer sought to be avoid­ed, then the trans­fer­ee would be rel­a­tive and sub­ject to the in­sider rules, even if the trans­fer­ee was no lon­ger mar­ried to the debt­or at the time of the com­mence­ment of the case or at the time of the com­mence­ment of the pref­er­ence re­cov­ery pro­ceed­ing.

 

Par­a­graph (35) de­fines "se­cu­ri­ty." The def­i­ni­tion is new and is modeled on the most re­cent draft of the Amer­i­can Law Institute's pro­posed se­cu­ri­ties code, with some ex­cep­tions. The in­ter­est of a lim­ited part­ner in a lim­ited part­ner­ship is in­cluded in or­der to make sure that ev­erything that is de­fined as an eq­ui­ty se­cu­ri­ty is al­so a "se­cu­ri­ty." The def­i­ni­tion, as with the def­i­ni­tion of "en­ti­ty", "in­sider", and "per­son", is open-end­ed be­cause the term is not sus­cep­ti­ble of pre­cise spe­cif­ication. Thus the courts will be able to use the char­ac­terization pro­vided in this def­i­ni­tion to treat with new kinds of doc­u­ments on a flexible ba­sis.

 

Paragraphs (36) and (37) de­fined "se­cu­ri­ty agree­ment" and "se­cu­ri­ty in­ter­est." A se­cu­ri­ty in­ter­est is one of the kinds of liens. It is a lien cre­ated by an agree­ment. Se­cu­ri­ty agree­ment is de­fined as the agree­ment creat­ing the se­cu­ri­ty in­ter­est. Though these terms are sim­i­lar to the same terms in the Un­i­form Com­mer­cial Code, ar­ti­cle IX, they are broader. For ex­am­ple, the U.C.C. does not cov­er real prop­er­ty mort­gages. Under this def­i­ni­tion, such a mort­gage is in­cluded, as are all oth­er liens cre­ated by agree­ment, even though not cov­ered by the U.C.C. All U.C.C. se­cu­ri­ty in­ter­ests and se­cu­ri­ty agree­ments are, how­ever, se­cu­ri­ty in­ter­ests and se­cu­ri­ty agree­ments un­der this def­i­ni­tion. Whether a con­sign­ment or a lease con­sti­tutes a se­cu­ri­ty in­ter­est un­der the bank­rupt­cy code will de­pend on wheth­er it con­sti­tutes a se­cu­ri­ty in­ter­est un­der ap­pli­ca­ble State or lo­cal law.

 

Par­a­graph (38) de­fines an­oth­er kind of lien, "stat­u­to­ry lien." The def­i­ni­tion, de­rived from cur­rent law, states that a stat­u­to­ry lien is a lien aris­ing sole­ly by force of stat­ute on spe­ci­fied cir­cum­stances or con­di­tions and in­cludes a lien of dis­tress for rent (wheth­er stat­u­to­ry, com­mon law, or oth­er­wise). The def­i­ni­tion ex­cludes ju­di­cial liens and se­cu­ri­ty in­ter­ests, wheth­er or not they are pro­vided for or are de­pen­dent on a stat­ute, and wheth­er or not they are made ful­ly ef­fec­tive by stat­ute. A stat­u­to­ry lien is only one that arises au­to­mat­ic­al­ly, and is not based on an agree­ment to give a lien or on ju­di­cial ac­tion. Mechanics', ma­te­ri­almen's, and ware­housemen's liens are ex­am­ples. Tax liens are al­so in­cluded in the def­i­ni­tion of stat­u­to­ry lien.

 

"Stockbro­ker" is de­fined in par­a­graph (39) as a per­son en­gaged in the busi­ness of ef­fect­ing trans­ac­tions in se­cu­ri­ties for the ac­count of others or with mem­bers of the gen­er­al pub­lic from or for such per­son's own ac­count, if the per­son has a cus­tom­er, as de­fined. Thus, the def­i­ni­tion, de­rived from a com­bi­na­tion of the def­i­ni­tions of "bro­ker" and "deal­er" in the Se­cu­ri­ties Ex­change Act of 1934 [15 U.S.C. § 78c], encompasses both bro­kers and dealers. The def­i­ni­tion is used in sec­tion 109 and in sub­chap­ter III of chap­ter 7, Stockhold­er Liq­ui­da­tion. The term does not encompass an em­ploy­ee who acts for a prin­ci­pal that "ef­fects" trans­ac­tion or deals with the pub­lic, be­cause such an em­ploy­ee will not have a "cus­tom­er".

 

Par­a­graph (40) de­fines "trans­fer." It is de­rived and adapted, with stylistic changes, from sec­tion 1(30) of the Bank­rupt­cy Act [sec­tion 1(30) of for­mer Title 11]. A trans­fer is a dis­po­si­tion of an in­ter­est in prop­er­ty. The def­i­ni­tion of trans­fer is as broad as pos­sible. Many of the po­ten­tial­ly lim­iting words in cur­rent law are deleted, and the lan­guage is sim­pli­fied. Under this def­i­ni­tion, any trans­fer of an in­ter­est in prop­er­ty is a trans­fer, in­clud­ing a trans­fer of pos­ses­sion, cus­to­dy, or con­trol even if there is no trans­fer of ti­tle, be­cause pos­ses­sion, cus­to­dy, and con­trol are in­ter­ests in prop­er­ty. A de­pos­it in a bank ac­count or sim­i­lar ac­count is a trans­fer.

 

Amendments

 

 

2010

 Par. (13A)(A). Pub. L. 111-327 (12/22/10),§ 2(a)(1)(A)(i), inserted “if used as the principal residence by the debtor” after “a residential structure”.

Par. (13A)(B). Pub. L. 111-327 (12/22/10),§ 2(a)(1)(A)(ii), inserted “if used as the principal residence by the debtor” before period at end.

Par. (35)(B). Pub. L. 111-327 (12/22/10),§ 2(a)(1)(B), substituted “paragraphs (21B) and (33)(A)” for “paragraphs (23) and (35)”.

Par. (40B). Pub. L. 111-327 (12/22/10),§ 2(a)(1)(C), substituted “record relating to a patient, including a written document or a” for “written document relating to a patient or a”.

Par. (42). Pub. L. 111-327 (12/22/10),§ 2(a)(1)(D), which directed substitution of “303 and 1504” for “303, and 304”, was executed by making the substitution for “303, or 304” to reflect the probable intent of Congress.

Par. (51B). Pub. L. 111-327 (12/22/10), § 2(a)(1)(E), inserted “thereto” before period at end.

Par. (51D)(A). Pub. L. 111–327, § 2(a)(1)(F), inserted “of the filing” after “as of the date”.

 

 

2006

Par. (22)(A). Pub. L. 109–390, § 5(a)(1)(A), struck out “(domestic or foreign)” after “an entity” and inserted “(whether or not a ‘customer’, as defined in section 741)” after “custodian for a customer”.

Par. (22A)(A). Pub. L. 109–390, § 5(a)(1)(B), inserted “(aggregated across counterparties)” after “principal amount outstanding” and substituted “at such time or on any day during the 15-month period preceding the date of the filing of the petition” for “on any day during the previous 15-month period” in two places.

Par. (25)(A). Pub. L. 109–390, § 5(a)(1)(C), inserted “, as defined in section 761” after “commodity contract” and substituted “repurchase or reverse repurchase transaction (whether or not such repurchase or reverse repurchase transaction is a ‘repurchase agreement’, as defined in this section)” for “repurchase transaction, reverse repurchase transaction,”.

Par. (53B)(A)(i)(II). Pub. L. 109–390, § 5(a)(1)(D)(i)(I), substituted “, precious metals, or other commodity” for “or precious metals”.

Par. (53B)(A)(i)(VIII). Pub. L. 109–390, § 5(a)(1)(D)(i)(III), substituted “option, future, or forward agreement” for “weather derivative, or weather option”.

Par. (53B)(A)(i)(IX), (X). Pub. L. 109–390, § 5(a)(1)(D)(i)(II), (IV), added subcls. (IX) and (X).

Par. (53B)(A)(ii). Pub. L. 109–390, § 5(a)(1)(D)(ii), inserted “or other derivatives” after “dealings in the swap” in subcl. (I) and substituted “future, option, or spot transaction” for “future, or option” in subcl. (II).

Par. (53B)(B). Pub. L. 109–390, § 5(a)(1)(E), substituted “the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000, the securities laws (as such term is defined in section 3(a)(47) of the Securities Exchange Act of 1934) and the Commodity Exchange Act” for “the Securities Act of 1933, the Securities Exchange Act of 1934, the Public Utility Holding Company Act of 1935, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Securities Investor Protection Act of 1970, the Commodity Exchange Act, the Gramm-Leach-Bliley Act, and the Legal Certainty for Bank Products Act of 2000”.

2005

Pub. L. 109–8, § 1201(1), substituted “In this title the following definitions shall apply:” for “In this title—” in introductory provisions.

Pars. (1), (2). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (3).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 226(a)(1), added par. (3).

Par. (4). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (4A).

 Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 226(a)(2), added par. (4A).

Pars. (5) to (7). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pars. (7A), (7B).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 1007(a)(1), added pars. (7A) and (7B).

Pars. (8) to (10). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (10A).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 102(b), added par. (10A).

