Page:United States Statutes at Large Volume 92 Part 2.djvu/1338

 92 STAT. 2618

PUBLIC LAW 95-598—NOV. 6, 1978

(15) "margin payment" means payment or deposit of cash, a security, or other property, that is commonly known to the commodities trade as original margin, initial margin, maintenance margin, or variation margin, including a daily variation settlement payment; (16) "member property" means customer property at any time received, acquired, or held by or for the account of a debtor that is a clearing organization, from or for the proprietary account of a customer that is a clearing member of the debtor; and (17) "net equity" means, subject to such rules and regulations as the Commission promulgates under the Act, with respect to the aggregate of all of a customer's accounts that such customer holds in the same capacity— (A) balance remaining in such customer's accounts immediately after— (i) all commodity contracts of such customer have been transferred, liquidated, or become identified for delivery; and (ii) all obligations of such customer to the debtor have been offset; plus (B) the value, as of the date of return under section 766 of this title, of any specifically identifiable customer property actually returned to such customer before the date specified in subparagraph (A) of this paragraph; plus (C) the value, as of the date of transfer, of— (i) any commodity contract to winch such customer is entitled that is transferred to another person under section 766 of this title; and (ii) any cash, security, or other property of such customer transferred to such other person under section 766 of this title to margin or secure such transferred commodity contract. 11 USC 762. § 762. Notice to the Commission and right to be heard Ante, p. 2565 (a) The clerk shall give the notice required by section 342 of this title to the Commission. (b) The Commission may raise and may appear and be heard on any issue in a case under this chapter. 11 USC 763. § 763. Treatment of accounts (a) Accounts held by a particular customer in separate capacities shall be deemed to be accounts of separate customers. (b) A member of a clearing organization shall be deemed to hold such member's proprietary account in a separate capacity from such member's customers' account. (c) The net equity in a customer's account may not be offset against the net equity in the account of any other custonier. 11 USC 764. § 764. Voidable transfers (a) Except as otherwise provided in this section, any transfer of property that, except for such transfer, would have been customer property, may be avoided by the trustee, and shall be treated as customer property, if and to the extent that the trustee avoids such transAnte, pp. 2596, fer under section 544, 545, 547, 548, 549, or 724(a) of this title. For the 2597. purpose of such sections, the property so transferred is deemed to have been property of the debtor, and, if such transfer was made to a customer or for a customer's benefit, such customer is deemed, for the purposes of this section, to have been a creditor.

