Page:United States Statutes at Large Volume 96 Part 1.djvu/279

 PUBLIC LAW 97-222—JULY 27, 1982 of the kind specified in section 365(e)(1) of this title, and the right to a variation or maintenance margin payment received from a trustee with respect to open commodity contracts or forward contracts, shall not be stayed, avoided, or otherwise limited by operation of any provision of this title or by the order of a court in any proceeding under this title. As used in this section, the term 'contractual right' includes a right set forth in a rule or bylaw of a clearing organization or contract market or in a resolution of the governing board thereof.". (b) The analysis of sections for chapter 5 of title 11, United States Code, is amended by adding at the end thereof the following new items:

96 STAT. 237 11 USC 365.

"Contractual right."

"555. Contractual right to liquidate a securities contract. "556. Contractual right to liquidate a commodity contract or forward contract.".

SEC. 7. Section 702(a)(1) of title 11, United States Code, is amended by striking out "or 726(a)(4)" and inserting in lieu thereof "726(a)(4), 752(a), 766(h), or 766(i)". SEC. 8. Section 741 of title 11, United States Code, is amended— (1) in paragraph (4)— (A) by striking out "at any time", and (B) in subparagraph (A)(ii) by inserting "of a customer" after "claim", (2) by redesignating paragraphs (5) and (6) as paragraphs (6) and (9), respectively, (3) by inserting after paragraph (4) the following new paragraph: "(5) 'margin payment' means payment or deposit of cash, a security, or other property, that is commonly known to the securities trade as original margin, initial margin, maintenance margin, or variation margin, or as a mark-to-market payment, or that secures an obligation of a participant in a securities clearing agency;", (4) in paragraph (6), as so redesignated— (A) by striking out "the aggregate of all of a customer's accounts that such customer holds" and inserting in lieu thereof "all accounts of a customer that such customer has", (B) in subparagraph (A)(ii) by inserting "in such capacity" after "customer", and (C) in subparagraph (B) by inserting "in such capacity" before the semicolon, (5) by inserting after paragraph (6), as so redesignated, the following new paragraphs: "(7) 'securities contract' means contract for the purchase, sale, or loan of a security, including an option for the purchase or sale of a security, or the guarantee of any settlement of cash or securities by or to a securities clearing agency; "(8) 'settlement payment' means a preliminary settlement payment, a partial settlement payment, an interim settlement payment, a settlement payment on account, or any other similar payment commonly used in the securities trade; and", and (6) in paragraph (9), as so redesignated, by striking out "Security" and inserting "Securities" in lieu thereof. SEC. 9. Section 742 of title 11, United States Code, is amended by striking out "chapter" and inserting in lieu thereof "title".

"Margin payment."

Definitions.

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