Pars. (11), (12). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (12A).

 Pub. L. 109–8, § 1201(8), which directed the substitution of a period for a semicolon at end, could not be executed because par. (12A) ended in a period after amendment by Pub. L. 109–8, § 226(a)(3). See below.

Pub. L. 109–8, § 1201(2), inserted “The term” after par. designation.

Pub. L. 109–8, §§ 211(1), 226(a)(3), added par. (12A) and struck out former par. (12A) which read as follows: “ ‘debt for child support’ means a debt of a kind specified in section 523 (a)(5) of this title for maintenance or support of a child of the debtor;”.

Par. (13). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (13A).

 Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 306(c)(1), added par. (13A).

Par. (14).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 414, amended par. (14) generally. Prior to amendment, par. (14) consisted of subpars. (A) to (E) defining “disinterested person”.

Par. (14A).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 211(2), added par. (14A).

Pars. (15) to (17). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (18). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (18)(A). Pub. L. 109–8, § 1005, substituted “for—

“(i) the taxable year preceding; or

“(ii) each of the 2d and 3d taxable years preceding; the taxable year” for “for the taxable year preceding the taxable year”.

Pub. L. 109–8, § 1004(1), substituted “$3,237,000” for “$1,500,000” and “not less than 50 percent” for “not less than 80 percent”.

Par. (18)(B)(ii). Pub. L. 109–8, § 1004(2), substituted “$3,237,000” for “$1,500,000” and “50 percent” for “80 percent”.

Par. (19). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pars. (19A), (19B).

 Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 1007(a)(2), added pars. (19A) and (19B).

Pars. (20) to (21B). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (22).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 907(b)(1), added par. (22) and struck out former par. (22) which consisted of introductory provisions and subpars. (A) and (B) defining “financial institution”.

Par. (22A).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 907(b)(2), added par. (22A).

Pars. (23), (24).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 802(b), added pars. (23) and (24) and struck out former pars. (23) and (24) which read as follows:

“(23) ‘foreign proceeding’ means proceeding, whether judicial or administrative and whether or not under bankruptcy law, in a foreign country in which the debtor’s domicile, residence, principal place of business, or principal assets were located at the commencement of such proceeding, for the purpose of liquidating an estate, adjusting debts by composition, extension, or discharge, or effecting a reorganization;

“(24) ‘foreign representative’ means duly selected trustee, administrator, or other representative of an estate in a foreign proceeding;”.

Par. (25).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 907(a)(1)(A), substituted “means—” for “means”, designated subsequent provisions as subpar. (A), substituted “, or any other similar agreement” for “, or any combination thereof or option thereon”, and added subpars. (B) to (E).

Par. (26).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 907(b)(3), added par. (26) and struck out former par. (26) which read as follows: “ ‘forward contract merchant’ means a person whose business consists in whole or in part of entering into forward contracts as or with merchants in a commodity, as defined in section 761 (8) of this title, or any similar good, article, service, right, or interest which is presently or in the future becomes the subject of dealing in the forward contract trade;”.

Par. (27). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (27A).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 1101(a)(2), added par. (27A). Former par. (27A) redesignated (27B).

Pub. L. 109–8, § 306(c)(2), added par. (27A).

Par. (27B).

 Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 1101(a)(1), redesignated par. (27A) as (27B).

Pars. (28) to (34). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (35). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (35)(B). Pub. L. 109–8, § 1201(3), substituted “paragraphs (23) and (35)” for “paragraphs (21B) and (33)(A)”.

Par. (35A). Pub. L. 109–8, § 1201(2), (4), inserted “The term” after par. designation and substituted a period for “; and” at end.

Pars. (36), (37). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (38). Pub. L. 109–8, § 1201(2), (4), inserted “The term” after par. designation and substituted a period for “; and” at end.

Pars. (38A), (38B).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 907(c), added pars. (38A) and (38B).

Par. (39). Pub. L. 109–8, § 1201(2), inserted “The term” after par. designation.

Par. (39A).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 102(k), added par. (39A).

Par. (40). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pars. (40A), (40B).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 1101(b), added pars. (40A) and (40B).

Par. (41). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (41A).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 231(b), added par. (41A).

Pars. (42) to (45). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (46).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 907(a)(1)(B), substituted “at any time before” for “on any day during the period beginning 90 days before the date of”.

Par. (47).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 907(a)(1)(C), amended par. (47) generally. Prior to amendment, par. (47) read as follows: “ ‘repurchase agreement’ (which definition also applies to a reverse repurchase agreement) means an agreement, including related terms, which provides for the transfer of certificates of deposit, eligible bankers’ acceptances, or securities that are direct obligations of, or that are fully guaranteed as to principal and interest by, the United States or any agency of the United States against the transfer of funds by the transferee of such certificates of deposit, eligible bankers’ acceptances, or securities with a simultaneous agreement by such transferee to transfer to the transferor thereof certificates of deposit, eligible bankers’ acceptances, or securities as described above, at a date certain not later than one year after such transfers or on demand, against the transfer of funds;”.

Par. (48).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 907(a)(1)(D), inserted “, or exempt from such registration under such section pursuant to an order of the Securities and Exchange Commission,” after “1934”.

Par. (48A).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 401(a), added par. (48A).

Pars. (49) to (51A). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (51B). Pub. L. 109–8, § 1201(2), (5), (8), inserted “The term” after par. designation and “who is not a family farmer” after “income of a debtor” and substituted a period for “thereto having aggregate noncontingent, liquidated secured debts in an amount no more than $4,000,000;”.

Pars. (51C), (51D).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 432(a), added pars. (51C) and (51D) and struck out former par. (51C) which read as follows: “ ‘small business’ means a person engaged in commercial or business activities (but does not include a person whose primary activity is the business of owning or operating real property and activities incidental thereto) whose aggregate noncontingent liquidated secured and unsecured debts as of the date of the petition do not exceed $2,000,000;”.

Pars. (52) to (53A). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (53B).

Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Pub. L. 109–8, § 907(a)(1)(E), amended par. (53B) generally. Prior to amendment, par. (53B) consisted of introductory provisions and subpars. (A) to (C) defining “swap agreement”.

Par. (53C). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (53D). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (54).

Pub. L. 109–8, § 1201(8), substituted a period for semicolon at end.

Pub. L. 109–8, § 1201(6), added par. (54) and struck out former par. (54) which read as follows: “The term ‘transfer’ means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with property or with an interest in property, including retention of title as a security interest and foreclosure of the debtor’s equity of redemption;”.

Pub. L. 109–8, § 1201(2), inserted “The term” after par. designation.

Par. (54A).

Pub. L. 109–8, § 1201(8), which directed the substitution of a period for semicolon at end, could not be executed because par. (54A) ended in a period after amendment by Pub. L. 109–8, § 1201(4). See below.

Pub. L. 109–8, § 1201(4), (7), substituted “The term” for “the term”, realigned left margin, and substituted a period for “; and” at end.

Par. (55). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.

Par. (56A).

Pub. L. 109–8, § 1201(8), which directed the substitution of a period for semicolon “in each of paragraphs (40) through (55)” at end, was executed to par. (56A), to reflect the probable intent of Congress, because par. (56A) follows par. (53C) in text.

Pub. L. 109–8, § 1201(2), inserted “The term” after par. designation.

 

 

2000

 

Par. (22). Pub. L. 106-554, § 1(a)(5) [ti­tle I, § 112(c)(3)], rewrote par. (22), which for­mer­ly read: " 'fi­nan­cial in­sti­tu­tion' means a per­son that is a com­mer­cial or sav­ings bank, in­dus­tri­al sav­ings bank, sav­ings and loan as­so­ci­a­tion, or trust com­pany and, when any such per­son is act­ing as agent or cus­to­di­an for a cus­tom­er in con­nec­tion with a se­cu­ri­ties con­tract, as de­fined in sec­tion 741 of this ti­tle, such cus­tom­er;".

 

Par. (54A). Pub. L. 106-554, § 1(a)(5) [ti­tle I, § 112(c)(4)], added par. (54A).

 
 

1994

 

Par. (3). Pub. L. 103–394, § 501(a)(1), redes­ig­nated par. (3) as (21B) and in­serted it af­ter par. (21A).

 

Par. (6). Pub. L. 103–394, § 501(b)(1)(A), sub­sti­tuted "sec­tion 761" for “sec­tion 761 (9)” af­ter “cus­tom­er, as de­fined in”.

 

Par. (12A). Pub. L. 103-394, § 304(a), added par. (12A).

 

Par. (21B). Pub. L. 103-394, § 501(a)(1), redes­ig­nated for­mer par. (3) as (21B).

 

Par. (22). Pub. L. 103-394, § 501(b)(1)(B), sub­sti­tuted "741" for "741(7)".

 

Par. (33)(A). Pub. L. 103-394, § 501(d)(1)(A)(i), struck out "(12 U.S.C. 1813(u))" fol­low­ing "sec­tion 3(u) of the Fed­er­al De­pos­it In­sur­ance Act".

 

Par. (33)(B). Pub. L. 103-394, § 501(d)(1)(A)(ii), struck out "(12 U.S.C. 1786(r))" fol­low­ing "Fed­er­al Cred­it Union Act".

