Page:United States Statutes at Large Volume 92 Part 1.djvu/316

 92 STAT. 262

PUBLIC LAW 95-283—MAY 21, 1978 thereof, or by an infant or incompetent person without a guardian. Any claim of a customer for net equity which is received by the trustee after the expiration of such period of time as may be fixed by the court (not exceeding sixty days after the date of publication of notice under paragraph (1)) need not be paid or satisfied in whole or i n part out of customer property, and, to the extent such claim is satisfied from moneys advanced by S I P C, it shall be satisfied in cash or securities ( o r both) as the trustee determines is most economical to the estate. " (4) EFFECT ON CLAIMS.—Except as otherwise provided i n this sciction, and without limiting the powers and duties of the trustee to discharge obligations promptly as specified in this section, nothing in this section shall limit the right of any person, including any subrogee, to establish by formal proof or otherwise as the court may provide such claims as such person may have against the debtor, including claims for the payment of money and the delivery of specific securities, without resort to moneys advanced by S I P C to the trustee. " (b) P A Y M E N T S TO CUSTOMERS.—After receipt of a w r i t t e n statement

of claim pursuant to subsection (a)(2), the trustee shall promptly discharge, in accordance with the provisions of this section, all obligations of the debtor to a customer relating to, or net equity claims based upon, securities or cash, by the delivery of securities or the making of payments to or for the account of such customer (subject to the provisions of subsection (d) and section 9(a)) insofar as such obligations a r e ascertainable from the books and records of the debtor or a r e otherwise established to the satisfaction of the trustee. For purposes of distributing securities to customers, all securities shall be valued as of the close of business on the filing date. For purposes of this subsection, the court shall, among other things— " (1) with respect to net equity claims, authorize the trustee to satisfy claims out of moneys made available to the trustee by S I P C notwithstanding the fact that there has not been any showing or determination that there are sufficient funds of the debtor available to satisfy such claims; and " (2) with respect to claims relating to, or net equities based upon, securities of a class and series of an issuer which are ascertainable from the books and records of the debtor or are otherwise established to the satisfaction of the trustee, authorize the trustee to deliver securities of such class and series if and to the extent available to satisfy such claims in whole or in part, with partial deliveries to be made p r o r a t a to the greatest extent considered practicable by the trustee. Any payment or delivery of property pursuant to this subsection may be conditioned upon the trustee requiring claimants to execute, in a form to be detcnnined by the trustee, appropriate receipts, supporting affidavits, releases, and assignments, but shall be without prejudice to any right of a claimant to file formal proof of claim within the period specified in subsection (a)(3) for any balance of securities or cash to which such claimant considers himself entitled. " (c) CUSTOMER RELATED PROPERTY.— " (1) ALLOCATION OF CUSTOMER PROPERTY.—The trustee shall allo-

cate customer property of the debtor as follows: " (A) first, to S I P C in repayment of advances made by S I P C pursuant to section 9(c)(1), to the extent such

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