Page:United States Statutes at Large Volume 84 Part 2.djvu/321

 84 STAT. ]

PUBLIC LAW 91^98-DEC. 30, 1970

wise permit, claims for specifically identifiable property (other than securities registered in the name of the claimant or segregated for him in his individual name) or claims payable from property in the single and separate fund or payable with moneys advanced by S I P C, shall not be paid other than from the general estate of the debtor unless filed within such period of time (not exceeding sixty days after such publication) as may be fixed by the court, and no claim shall be allowed after the time specified in section 57 of the Bankruptcy Act. Subject to the foregoing, and without limiting the powers and duties of the trustee to discharge promptly obligations as specified in this section, the court may make appropriate provision for proof and enforcement of all claims against the debtor including those of any subrogee. (f) S I P C ADVANCES TO TRUSTEE.— (1) ADVANCES FOR CUSTOMERS' CLAIMS.—In order to provide for prompt payment and satisfaction of the net equities of customers of debtor, S I P C shall advance to the trustee such moneys as may be required to pay or otherwise satisfy claims in full of each customer, but not to exceed $50,000 for such customer; except that— (A) insofar as all or any portion of the net equity of a customer is a claim for cash, as distinct from securities, the amount advanced by reason of such claim to cash shall not exceed $20,000; (B) a customer who holds accounts with the debtor in separate capacities shall be deemed to be a different customer in each capacity; (C) no such advance shall be made by S I P C to the trustee to pay or otherwise satisfy, directly or indirectly, any claims of any customer who is a general partner, officer, or director of the debtor, the beneficial owner of 5 per centum or more of any class of equity security of the debtor (other than a nonconvertible stock having fixed preferential dividend and liquidation rights) or limited partner with a participation of 5 per centum or more in the net assets or net profits of the debtor; and (D) no such advance shall be made by S I P C to the trustee to pay or otherwise satisfy claims of any customer who is a broker or dealer or bank other than to the extent that it shall be established to the satisfaction of the trustee, from the books and records of the debtor or from the books and records of a broker or dealer or bank or otherwise, that claims of such broker or dealer or bank against the debtor arise out of transactions for customers of such broker or dealer or bank, in which event, each such customer of such broker or dealer or bank shall be deemed a separate customer of the debtor. To the extent that moneys are advanced by S I P C to the trustee to pay the claims of customers, S I P C shall be subrogated to the claims of such customers with the rights and priorities provided in this section. (2) OTHER ADVANCES.—SIPC may advance to the trustee such moneys as may be required to effectuate subsection (b)(1)(A). S I P C shall advance to the trustee such moneys as (with those available pursuant to subsection (d)) may be required to effectuate subsection (d). (g)

PAYMENTS TO CUSTOMERS; No PROOF OF CLAIM REQUIRED.—It

shall be the duty of the trustee to discharge promptly, in accordance with the provisions of this section, all obligations of the debtor to each of its customers relating to, or net equities based upon, securities or cash by the delivery of securities or the effecting of payments to such 47-348 O - 72 - 21 (Pt. 2)

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52 Stat. 866; 76 Stat. 570.

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