 

Par. (34). Pub. L. 103-394, § 501(d)(1)(B), struck out "(12 U.S.C. 1752(7))" fol­low­ing "Fed­er­al Cred­it Union Act".

 

Par. (35). Pub. L. 103–394, § 501(b)(1)(C), (d)(1)(C), struck out “(12 U.S.C. 1813 (c)(2))” af­ter “Act” in subpar. (A) and sub­sti­tuted “par­a­graphs (21B)” for “par­a­graphs (3)” in subpar. (B). Par. (35). Pub. L. 103–394, § 501(b)(1)(C), (d)(1)(C), struck out “(12 U.S.C. 1813 (c)(2))” af­ter “Act” in subpar. (A) and sub­sti­tuted “par­a­graphs (21B)” for “par­a­graphs (3)” in subpar. (B).

 

Par. (35A). Pub. L. 103-394, § 501(a)(4), redes­ig­nated for­mer par. (56), de­fin­ing "in­tel­lec­tu­al prop­er­ty", as (35A).

 

Par. (39). Pub. L. 103-394, § 501(a)(2), redes­ig­nated for­mer par. (39) as (51A).

 

Par. (41). Pub. L. 103-394, § 106, added par. (41) and struck out for­mer par. (41) which read as fol­lows: " 'per­son' in­cludes in­di­vid­u­al, part­ner­ship, and cor­po­ra­tion, but does not in­clude gov­ern­men­tal unit, Pro­vided, how­ever, That any gov­ern­men­tal unit that ac­quires an as­set from a per­son as a re­sult of op­er­a­tion of a loan guar­an­tee agree­ment, or as re­ceiver or liq­ui­dat­ing agent of a per­son, will be con­sid­ered a per­son for pur­poses of sec­tion 1102 of this ti­tle."

 

Par. (42A). Pub. L. 103-394, § 208(a)(1), added par. (42A).

 

Par. (48). Pub. L. 103-394, § 501(d)(1)(D), struck out "(15 U.S.C. 78q- 1)" fol­low­ing "Se­cu­ri­ties Ex­change Act of 1934", and "(15 U.S.C. 78c(12))" fol­low­ing "sec­tion 3(a)(12) of such Act".

 

Par. (49)(A)(xii). Pub. L. 103-394, § 501(d)(1)(E)(i), struck out "(15 U.S.C. 77a et seq.)" fol­low­ing "Se­cu­ri­ties Act of 1933", and "(15 U.S.C. 77c(b))" fol­low­ing "sec­tion 3(b) of such Act".

 

Par. (49)(B). Pub. L. 103–394, § 501(b)(1)(D), (d)(1)(E)(ii), sub­sti­tuted “sec­tion 761” for “sec­tion 761 (13)” in cl. (ii) and struck out “(15 U.S.C. 77c (b))” af­ter “Act of 1933” in cl. (vi).

 

Par. (51A). Pub. L. 103-394, § 501(a)(2), redes­ig­nated for­mer par. (39) as (51A)

 

Par. (51B). Pub. L. 103-394, § 218(a), added par. (51B).

 

Par. (51C). Pub. L. 103-394, § 217(a), added par. (51C).

 

Par. (53A). Pub. L. 103-394, § 501(a)(3), redes­ig­nated for­mer par. (54), de­fin­ing "stock­bro­ker", as (53A) and sub­sti­tuted “sec­tion 741” for “sec­tion 741 (2)” in subpar. (A).

 

Par. (53B). Pub. L. 103–394, § 501(a)(3), redes­ig­nated par. (55) de­fin­ing "swap agree­ment", as (53B).

 

Par. (53C). Pub. L. 103–394, § 501(a)(3), redes­ig­nated par. (56) de­fin­ing ""swap par­tic­i­pant"", as (53C).

 

Par. (53D). Pub. L. 103–394, § 501(a)(3), (d)(1)(F), redes­ig­nated par. (57) de­fin­ing ""time­share plan", as (53D) and sub­sti­tuted semicolon for pe­ri­od at end.

 

Par. (54). Pub. L. 103–394, § 501(a)(3), redes­ig­nated par. (54) de­fin­ing "stock­bro­ker", as (53A).

 

Par. (55). Pub. L. 103–394, § 501(a)(3), redes­ig­nated par. (55) de­fin­ing "swap agree­ment", as (53B).

Pub. L. 103–394, § 215, in­serted “spot for­eign ex­change agree­ment,” af­ter “for­ward for­eign ex­change agree­ment,”.

 

Par. (56). Pub. L. 103–394, § 501(a)(3), redes­ig­nated par. (56) de­fin­ing "swap par­tic­i­pant", as (53C).

Pub. L. 103–394, § 501(a)(4), redes­ig­nated par. (56) de­fin­ing “in­tel­lec­tu­al prop­er­ty” as (35A) and in­serted it af­ter par. (35).

 

Par. (56A). Pub. L. 103–394, § 208(a)(2), added par. (56A) and in­serted it af­ter par. de­fin­ing "swap par­tic­i­pant".

 

Par. (57). Pub. L. 103–394, § 501(a)(3), redes­ig­nated par. (57) de­fin­ing ""time­share plan", as (53D).

Pub. L. 103–394, § 501(a)(5), redes­ig­nated par. (57) de­fin­ing "mask work" as (39) and in­serted it af­ter par. (38).

 

1992 — Par. (21A). Pub. L. 102-486, § 3017(a), added par. (21A).

 

 

1990

Par. (3). Pub. L. 101-647, § 2522(e)(4), added par. (3). Former par. (3) redes­ig­nated (4).

Pars. (4) to (23). Pub. L. 101-647, § 2522(e)(3), redes­ig­nated pars. (3) to (22) as (4) to (23). Former par. (23) redes­ig­nated (24).

Par. (24). Pub. L. 101-647, § 2522(e)(3), redes­ig­nated par. (23) as (24). Former par. (24) redes­ig­nated (25).

Pub. L. 101–311, § 201(1), in­serted “as de­fined in sec­tion 761 (8) of this ti­tle, or any sim­i­lar good, ar­ti­cle, ser­vice, right, or in­ter­est which is pres­ent­ly or in the fu­ture be­comes the sub­ject of deal­ing in the for­ward con­tract trade,” af­ter “trans­fer of com­mod­i­ty,” and “, in­clud­ing, but not lim­ited to, a re­pur­chase trans­ac­tion, re­verse re­pur­chase trans­ac­tion, con­sign­ment, lease, swap, hedge trans­ac­tion, de­pos­it, loan, op­tion, allo­cated trans­ac­tion, un­al­lo­cated trans­ac­tion, or any com­bi­na­tion there­of or op­tion there­on” af­ter “en­ter­ed into”.

Par. (25). Pub. L. 101-647, § 2522(e)(3), redes­ig­nated par. (24) as (25). Former par. (25) redes­ig­nated (26).

Pub. L. 101–311, § 201(2), sub­sti­tuted “a com­mod­i­ty, as de­fined in sec­tion 761 (8) of this ti­tle, or any sim­i­lar good, ar­ti­cle, ser­vice, right, or in­ter­est which is pres­ent­ly or in the fu­ture be­comes the sub­ject of deal­ing in the for­ward con­tract trade” for “com­mod­i­ties”.

Par. (26) to (32). Pub. L. 101–647, § 2522(e)(3), redes­ig­nated pars. (25) to (31) as (26) to (32), re­spec­tively. Former par. (32) redes­ig­nated (36).

Par. (33). Pub. L. 101-647, § 2522(e)(2), added par. (33). Former par. (33) redes­ig­nated (37).

Par. (34). Pub. L. 101-647, § 2522(e)(2), added par. (34). Former par. (34) redes­ig­nated (38).

Pub. L. 101-311, § 201(4), added par. (34). Former par. (34) redes­ig­nated (36).

Par. (35). Pub. L. 101-647, § 2522(e)(2), added par. (35). Former par. (35) redes­ig­nated (39).

Pub. L. 101-311, § 201(4), added par. (35). Former par. (35) redes­ig­nated (37).

Par. (36). Pub. L. 101-647, § 2522(e)(1), redes­ig­nated par. (32) as (36). Former par. (36) redes­ig­nated (40).

Pub. L. 101-311, § 201(3), redes­ig­nated par. (34) as (36). Former par. (36) redes­ig­nated (38).

Pars. (37) to (48). Pub. L. 101-647, § 2522(e)(1), redes­ig­nated pars. (33) to (44) as (37) to (48), re­spec­tively. Former pars. (37) to (48) redes­ig­nated (41) to (52), re­spec­tively.

Pub. L. 101-311, § 201(3), redes­ig­nated for­mer pars. (35) through (48) as (37) through (50), re­spec­tively. Former pars. (37) to (48) redes­ig­nated (39) to (50), re­spec­tively.

Pars. (49), (50). Pub. L. 101-647, § 2522(e)(1), redes­ig­nated for­mer pars. (45) and (46) as (49) and (50), re­spec­tively. Former pars. (49) and (50) redes­ig­nated (53) and (54), both re­spec­tively de­fin­ing "stock­bro­ker".

Pub. L. 101-311, § 201(3), redes­ig­nated pars. (47) and (48) as (49) and (50), re­spec­tively. Former pars. (49) and (50) redes­ig­nated as (51) and (52), re­spec­tively.

