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(a)
A
custodian with knowledge of the commencement of a case
under this title concerning the
debtor
may not make any disbursement from, or take any action
in the administration of, property of the
debtor, proceeds, product, offspring, rents, or profits
of such property, or property of the estate, in the possession,
custody, or control of such
custodian, except such action as is necessary to preserve
such property.
(b)
A
custodian shall—
(1)
deliver to the trustee any property of the
debtor held by or transferred to such
custodian, or proceeds, product, offspring, rents, or
profits of such property, that is in such
custodian's possession, custody, or control on the date
that such
custodian acquires knowledge of the commencement of
the case; and
(2)
file an accounting of any property of the
debtor, or proceeds, product, offspring, rents, or profits
of such property, that, at any time, came into the possession,
custody, or control of such
custodian.
(c)
The court,
after notice and a hearing, shall—
(1)
protect all entities to which a
custodian has become obligated with respect to such
property or proceeds, product, offspring, rents, or profits
of such property;
(2)
provide for the payment of reasonable compensation for services
rendered and costs and expenses incurred by such
custodian; and
(3)
surcharge such
custodian, other than an assignee for the benefit of
the
debtor's
creditors that was appointed or took possession more
than 120 days before the date of the filing of the
petition, for any improper or excessive disbursement,
other than a disbursement that has been made in accordance
with applicable law or that has been approved,
after notice and a hearing, by a court of competent
jurisdiction before the commencement of the case under this
title.
(d)
After notice and hearing, the bankruptcy court—
(1)
may excuse compliance with subsection
(a),
(b), or
(c) of
this section if the interests of
creditors and, if the
debtor is not
insolvent, of
equity security holders would be better served by permitting
a
custodian to continue in possession, custody, or control
of such property, and
(2)
shall excuse compliance with subsections
(a) and
(b)(1)
of this section if the
custodian is an assignee for the benefit of the
debtor's
creditors that was appointed or took possession more
than 120 days before the date of the filing of the
petition, unless compliance with such subsections is
necessary to prevent fraud or injustice.
(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2595; Pub.
L. 98-353, title III, § 458, July 10, 1984, 98 Stat.
376; Pub. L.
103-394, title V, § 501(d)(17), Oct. 22, 1994,
108 Stat. 4146.)
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