Page:United States Statutes at Large Volume 92 Part 2.djvu/1333

 PUBLIC LAW 95-598—NOV. 6, 1978

92 STAT. 2613

would have been owing immediately after such liquidation; plus (B) any payment by such customer to the trustee, within 60 days after notice under section 342 of this title, of any Ante, p. 2565. business related claim of the debtor against such customer; (6) " S I P C " means Security Investor Protection Corporation. § 742. Effect of section 362 of this title in this subchapter n USC 742. Notwithstanding section 362 of this title, S I P C may file an applica- Ante, p. 2570. tion for a protective decree under the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.). The filing of such application stays all proceedings in the case under this chapter unless and until such application is dismissed. If SIPC completes the liquidation of the debtor, then the court shall dismiss the case. § 743. Notice The clerk shall give the notice required by section 342(a) of this title to SIPC and to the Commission. § 744. Executory contracts Notwithstanding section 365(d)(1) of this title, the trustee shall assume or reject, under section 365 of this title, any executory contract of the debtor for the purchase or sale of a security in the ordinary course of the debtor's business, within a reasonable time after the date of the order for relief, not to exceed 30 days. If the trustee does not assume such a contract within such time, such contract is rejected. § 745. Treatment of accounts (a) Accounts held by a particular customer in separate capacities shall be treated as accounts of separate customers. (b) If a stockbroker or a bank holds a customer net equity claim against the debtor that arose out of a transaction for a customer of such stockbroker or bank, each such customer of such stockbroker or bank shall be treated as a separate customer of the debtor. (c) A trustee's account specified as such on the debtor's books, and supported by a trust deed filed with, and qualified as such by, the Internal Revenue Service, and under the Internal Revenue Code of 1954 (26 U.S.C. 1 et seq.), shall be treated as a separate customer account for each beneficiary under such trustee account. § 746. Extent of customer claim (a) If, after the date of the filing of the petition, an entity effects, with respect to cash or a security, a transaction with the debtor, in a manner that would have made such entity a customer with respect to such cash or security had such transaction occurred before such date, and such transaction was effected by such entity in good faith and before the qualification under section 322 of this title of a trustee, such entity shall be deemed a customer, and the date of such transaction shall be deemed to be the date of the filing of the petition for the purpose of determining such entity's net equity with respect to such cash or security. (b) An entity does not have a claim as a customer to the extent that such entity has a claim for cash or a security that, by contract, agreement, understanding, or operation of law, is— (1) part of the capital of the debtor; or (2) is subordinated to the claims of any or all creditors. § 747. Subordination of certain customer claims Except as provided in section 510 of this title, unless all other cus-

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