Pub. L. 101-311, § 101, added pars. (49) and (50). Former pars. (49) and (50) redes­ig­nated as (51) and (52), re­spec­tively.

Par. (51). Pub. L. 101-647, § 2522(e)(1), redes­ig­nated par. (47) as (51). Former par. (51) redes­ig­nated as (55) de­fin­ing "swap agree­ment".

Pub. L. 101-311, § 201(3), redes­ig­nated par. (49) as (51). Former par. (51) redes­ig­nated as (53).

Pub. L. 101-311, § 101(1), redes­ig­nated par. (49) as (51). Former par. (51) redes­ig­nated as (53).

Par. (52). Pub. L. 101-647, § 2522(e)(1), redes­ig­nated par. (48) as (52). Former par. (52) redes­ig­nated as (56) de­fin­ing "swap par­tic­i­pant".

Pub. L. 101-311, § 201(3), redes­ig­nated par. (50) as (52). Former par. (52) redes­ig­nated as (54) de­fin­ing "trans­fer".

Pub. L. 101-311, § 101(1), redes­ig­nated par. (50) as (52). Former par. (52) redes­ig­nated as (54).

Par. (53). Pub. L. 101-647, § 2522(e)(1), redes­ig­nated par. (49) as (53). Former par. (53) redes­ig­nated as (57) de­fin­ing "time­share plan".

Pub. L. 101-311, § 201(3), redes­ig­nated par. (51) as (53). Former par. (53) redes­ig­nated as (55) de­fin­ing "Unit­ed States".

Pub. L. 101-311, § 101(1), redes­ig­nated par. (51) as (53). Former par. (53) redes­ig­nated as (55).

Par. (54). Pub. L. 101-647, § 2522(e)(1), redes­ig­nated par. (50) as (54) de­fin­ing "stock­bro­ker".

Pub. L. 101-311, § 201(3), redes­ig­nated par. (52) as (54) de­fin­ing "trans­fer". Former par. (54) redes­ig­nated as (56) de­fin­ing "in­tel­lec­tu­al prop­er­ty").

Pub. L. 101-311, § 101(1), redes­ig­nated par. (52) as (54).

Par. (55). Pub. L. 101-647, § 2522(e)(1), redes­ig­nated par. (51) as (55) de­fin­ing "swap agree­ment".

Pub. L. 101-311, § 201(3), redes­ig­nated par. (53) as (55). Former par. (55) redes­ig­nated as (57) de­fin­ing "mask work".

Pub. L. 101-311, § 101(1), redes­ig­nated par. (53) as (55).

Par. (56). Pub. L. 101-647, § 2522(e)(1), redes­ig­nated par. (52) as (56) de­fin­ing "swap par­tic­i­pant".

Pub. L. 101-311, § 201(3), redes­ig­nated par. (54) as (56) de­fin­ing "in­tel­lec­tu­al prop­er­ty".

Par. (57). Pub. L. 101-647, § 2522(e)(1), redes­ig­nated par. (53) as (57) de­fin­ing "time­share plan".

Pub. L. 101-311, § 201(3), redes­ig­nated par. (55) as (57) de­fin­ing "mask work".

1988

Par. (31). Pub. L. 100-597, § 1, in­serted in subpar. (A) "and a mu­nic­ipal­i­ty" af­ter "part­ner­ship" and added subpar. (C).

Pars. (52), (53). Pub. L. 100-506, § 1(a), added pars. (52) and (53).

1986

Par. (14). Pub. L. 99-554, § 201(1), sub­sti­tuted "trust, gov­ern­men­tal unit, and Unit­ed States trust­ee" for "trust, and gov­ern­men­tal unit".

Par. (17), (18). Pub. L. 99-554, § 251(2), (3), and added pars. (17) and (18) redes­ig­nated for­mer pars. (17) and (18) as (19) and (20), re­spec­tively.

Par. (19). Pub. L. 99-554, § 251(1), (2), redes­ig­nated for­mer par. (17) as (19) and in­serted "(ex­cept when such term ap­pears in the term 'fam­i­ly farm­er')" fol­low­ing "means". Former par. (19) was redes­ig­nated (21).

Pars. (20) to (25). Pub. L. 99-554, § 251(2), redes­ig­nated for­mer pars. (18) to (23) as (20) to (25), re­spec­tively. Former pars. (20) to (25) were redes­ig­nated as (22) to (27), re­spec­tively.

Par. (26). Pub. L. 99-554, § 201(2), sub­sti­tuted "of the Unit­ed States (but not a Unit­ed States trust­ee while serv­ing as a trust­ee in a case un­der this ti­tle), a State" for "of the Unit­ed States, a State".

Pub. L. 99-554, § 251(2), redes­ig­nated for­mer par. (24) as (26). Former par. (26) was redes­ig­nated (28).

Pars. (27) to (42). Pub. L. 99-554, § 251(2), redes­ig­nated for­mer pars. (25) to (40) as (27) to (42), re­spec­tively. Former pars. (27) to (42) were redes­ig­nated (29) to (44), re­spec­tively.

Par. (43). Pub. L. 99-554, § 251(2), redes­ig­nated for­mer par. (41) as (43). Former par. (43) was redes­ig­nated (45).

Par. (43)(A)(xv). Pub. L. 99-554, § 283(a)(1), sub­sti­tuted "se­cu­ri­ty" for "secuity".

Pars. (44) to (50). Pub. L. 99-554, § 251(2), redes­ig­nated for­mer pars. (42) to (48) as (44) to (50), re­spec­tively. Former pars. (44) to (49) were redes­ig­nated (46) to (51), re­spec­tively.

Par. (51). Pub. L. 99-554, § 283(a)(2), sub­sti­tuted "States." for "States;".

Pub. L. 99-554, § 251(2), redes­ig­nated for­mer par. (49) as (51).

1984

Par. (2)(D). Pub. L. 98-353, § 421(a), struck out "or all" af­ter "busi­ness".

Par. (8)(B). Pub. L. 98-353, § 421(b), sub­sti­tuted a semicolon for the colon at the end of subpar. (B).

Par. (9)(B). Pub. L. 98-353, § 421(c), added "348(d)" af­ter "sec­tion".

Par. (14). Pub. L. 98-353, § 421(d), added "and" af­ter "trust,".

Par. (19). Pub. L. 98-353, § 421(j)(4), added par. (19). Former par. (19) was redes­ig­nated as (20).

Pars. (19) to (21). Pub. L. 98–353, § 421(j)(3), (4), added par. (19) and redes­ig­nated for­mer pars. (19), (20), and (21) as (20), (21), and (24), re­spec­tively.

Pars. (22), (23). Pub. L. 98–353, § 421(j)(2), (5), added pars. (22) and (23) and redes­ig­nated for­mer pars. (22) and (23) as (25) and (26), re­spec­tively.

Pars. (24) to (26). Pub. L. 98–353, § 421(j)(2), redes­ig­nated for­mer pars. (21) to (23) as (24) to (26), re­spec­tively. Former pars. (24) to (26) redes­ig­nated (27) to (29), re­spec­tively.

Par. (27). Pub. L. 98–353, § 421(e), (j)(2), redes­ig­nated for­mer par. (24) as (27) and sub­sti­tuted "stock­bro­ker"for “stock bro­ker”. Former par. (27) redes­ig­nated (30).

Par. (28). Pub. L. 98-353, § 421(j)(2), redes­ig­nated for­mer par. (25) as (28). Former par. (28) redes­ig­nated (31).

Par. (29). Pub. L. 98-353, § 421(f), (j)(2), redes­ig­nated for­mer par. (26) as (29) and, in subpar. (B)(ii), sub­sti­tuted "non­part­ner­ship" and "(A)" for "sep­a­rate" and "(A)(ii)", re­spec­tively, wher­ev­er ap­pear­ing. Former par. (29) was redes­ig­nated as (32).

Pars. (30) to (32). Pub. L. 98–353, § 421(j)(2), redes­ig­nated for­mer pars. (27) to (29) as (30) to (32), re­spec­tively. Former pars. (30) to (32) redes­ig­nated (33) to (35), re­spec­tively.

Par. (33). Pub. L. 98-353, § 421(g), (j)(2), redes­ig­nated for­mer par. (30) as (33) and added proviso re­lat­ing to con­sid­er­ation of cer­tain gov­ern­men­tal units as per­sons for pur­poses of sec­tion 1102 of this ti­tle. Former par. (33) was redes­ig­nated as (36).

Par. (34). Pub. L. 98-353, § 421(j)(2), redes­ig­nated for­mer par. (31) as (34). Former par. (34) redes­ig­nated (37).

Pars. (35), (36). Pub. L. 98-353, § 421(j)(2), redes­ig­nated for­mer pars. (32) and (33) as (35) and (36), re­spec­tively. Former pars. (35) and (36), as added by Pub. L. 98-353, § 391(2), redes­ig­nated (38) and (39), re­spec­tively.

Pub. L. 98-353, § 391, added pars. (35) and (36), and redes­ig­nated for­mer pars. (35) and (36) as (37) and (38) which were again redes­ig­nated as (40) and (41), re­spec­tively.

