(a)
The commencement of a case under section
301,
302, or
303 of this title creates an estate. Such estate is
comprised of all the following property, wherever located
and by whomever held:
(1)
Except as provided in subsections
(b) and
(c)(2)
of this section, all legal or equitable interests of the
debtor in property as of the commencement of the case.
(2)
All interests of the
debtor and the
debtor's spouse in community property as of the commencement
of the case that is—
(A)
under the sole, equal, or joint management and control of
the
debtor; or
(B)
liable for an allowable
claim against the debtor, or for both an allowable
claim against the debtor and an allowable
claim against the debtor spouse, to the extent that
such interest is so liable.
(3)
Any interest in property that the trustee recovers under
section
329(b),
363(n),
543,
550,
553, or
723 of this title.
(4)
Any interest in property preserved for the benefit of or
ordered transferred to the estate under section
510(c) or
551 of this title.
(5)
Any interest in property that would have been property of
the estate if such interest had been an interest of the
debtor on the date of the filing of the
petition, and that the
debtor acquires or becomes entitled to acquire within
180 days after such date—
(A)
by bequest, devise, or inheritance;
(B)
as a result of a property settlement agreement with the
debtor's spouse, or of an interlocutory or final divorce
decree; or
(C)
as a beneficiary of a life insurance policy or of a death
benefit plan.
(6)
Proceeds, product, offspring, rents, or profits of or from
property of the estate, except such as are earnings from
services performed by an individual
debtor after the commencement of the case.
(7)
Any interest in property that the estate acquires after
the commencement of the case.
(b)
Property of the estate does not include—
(1)
any power that the
debtor may exercise solely for the benefit of an
entity other than the
debtor;
(2)
any interest of the
debtor as a lessee under a lease of nonresidential real
property that has terminated at the expiration of the stated
term of such lease before the commencement of the case under
this title, and ceases to include any interest of the
debtor as a lessee under a lease of nonresidential real
property that has terminated at the expiration of the stated
term of such lease during the case;
(3)
any eligibility of the
debtor to participate in programs authorized under the
Higher Education Act of 1965 (20 U.S.C. 1001 et seq.; 42
U.S.C. 2751 et seq.), or any accreditation status or
State licensure of the
debtor as an educational institution;
(4)
any interest of the
debtor in liquid or gaseous hydrocarbons to the extent
that—
(A)(i) the
debtor has transferred or has agreed to
transfer such interest pursuant to a
farmout agreement or any written agreement directly
related to a
farmout agreement; and
(ii)
but for the operation of this paragraph, the estate could
include the interest referred to in clause
(i)
only by virtue of section
365 or
544(a)(3) of this title; or
(B)(i) the
debtor has transferred such interest pursuant to a written
conveyance of a
production payment to an
entity that does not participate in the operation of
the property from which such
production payment is transferred; and
(ii) but for the operation of this paragraph, the
estate could include the interest referred to in clause
(i)
only by virtue of section
365 or
542 of this title;
(5) funds placed in an education individual retirement
account (as defined in section
530(b)(1) of the Internal Revenue Code of 1986) not
later than 365 days before the date of the filing of the
petition in a case under this title, but—
(A) only if the designated beneficiary of such account
was a child, stepchild, grandchild, or stepgrandchild of
the
debtor for the taxable year for which funds were placed
in such account;
(B) only to the extent that such funds—
(i) are not pledged or promised to any
entity in connection with any extension of credit; and
(ii) are not excess contributions (as described
in section 4973 (e) of the Internal Revenue Code of 1986);
and
(C) in the case of funds placed in all such accounts
having the same designated beneficiary not earlier than
720 days nor later than 365 days before such date, only
so much of such funds as does not exceed $6,225;
(6) funds used to purchase a tuition credit or certificate
or contributed to an account in accordance with section
529(b)(1)(A) of the Internal Revenue Code of 1986 under
a qualified
State tuition program (as defined in section
529(b)(1)(A) of such Code) not later than 365 days before
the date of the filing of the petition in a case under this
title, but—
(A) only if the designated beneficiary of the amounts
paid or contributed to such tuition program was a child,
stepchild, grandchild, or stepgrandchild of the
debtor for the taxable year for which funds were paid
or contributed;
(B) with respect to the aggregate amount paid or
contributed to such program having the same designated beneficiary,
only so much of such amount as does not exceed the total
contributions permitted under section
529(b)(6) of such Code with respect to such beneficiary,
as adjusted beginning on the date of the filing of the petition
in a case under this title by the annual increase or decrease
(rounded to the nearest tenth of 1 percent) in the education
expenditure category of the Consumer Price Index prepared
by the Department of Labor; and
(C) in the case of funds paid or contributed to
such program having the same designated beneficiary not
earlier than 720 days nor later than 365 days before such
date, only so much of such funds as does not exceed $6,225;
(7) any amount—
(A) withheld by an employer from the wages of employees
for payment as contributions—
(i) to—
(I) an employee benefit plan that is subject to
title I of the Employee Retirement Income Security Act of
1974
or under an employee benefit plan which is a governmental