Par. (37). Pub. L. 98-353, § 421(j)(2), redes­ig­nated for­mer par. (34) as (37). Former par. (37) redes­ig­nated successively as (39) and again as (42).

Par. (38). Pub. L. 98-353, §§ 391(2), 421(j)(2), added par. (35) and redes­ig­nated such par. (35) as (38). Former par. (38) redes­ig­nated successively as (40) and again as (43).

Par. (39). Pub. L. 98-353, §§ 391(2), 421(j)(2), added par. (36) and redes­ig­nated such par. (36) as (39). Former par. (39) redes­ig­nated successively as (41) and again as (45).

Par. (40). Pub. L. 98-353, §§ 391(1), 421(j)(2), redes­ig­nated successively for­mer par. (35) as (37) and again as (40). Former par. (40) redes­ig­nated successively as (42) and again as (46).

Par. (41). Pub. L. 98-353, §§ 391(1), 401(1), 421(h), (j)(2), redes­ig­nated successively for­mer par. (36) as (38) and again as (41), and, in subpar. (B)(vi), sub­sti­tuted "cer­tif­i­cate of a kind spe­ci­fied in sub­par­a­graph (A)(xii)" for "cer­tif­i­cate spe­ci­fied in clause (xii) of sub­par­a­graph (A)" and sub­sti­tuted "re­quired to be the sub­ject of a reg­is­tra­tion state­ment" for "the sub­ject of such reg­is­tra­tion state­ment". Former par. (41) redes­ig­nated successively as (43), again as (44), and again as (48).

Par. (42). Pub. L. 98-353, §§ 391(1), 421(j)(2), redes­ig­nated successively for­mer par. (37) as (39) and again as (42).

Par. (43). Pub. L. 98-353, §§ 391(1), 421(j)(2), redes­ig­nated successively for­mer par. (38) as (40) and again as (43).

Pub. L. 98-353, § 401, redes­ig­nated for­mer par. (43), orig­i­nal­ly par. (41), as (44), and added an­oth­er par. (43) which was redes­ig­nated (47).

Par. (44). Pub. L. 98-353, § 421(j)(6), added par. (44). Former par. (44) orig­i­nal­ly was par. (41) and was redes­ig­nated successively as (43), again as (44), and again as (48).

Pars. (45), (46). Pub. L. 98-353, §§ 391(1), 421(j)(1), redes­ig­nated successively for­mer pars. (39) and (40) as (41) and (42), and again as (45) and (46), re­spec­tively.

Par. (47). Pub. L. 98-353, §§ 401(2), 421(j)(1), added par. (43) and redes­ig­nated such par. (43) as (47).

Par. (48). Pub. L. 98-353, §§ 391(1), 401(1), 421(i), (j)(1), redes­ig­nated successively for­mer par. (41) as (43), again as (44), and again as (48), and sub­sti­tuted "and fore­clo­sure of the debt­or's eq­ui­ty of re­demp­tion; and" for the pe­ri­od at the end.

Par. (49). Pub. L. 98-353, § 421(j)(7), added par. (49).

1982

Par. (35). Pub. L. 97-222, § 1(a) (2), added par. (35). Former par. (35) was redes­ig­nated (36).

Par. (36). Pub. L. 97-222, § 1(a) (1), (b), (c), redes­ig­nated par. (35) as (36) and in par. (36) as so redes­ig­nated, sub­sti­tuted "is re­quired to be the sub­ject of a reg­is­tra­tion state­ment" for "is the sub­ject of a reg­is­tra­tion state­ment" in subpar. (A) (xii) and sub­sti­tuted "for­ward con­tract" for "for­ward com­mod­i­ty con­tract" in subpar. (B) (iii). Former par. (36) was redes­ig­nated (37).

Pars. (37) to (39). Pub. L. 97-222, § 1(a)(1), redes­ig­nated pars. (36) to (38) as (37) to (39), re­spec­tively. Former pars. (37) to (39) were redes­ig­nated (38) to (40), re­spec­tively.

Pars. (40), (41). Pub. L. 97–222, § 1(a)(1), (d), redes­ig­nated for­mer par. (39) as (40) and re­struc­tured its pro­vi­sions by dividing the for­mer introductory pro­vi­sions into subpars. (A) and (B) and by redes­ig­nat­ing for­mer subpars. (A) and (B) as cls. (i) and (ii), re­spec­tively, of subpar. (B). Former par. (40) redes­ig­nated (41).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EFFECTIVE DATES

2006 Acts. Pub. L. 109–390, § 7, Dec. 12, 2006, 120 Stat. 2700, provided that: “The amendments made by this Act shall not apply to any cases commenced under title 11, United States Code, or appointments made under any Federal or State law, before the date of the enactment of this Act [Dec. 12, 2006].”

2005 Acts. Pub. L. 109-8, Title XV, § 1501, Apr. 20, 2005, pro­vided that, ex­cept as oth­er­wise spe­cif­i­cal­ly pro­vided, all amend­ments, ex­cept for amend­ments pro­vided in Pub. L. 109-8, Title III, §§ 308, 322, and 330, are ef­fec­tive 180 days af­ter en­act­ment of the Act on April 20, 2005 (which oc­curs on October 17, 2005), and are inap­pli­ca­ble with re­spect to cases com­menced un­der Title 11 be­fore the ef­fec­tive date.

1994 Acts. Sec­tion 702 of Pub. L. 103-394 pro­vided that:

"(a) Ef­fec­tive date.—Ex­cept as pro­vided in sub­sec­tion (b), this Act [see Short Title of 1994 Amend­ments set out un­der this sec­tion] shall take ef­fect on the date of the en­act­ment of this Act [Oct. 22, 1994].

"(b) Application of amend­ments.—

(1) Ex­cept as pro­vided in par­a­graph (2), the amend­ments made by this Act shall not ap­ply with re­spect to cases com­menced un­der ti­tle 11 of the Unit­ed States Code be­fore the date of the en­act­ment of this Act [Oct. 22, 1994].

"(2)(A) Par­a­graph (1) shall not ap­ply with re­spect to the amend­ment made by sec­tion 111 [enact­ing subsecs. (g) and (h) of sec­tion 524 of this ti­tle and a pro­vi­sion set out as a note un­der 11 U.S.C. § 524].

"(B) The amend­ments made by sec­tions 113 and 117 [amend­ing 11 U.S.C. §§ 106 and 330, re­spec­tively] shall ap­ply with re­spect to cases com­menced un­der ti­tle 11 of the Unit­ed States Code be­fore, on, and af­ter the date of the en­act­ment of this Act [Oct. 22, 1994].

"(C) Sec­tion 1110 of ti­tle 11, Unit­ed States Code, as amend­ed by sec­tion 201 of this Act [11 U.S.C. § 1110], shall ap­ply with re­spect to any lease, as de­fined in such sec­tion 1110(c) as so amend­ed, en­ter­ed into in con­nec­tion with a set­tle­ment of any pro­ceed­ing in any case pend­ing un­der ti­tle 11 of the Unit­ed States Code on the date of the en­act­ment of this Act [Oct. 22, 1994].

"(D) The amend­ments made by sec­tion 305 [amend­ing 11 U.S.C. §§ 1123, 1222, 1322] shall ap­ply only to agree­ments en­tered into af­ter the date of en­act­ment of this Act [Oct. 22, 1994]."

1992 Acts. Sec­tion 3017(c) of Pub. L. 102-486 pro­vided that:

"(1) Ex­cept as pro­vided in par­a­graph (2), the amend­ments made by this sec­tion [amend­ing this sec­tion and 11 U.S.C. § 541] shall take ef­fect on the date of the en­act­ment of this Act [Oct. 24, 1992].

"(2) The amend­ments made by this sec­tion [amend­ing this sec­tion and 11 U.S.C. § 541] shall not ap­ply with re­spect to cases com­menced un­der ti­tle 11 of the Unit­ed States Code [this ti­tle] be­fore the date of the en­act­ment of this Act [Oct. 24, 1992]."

1988 Acts. Sec­tion 12 of Pub. L. 100-597 pro­vided that:

"(a) Ef­fec­tive date.—Ex­cept as pro­vided in sub­sec­tion (b), this Act and the amend­ments made by this Act [enact­ing 11 U.S.C. §§ 927 to 929, amend­ing 11 U.S.C. §§ 101, 109, 901, 902, 922, 926, 943, and renum­ber­ing for­mer sec­tion 927 as 930 of this ti­tle] shall take ef­fect on the date of the en­act­ment of this Act [Nov. 3, 1988].

"(b) Application of amend­ments.—The amend­ments made by this Act shall not ap­ply with re­spect to cases com­menced un­der ti­tle 11 of the Unit­ed States Code be­fore the date of the en­act­ment of this Act [Nov. 3, 1988]."

Sec­tion 2 of Pub. L. 100-506 pro­vided that:

"(a) Ef­fec­tive date.—Ex­cept as pro­vided in sub­sec­tion (b), this Act and the amend­ments made by this Act [amend­ing 11 U.S.C. §§ 101 and 365] shall take ef­fect on the date of the en­act­ment of this Act [Oct. 18, 1988].

"(b) Application of amend­ments.—The amend­ments made by this Act shall not ap­ply with re­spect to any case com­menced un­der ti­tle 11 of the Unit­ed States Code be­fore the date of the en­act­ment of this Act [Oct. 18, 1988]."

1986 Acts. Ef­fec­tive date and ap­pli­ca­bil­i­ty of amend­ment by sec­tion 201 of 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.

Amend­ment by sec­tion 251 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.

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.

1984 Acts. Sec­tion 552, for­mer­ly sec­tion 553 of Title III (§§ 301 to 553) of Pub. L. 98-353, as redes­ig­nated by Pub. L. 98-531, §§ 1(2), Oct. 19, 1984, 98 Stat. 2704, eff. July 10, 1984, pro­vided that:

"(a) Ex­cept as oth­er­wise pro­vided in this sec­tion the amend­ments made by this ti­tle [see Tables for clas­si­fi­ca­tion] shall be­come ef­fec­tive to [sic] cases filed 90 days af­ter the date of en­act­ment of this Act [July 10, 1984].

"(b) The amend­ments made by sec­tion 426(b) [amend­ing 11 U.S.C. § 303] shall be­come ef­fec­tive up­on the date of en­act­ment of this Act [July 10, 1984].

"(c) The amend­ments made by subti­tle J [enact­ing 11 U.S.C. § 1113], shall be­come ef­fec­tive as pro­vided in sec­tion 541(c) [set out as a note un­der 11 U.S.C. § 1113]."

Short TitleS

2005. Amend­ments. P.L. 109-8, § 1(a), April 20, 2005, 119 Stat. 145, pro­vided that: "This Act may be cited as the 'Bank­rupt­cy Abuse Pre­ven­tion and Con­sum­er Pro­tec­tion Act of 2005'."

2003 Amend­ments. Pub. L. 108-73, § 1, Aug. 15, 2003, 117 Stat. 891, pro­vided that: "This Act [enact­ing pro­vi­sions set out as a note un­der 11 U.S.C. § 1201 and amend­ing 11 U.S.C. §§ 1201 to 1208, 1221 to 1231, and pro­vi­sions set out as a note un­der 11 U.S.C. § 1201] may be cited as the 'Fam­i­ly Farm­er Bank­rupt­cy Re­lief Act of 2003'."

2002 Amend­ments. Pub. L. 107-377, § 1, Dec. 19, 2002, 116 Stat. 3115, pro­vided that: "This Act [amend­ing 11 U.S.C. §§ 1201 to 1208, 1221 to 1231 and enact­ing pro­vi­sions set out as notes un­der 11 U.S.C. § 1201] may be cited as the 'Pro­tec­tion of Fam­i­ly Farm­ers Act of 2002'."

1998 Amend­ments. Pub. L. 105-183, § 1, June 19, 1998, 112 Stat. 517, pro­vided that: "This Act [amend­ing 11 U.S.C. §§ 544, 546, 548, 707, and 1325 and enact­ing pro­vi­sions set out as a note un­der 11 U.S.C. § 544] may be cited as the 'Religious Liberty and Charitable Donation Pro­tec­tion Act of 1998'."

1994 Amend­ments. Sec­tion 1(a) of Pub. L. 103-394 pro­vided that: "This Act [enact­ing 11 U.S.C. § 110 and 18 U.S.C. §§ 156, 157, amend­ing 11 U.S.C. §§ 101, 104, 105, 106, 109, 303, 322, 326, 330, 341, 342, 345, 346, 348, 349, 362, 363, 364, 365, 502, 503, 507, 522, 523, 524, 525, 541, 542, 543, 546, 547, 548, 549, 550, 552, 553, 555, 556, 559, 706, 723, 724, 726, 741, 742, 745, 761, 1102, 1104, 1106, 1110, 1112, 1121, 1123, 1124, 1125, 1129, 1145, 1166, 1167, 1168, 1222, 1226, 1302, 1322, 1326, and 1328, rule 7004 of the Fed­er­al Rules of Bank­rupt­cy Pro­ce­dure, 12 U.S.C. §§ 1787, 1821, 18 U.S.C. §§ 152, 153, 154, 1961, and 28 U.S.C. §§ 157, 158, 586, 1334, 2073, 2075, and enact­ing pro­vi­sions sec­tion out as notes pre­ced­ing 11 U.S.C. § 101 and 11 U.S.C. §§ 101, 341, 501, 524] may be cited as the 'Bank­rupt­cy Re­form Act of 1994'."

1990 Amend­ments. Pub. L. 101-647, Title XXXI, § 3101, Nov. 29, 1990, 104 Stat. 4916, pro­vided that: "This ti­tle [amend­ing 11 U.S.C. §§ 523, 1328 and enact­ing pro­vi­sions set out as a note un­der 11 U.S.C. § 523] may be cited as the 'Criminal Victims Pro­tec­tion Act of 1990'."

Pub. L. 101-581, § 1, Nov. 15, 1990, 104 Stat. 2865, pro­vided that: "This Act [amend­ing 11 U.S.C. §§ 523, 1328 and enact­ing pro­vi­sions set out as notes un­der 11 U.S.C. § 523] may be cited as the 'Criminal Victims Pro­tec­tion Act of 1990'."

1988 Amend­ments. Pub. L. 100-334, § 1, June 16, 1988, 102 Stat. 610, pro­vided that: "This Act [enact­ing 11 U.S.C. § 1114, amend­ing 11 U.S.C. § 1129, enact­ing pro­vi­sions set out as a note un­der 11 U.S.C. § 1114, and amend­ing and repealing pro­vi­sions set out as notes un­der 11 U.S.C. § 1106] may be cited as the 'Retiree Benefits Bank­rupt­cy Pro­tec­tion Act of 1988'."

1986 Amend­ments. Pub. L. 99-554, § 1, Oct. 27, 1986, 100 Stat. 3088, pro­vided that said Act [enact­ing 11 U.S.C. §§ 307, 1201 to 1231 and 28 U.S.C. § 589a, amend­ing 11 U.S.C. §§ 101 to 103, 105, 108, 109, 303, 321, 322, 324, 326, 327, 329, 330, 341, 343, 345 to 348, 362 to 365, 502, 503, 521 to 524, 546 to 549, 554, 557, 701, 703 to 707, 724, 726 to 728, 743, 1102, 1104 to 1106, 1112, 1121, 1129, 1163, 1202, 1302, 1306, 1307, 1324 to 1326, Bank­rupt­cy Form No. 1, set out in the Appendix to Title 11, 28 U.S.C. §§ 49, 96, 152, 156, 157, 526, 581, 582, 584 to 587, 604, 1334, 1930, repealing 11 U.S.C. §§ 1201 to 1231, 1501 to 151326, enact­ing pro­vi­sions set out as notes un­der 28 U.S.C. §§ 581, 589, amend­ing pro­vi­sions set out as a note un­der 28 U.S.C. § 152, and repealing pro­vi­sions set out as a note pre­ced­ing 28 U.S.C. § 581] may be cited as the "Bank­rupt­cy Judges, Unit­ed States Trust­ees, and Fam­i­ly Farm­er Bank­rupt­cy Act of 1986". See note set out un­der 28 U.S.C. § 581.

1984 Amend­ments.

Sec­tion 361 of subti­tle C (Sec. 361-363) of ti­tle III of Pub. L. 98-353 pro­vided that: "This subti­tle (amend­ing sec­tions 362, 365, and 541 of this ti­tle) may be cited as the 'Leasehold Management Bank­rupt­cy Amend­ments Act of 1983'."

Separabil­i­ty

Sec­tion 701 of Pub. L. 103-394 pro­vided that: "If any pro­vi­sion of this Act or amend­ment made by this Act [see Short Title of 1994 Amend­ments note set out un­der this sec­tion] or the ap­pli­ca­tion of such pro­vi­sion or amend­ment to any per­son or cir­cum­stance is held to be unconstitutional, the re­main­ing pro­vi­sions of and amend­ments made by this Act and the ap­pli­ca­tion of such oth­er pro­vi­sions and amend­ments to any per­son or cir­cum­stance shall not be af­fect­ed there­by."

Sec­tion 551 of Title III (§§ 301-553) of Pub. L. 98-353 pro­vided that: "If any pro­vi­sion of this ti­tle or any amend­ment made by this ti­tle [see Tables for clas­si­fi­ca­tion], or the ap­pli­ca­tion there­of to any per­son or cir­cum­stance is held invalid, the pro­vi­sions of ev­ery oth­er part, and their ap­pli­ca­tion shall not be af­fect­ed there­by."

Ref­er­ences in Text

Sec­tion 3 of the Fed­er­al De­pos­it In­sur­ance Act, re­ferred to in pars. (21B)(A), (33)(A), (35)(A), and (54A) is Act Sept. 21, 1950, ch. 967, § 2 [3], 64 Stat. 873, which is classified to 12 U.S.C. § 1813.

The In­vest­ment Com­pa­ny Act of 1940, re­ferred to in par. (22)(A)(ii), is Act Aug. 22, 1940, ch. 686, Title I, 54 Stat. 789, as amend­ed, which is prin­ci­pal­ly classified to sub­chap­ter I of chap­ter 2D of this ti­tle, 15 U.S.C. § 80a-1 et seq. For com­plete clas­si­fi­ca­tion, see Tables.