plan under section 414(d) of the Internal Revenue Code of
1986;
(II) a deferred compensation plan under section
457 of the Internal Revenue Code of 1986; or
(III) a tax-deferred annuity under section 403(b)
of the Internal Revenue Code of 1986;
except that such amount under this subparagraph shall not
constitute disposable income as defined in section
1325(b)(2); or
(ii) to a health insurance plan regulated by
State law whether or not subject to such title; or
(B) received by an employer from employees for payment
as contributions—
(i) to—
(I) an employee benefit plan that is subject to
title I of the Employee Retirement Income Security Act of
1974
or under an employee benefit plan which is a governmental
plan under section 414(d) of the Internal Revenue Code of
1986;
(II) a deferred compensation plan under section
457 of the Internal Revenue Code of 1986; or
(III) a tax-deferred annuity under section 403(b)
of the Internal Revenue Code of 1986;
except that such amount under this subparagraph shall not
constitute disposable income, as defined in section
1325(b)(2); or
(ii) to a health insurance plan regulated by
State law whether or not subject to such title;
(8) subject to subchapter
III of
chapter 5,
any interest of the
debtor in property where the
debtor pledged or sold tangible personal property (other
than securities or written or printed evidences of indebtedness
or title) as collateral for a loan or advance of money given
by a
person licensed under law to make such loans or advances,
where—
(A) the tangible personal property is in the possession
of the pledgee or transferee;
(B) the
debtor has no obligation to repay the money, redeem
the collateral, or buy back the property at a stipulated
price; and
(C) neither the
debtor nor the trustee have exercised any right to redeem
provided under the contract or
State law, in a timely manner as provided under
State law and section
108(b);
(9) any interest in cash or cash equivalents that
constitute proceeds of a sale by the
debtor of a money order that is made—
(A)
on or after the date that is 14 days prior to the date on
which the
petition is filed; and
(B)
under an agreement with a money order issuer that prohibits
the commingling of such proceeds with property of the
debtor (notwithstanding that, contrary to the agreement,
the proceeds may have been commingled with property of the
debtor), unless the money order issuer had not taken
action, prior to the filing of the
petition, to require compliance with the prohibition.
Paragraph
(4) shall not be construed to exclude from the estate
any consideration the
debtor retains, receives, or is entitled to receive
for transferring an interest in liquid or gaseous hydrocarbons
pursuant to a
farmout agreement.
(c)(1) Except as provided in
paragraph
(2) of this subsection, an interest of the
debtor in property becomes property of the estate under
subsection
(a)(1),
(a)(2),
or (a)(5)
of this section notwithstanding any provision in an agreement,
transfer instrument, or applicable nonbankruptcy law—
(A)
that restricts or conditions
transfer of such interest by the
debtor; or
(B)
that is conditioned on the insolvency or financial condition
of the
debtor, on the commencement of a case under this title,
or on the appointment of or taking possession by a trustee
in a case under this title or a
custodian before such commencement, and that effects
or gives an option to effect a forfeiture, modification,
or termination of the
debtor interest in property.
(2)
A restriction on the
transfer of a beneficial interest of the
debtor in a trust that is enforceable under applicable
nonbankruptcy law is enforceable in a case under this title.
(d) Property in which the
debtor holds, as of the commencement of the case, only
legal title and not an equitable interest, such as a mortgage
secured by real property, or an interest in such a mortgage,
sold by the
debtor but as to which the
debtor retains legal title to service or supervise the
servicing of such mortgage or interest, becomes property
of the estate under subsection
(a)(1)
or (2)
of this section only to the extent of the
debtor's legal title to such property, but not to the
extent of any equitable interest in such property that the
debtor does not hold.
(e) In determining whether any of the relationships
specified in paragraph
(5)(A)
or (6)(A)
of subsection
(b) exists,
a legally adopted child of an individual (and a child who
is a member of an individual’s household, if placed with
such individual by an authorized placement agency for legal
adoption by such individual), or a foster child of an individual
(if such child has as the child’s principal place of abode
the home of the
debtor and is a member of the
debtor's household) shall be treated as a child of such
individual by blood.
(f) Notwithstanding any other provision of this
title, property that is held by a
debtor that is a
corporation described in section 501(c)(3) of the Internal
Revenue Code of 1986 and exempt from tax under section 501(a)
of such Code may be transferred to an
entity that is not such a
corporation, but only under the same conditions as would
apply if the
debtor had not filed a case under this title.
(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2594; Pub.
L. 98-353, title III, § 363(a), 456, July 10, 1984,
98 Stat. 363, 376; Pub. L. 101-508, title III, § 3007(a)(2),
Nov. 5, 1990, 104 Stat. 1388-28; Pub. L. 102-486,
title XXX, § 3017(b), Oct. 24, 1992, 106 Stat. 3130;
Pub. L. 103-394, title II, § 208(b), 223, Oct. 22, 1994,
108 Stat. 4124, 4129; Pub. L.
109-8, Title II, Subtitle C, §
225(a), Title III, §
323, Title XII, §§
1212,
1221(c),
1230, April 20, 2005, 119 Stat. 65, 97, 194,
196, 201; Feb. 14, 2007, 72 Fed. Reg. 7082; Feb.
25, 2010, 75 Fed. Reg. 8747; Pub. L.
111-327, § 2(a)(22), Dec. 22, 2010, 124 Stat.
3560; Feb. 21,
2013, 78 Fed. Reg. 12089.)
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