Sec­tion 409 of the Fed­er­al De­pos­it In­sur­ance Cor­po­ra­tion Im­prove­ment Act of 1991, re­ferred to in par. (22)(B), is Pub. L. 102-242, Title IV, § 409, as added by Pub. L. 106-554, § 1(a)(5) [Title I, § 112(a)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763a-391, which is classified as 12 U.S.C. § 4422.

Sec­tions 101(7) and 206(r) of the Fed­er­al Cred­it Union Act, re­ferred to in pars. (33)(B) and (34), are classified to sec­tions 1752(7) and 1786(r), re­spec­tively, of Title 12.

Sec­tions 414(d) and 457(b) of the In­ter­nal Rev­e­nue Code of 1986, re­ferred to in par. (41)(C), are sec­tions 414(d) and 457(b), re­spec­tively, of Title 26, In­ter­nal Rev­e­nue Code.

Sec­tions 3(a)(12) and 17A of the Se­cu­ri­ties Ex­change Act of 1934, re­ferred to in par. (48), are classified to sec­tions 78c (a)(12) and 78q–1, re­spec­tively, of Title 15, Com­merce and Trade.

The Se­cu­ri­ties Act of 1933, re­ferred to in par. (49)(A)(xii), is act May 27, 1933, ch. 38, ti­tle I, 48 Stat. 74, as amend­ed, which is classified gen­er­al­ly to sub­chap­ter I (§ 77a et seq.) of chap­ter 2A of Title 15. Sec­tion 3(b) of the Act is classified to sec­tion 77c (b) of Title 15. For com­plete clas­si­fi­ca­tion of this Act to the Code, see sec­tion 77a of Title 15 and Tables.

SECTION REFERRED TO IN OTHER SECTIONS

This sec­tion is re­ferred to in sec­tions 362, 546 of this ti­tle; ti­tle 7 sec­tion 6; ti­tle 12 sec­tions 1787, 1821; ti­tle 15 sec­tions 78eee, 78fff-1; ti­tle 28 sec­tion 1930; ti­tle 33 sec­tion 2716; ti­tle 42 sec­tion 656.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOOTNOTES (11 U.S.C. § 101)

15 U.S.C. § 78c    •   

15 U.S.C. § 78q-1    •   

15 U.S.C. § 78o-3    •   

15 U.S.C. § 78f    •   

15 U.S.C. § 78f    •      -  101(49(A)(xii) -  101(49(B)(vi)  -  101(53B(B)

12 U.S.C. § 1813(3)    •   

12 U.S.C. § 1813(3)(c)(2)    •   

12 U.S.C. § 1813(3)(q)    •   

12 U.S.C. § 1813(3)(c)(2)    •   

12 U.S.C. § 1813(3)(u)    •   

12 U.S.C. § 1786(r)    •   

12 U.S.C. § 1752(7)    •   

12 U.S.C. § 1813(3)(c)(2)    •   

 

 

The Con­sum­er Price In­dex for All Ur­ban Con­sum­ers ("CPI-AUC") is re­port­ed by the U.S. De­part­ment of La­bor, Bu­reau of La­bor Statistics.  As of 7/29/2006, there were 22 dif­fer­ent versions of this cal­cu­la­tion, broken down by type of ex­pense and geographic re­gion.  The stat­ute does not state which version of the CPI-AUC should be used.  The most gen­er­al table, which in­cludes all ex­pense cat­e­go­ries and all re­gions of the coun­try, can be found at: http://data.bls.gov/cgi-bin/surveymost?cu, by choosing "U.S. All items, 1982-84=100-CUUR0000SA0".  These tables are  undated constantly.  Therefore, it is imprac­ti­cal to in­clude a copy of the tables with these ma­te­ri­als.

 

12 U.S.C. § 4402    •   

15 U.S.C. 78a, et seq.    •   

15 U.S.C. § 77aaa, et seq.    •   

15 U.S.C. § 79a, et seq.    •   

The phrase "(do­mes­tic or for­eign)" was deleted by § 5(a)(1)(A)(i) of the "Financial Netting Improvements Act of 2006" (Public Law 109–390; 12-12-06)    •        101(22)(A)

The phrase "(whether or not a 'customer', as defined in section 741)" was added by § 5(a)(1)(A)(ii) of the "Financial Netting Improvements Act of 2006" (Public Law 109–390; 12-12-06)    •        101(22)(A)

The phrase "on any day during the previous 15-month period" was amended to read "at such time or on any day during the previous 15-month period preceding the date of the filing of the petition" by § 5(a)(1)(B)(i) of the "Financial Netting Improvements Act of 2006" (Public Law 109–390; 12-12-06)    •        101(22A)(A)

The phrase "(aggregated across counterparties)" was added after "principal amount outstanding" by § 5(a)(1)(B)(ii) of the "Financial Netting Improvements Act of 2006" (Public Law 109–390; 12-12-06)    •        101(22A)(A)

The phrase ", as defined in section 761" was added after "com­mod­i­ty con­tract" by § 5(a)(1)(C)(i) of the "Financial Netting Improvements Act of 2006" (Public Law 109–390; 12-12-06)    •        101(25)(A)

The phrase "repurchase transaction, reverse repurchase transaction," was stricken and the phrase "repurchase transaction, or reverse repurchase transaction (whether or not such repurchase or reverse repurchase transaction is a “repurchase agreement”, as defined in this section)" was added by § 5(a)(1)(C)(ii) of the "Financial Netting Improvements Act of 2006" (Public Law 109–390; 12-12-06).  The comma was inadvertently deleted before the word "con­sign­ment" in the original text.    •        101(25)(A)

The phrase "or precious metals" was stricken and the phrase ", precious metals, or other commodity" was added by § 5(a)(1)(D)(i)(I) of the "Financial Netting Improvements Act of 2006" (Public Law 109–390; 12-12-06).    •        101(53B)(A)(i)(I)

The "or" at the end of sub-clause VII was s stricken by § 5(a)(1)(D)(i)(II) of the "Financial Netting Improvements Act of 2006" (Public Law 109–390; 12-12-06).    •        101(53B)(A)(i)(VII)

The phrase "weather derivative, or weather option" was stricken and the phrase "option, future, or forward agreement" was added by § 5(a)(1)(D)(i)(III) of the "Financial Netting Improvements Act of 2006" (Public Law 109–390; 12-12-06). The legislation inadvertently failed to change the "a" at the beginning of sub-clause VIII to "an" which would be the grammatically correct language.   •        101(53B)(A)(i)(VIII)

Sub-clause IX was added by § 5(a)(1)(D)(i)(IV) of the "Financial Netting Improvements Act of 2006" (Public Law 109–390; 12-12-06).   •        101(53B)(A)(i)(IX)

Sub-clause X was added by § 5(a)(1)(D)(i)(IV) of the "Financial Netting Improvements Act of 2006" (Public Law 109–390; 12-12-06).   •        101(53B)(A)(i)(X)

The phrase "or other derivatives" was added after "dealings in the swap" by § 5(a)(1)(D)(ii)(I) of the "Financial Netting Improvements Act of 2006" (Public Law 109–390; 12-12-06).   •        101(53B)(A)(iI)(I)

The phrase "future, or option" was stricken and the phrase "future, option, or spot transaction" was added by § 5(a)(1)(D)(ii)(II) of the "Financial Netting Improvements Act of 2006" (Public Law 109–390; 12-12-06).   •        101(53B)(A)(ii)(II)

The phrase "the Securities Act of 1933, the Securities Exchange Act of 1934, the Public Utility Holding Company Act of 1935, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Securities Investor Protection Act of 1970, the Commodity Exchange Act, the Gramm-Leach-Bliley Act, and the Legal Certainty for Bank Products Act of 2000" was stricken and the phrase "the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000, the securities laws (as such term is defined in section 3(a)(47) of the Securities Exchange Act of 1934) and the Commodity Exchange Act" was added by § 5(a)(1)(E) of the "Financial Netting Improvements Act of 2006" (Public Law 109–390; 12-12-06).   •        101(53B)(B)

15 U.S.C. § 80a-1, et seq.    •      -  101(22)  -  101(53B(B))

15 U.S.C. § 80b, et seq.    •   

7 U.S.C. § 1, et seq.    •   

7 U.S.C. § 27, et seq.    •   

 

 

[SIC] So in the orig­i­nal.  Should be punctuated with a pe­ri­od at the end.  Pub. L. 103–394, § 208(a)(2), Oct. 22, 1994, added par. (56A) and in­serted it "af­ter the first par­a­graph (56)" (the def­i­ni­tion of “swap par­tic­i­pant,”  redes­ig­nated as par. (53C) by § 501(a)(3) of the same Act).  Therefore, per Pub. L. 103–394, al­though BC § 101(56A) is out of se­quence al­pha­bet­ic­al­ly, it is prop­erly lo­cated and numerically se­quenced af­ter BC § 101(55).

 

[SIC] So in the orig­i­nal.  Should be punctuated with a pe­ri­od at the end.  Pub. L. 103–394, § 208(a)(2), Oct. 22, 1994, added par. (56A) and in­serted it "af­ter the first par­a­graph (56)" (the def­i­ni­tion of “swap par­tic­i­pant,”  redes­ig­nated as par. (53C) by § 501(a)(3) of the same Act).  Therefore, per Pub. L. 103–394, al­though BC § 101(56A) is out of se­quence al­pha­bet­ic­al­ly, it is prop­erly lo­cated and numerically se­quenced af­ter BC § 101(55).

 

Dollar ad­just­ment made pur­su­ant to BC § 104(a), ef­fec­tive April 1, 2013.  See, Fed­er­al Reg­is­ter, Vol. 78, No. 35, p. 12089-12091 (2/21/13).    •       -  101 (3)   -  101(18)(A)  -  101(18)(B)(ii)  -  101(19A)(A)(i)  -  101(19A)(B)(ii(II)  -  101 (51D) (A)  -  101(51D)(B)

 

 

The italicized text was added by Pub. L. 111-327 (12/22/10), § 2(a)(1)(A)(i), 124 Stat. 3557    •   

 

 

The italicized text was added by Pub. L. 111-327 (12/22/10), § 2(a)(1)(A)(ii), 124 Stat. 3557    •   

 

 

The changes made in the second subparagraph (B) were made by Pub. L. 111-327 (12/22/10), § 2(a)(1)(B), 124 Stat. 3557    •   

 

 

The changes made in the second par.(40B) were made by Pub. L. 111-327 (12/22/10), § 2(a)(1)(D), 124 Stat. 3557    •   

 

 

So in original. Probably should read “or” instead of "and".    •   

 

 

The word "thereto" was added by Pub. L. 111-327 (12/22/10), § 2(a)(1)(E), 124 Stat. 3557    •   

 

 

The words "of the filing" were added by Pub. L. 111-327 (12/22/10), § 2(a)(1)(F), 124 Stat. 3557    •   

 

 

BAPCPA & LEGISLATIVE REPORT LINKS (11 U.S.C. § 101)

BAPCPA § 102(b)    •    House Report 109-31    •   

 

 

BAPCPA § 102(k) ([SIC] The orig­i­nal text of the Act con­tains two par­a­graphs des­ig­nated as § 102(k))    •    House Report 109-31

 

BAPCPA § 211(1)    •    House Report 109-31    •   

BAPCPA § 211(2)    •    House Report 109-31    •   

BAPCPA § 226(a)(1)    •    House Report 109-31    •   

BAPCPA § 226(a)(2)    •    House Report 109-31    •   

BAPCPA § 226(a)(3)    •    House Report 109-31    •   

BAPCPA § 231(b)    •    House Report 109-31    •   

BAPCPA § 306(c)(1)    •    House Report 109-31    •   

BAPCPA § 306(c)(2)    •    House Report 109-31    •   

BAPCPA § 401(a)    •    House Report 109-31    •   

BAPCPA § 414    •    House Report 109-31    •   

BAPCPA § 432(a)    •    House Report 109-31    •      -  101(51C)  -  101 (51D)

BAPCPA § 802(b)    •    House Report 109-31    •      -  101(23)  -  101 (24)

BAPCPA § 907(a)(1)(A)(i)    •    House Report 109-31    •   

BAPCPA § 907(a)(1)(A)(ii)    •    House Report 109-31    •   

BAPCPA § 907(a)(1)(A)(iii)    •    House Report 109-31    •      -  101 (25) (B)  -  101(25)(C)  -  101(25)(D)  -  101(25)(E)

BAPCPA § 907(a)(1)(B)    •    House Report 109-31    •   

BAPCPA § 907(a)(1)(C)    •    House Report 109-31    •   

BAPCPA § 907(a)(1)(D)    •    House Report 109-31    •   

BAPCPA § 907(a)(1)(E)    •    House Report 109-31    •   

BAPCPA § 907(b)(1)    •    House Report 109-31    •   

BAPCPA § 907(b)(2)    •    House Report 109-31    •   

BAPCPA § 907(b)(3)    •    House Report 109-31

BAPCPA § 907(c)    •    House Report 109-31    •      -  101(38A)  -  101 (38B)

BAPCPA § 1004(1)(A)    •    House Report 109-31    •   

BAPCPA § 1004(1)(B)    •    House Report 109-31    •   

BAPCPA § 1004(2)(A)    •    House Report 109-31    •   

BAPCPA § 1004(2)(B)    •    House Report 109-31    •   

BAPCPA § 1005    •    House Report 109-31    •   

BAPCPA § 1007(a)(1)    •    House Report 109-31    •      -  101(7A)  -  101(7B)

BAPCPA § 1007(a)(2)    •    House Report 109-31    •      -  101(19A)  -  101(19B)

BAPCPA § 1101(a)(1) (redes­ig­nated par­a­graph (27A) as par­a­graph (27B))    •    House Report 109-31    •   

 

 

BAPCPA § 1101(a)(2)    •    House Report 109-31;  BAPCPA § 1101(c) con­tains the fol­low­ing uncodified pro­vi­sion:

(c) Rule of Construction.—The amend­ments made by sub­sec­tion (a) of this sec­tion shall not af­fect the interpretation of sec­tion 109(b) of ti­tle 11, Unit­ed States Code.

 

BAPCPA § 1101(b)    •    House Report 109-31    •      -  101(40A)  -  101(40B)

BAPCPA § 1201(1)    •    House Report 109-31    •   

1201(2)"

BAPCPA § 1201(2) (added "The term" be­fore each def­i­ni­tion)    •    House Report 109-31    •      -  101 (1)  -  101 (2)  -  101 (3)   -  101 (4)  -  101 (4A)  -  101 (5) - 101 (6)  -  101 (7)  -  101 (7A) - 101 (7B)  -  101 (8)  -  101 (9) - 101 (10)  -  101 (10A)  -  101 (11) - 101 (12)  -  101 (12A)  -  101 (13)  -  101 (13A) - 101 (14)  -  101 (14A)  -  101 (15) - 101 (16)  -  101 (17)  -  101 (18) - 101 (19)  -  101 (19A)  -  101 (19B)  -  101 (20) - 101 (21)  -  101 (21A)  -  101 (21B)  -  101 (22) - 101 (23)  -  101 (24)  -  101 (25) - 101 (26)  -  101 (27)  -  101 (27A)  -  101 (27B) - 101 (28)  -  101 (29)  -  101 (30) - 101 (31)  -  101 (32)  -  101 (33) - 101 (34)  -  101 (35)  -  101 (35A) - 101 (36)  -  101 (37)  -  101 (38) - 101 (38A)  -  101 (38B)  -  101 (39) - 101 (39A)  -  101 (40)  -  101 (40A) - 101 (40B)  -  101 (41)  -  101 (41A) - 101 (42)  -  101 (42A)  -  101 (43) - 101 (44)  -  101 (45)  -  101 (46) - 101 (47)  -  101 (48)  -  101 (48A) - 101 (49)  -  101 (50)  -  101 (51) - 101 (51A)  -  101 (51B)  -  101 (51C)  -  101 (51D)  -  101 (52)  -  101 (53)  -  101 (53A)  -  101 (53B)  -  101 (53C)  -  101 (56A)  -  101 (53D)  -  101 (54)  -  101 (54A)  -  101 (55)

BAPCPA § 1201(3)    •    House Report 109-31    •   

BAPCPA § 1201(4)    •    House Report 109-31    •      -  101(35A)  -  101(38)  -  101(54A)

BAPCPA § 1201(5)(A)    •    House Report 109-31    •   

BAPCPA § 1201(5)(B)    •    House Report 109-31    •   

BAPCPA § 1201(6)    •    House Report 109-31    •   

BAPCPA § 1201(7)(A)    •    House Report 109-31    •   

BAPCPA § 1201(8) (struck the semi-colon and in­serted the pe­ri­od)    •    House Report 109-31    •      -  101(1)  -  101(2)  -  101 (3)  -  101(4)  -  101(4A)  -  101(5)  -  101(6)  -  101(7)  -  101(7A)  -  101(7B)  -  101(8)  -  101(9)  -  101(10)  -  101(10A)  -  101(11)  -  101 (12)  -  101(12A)  -  101(13)  -  101(13A)  -  101(14)  -  101(14A)  -  101(15)  -  101(16)  -  101(17)  -  101(18)  -  101(19)  -  101(19A)  -  101(19B)  -  101(20)  -  101(21)  -  101(21A)  -  101(21B)  -  101(22)  -  101(22A)  -  101(23)  -  101(24)       -  101(25)  -  101(26)  -  101(27)  -  101(27A)  -  101(27B)  -  101(28)  -  101(29)  -  101(30)  -  101(31)  -  101(32)  -  101(33)  -  101(34)  -  101(35)  -  101(36)  -  101(37)  -  101 (38A)  -  101(38B)  -  101(39A)  -  101(40)  -  101(40A)  -  101 (40B)  -  101(41)  -  101(41A)  -  101(42)  -  101(42A)  -  101(43)  -  101(44)  -  101(45)  -  101(46)  -  101(47)  -  101(48)  -  101(48A)  -  101(49)  -  101(50)  -  101(51)  -  101(51A)  -  101(51B)  -  101(51C)  -  101(51D)  -  101(52)  -  101(53)  -  101(53A)  -  101(53B)  -  101 (53C)  -  101(53D)  -  101(54)  -  101(55)

 

 

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Page Last Updated:  April 28, 2013