Page:United States Statutes at Large Volume 96 Part 1.djvu/280

 96 STAT. 238

PUBLIC LAW 97-222—JULY 27, 1982

SEC. 10. Section 744 of title 11, United States Code, is amended by inserting "but" after "relief,". SEC. 11. Section 745(c) of title 11, United States Code, is amended by striking out "A" and inserting in lieu thereof "Each". SEC. 12. (a) Section 746(a) of title 11, United States Code, is amended— (1) by striking out "effects, with respect to cash or a security," and inserting in lieu thereof "enters into", (2) by striking out "with respect to such cash or security" each place it appears, (3) by striking out "such date" and inserting in lieu thereof "the date of the filing of the petition", and (4) by striking out "effected" and inserting in lieu thereof "entered into". (b) Section 746(b) of title 11, United States Code, is amended— (1) by striking out "has a claim for" and inserting in lieu thereof "transferred to the debtor", and (2) in paragraph (2) by striking out "is". (c) The heading for section 746 of title 11, United States Code, is amended by striking out "claim" and inserting in lieu thereof "claims". SEC. 13. Section 747 of title 11, United States Code, is amended by striking out "such claim arose" and inserting in lieu thereof "the transaction giving rise to such claim occurred". SEC. 14. Section 749 of title 11, United States Code, is amended— (1) by striking out "Any" and inserting in lieu thereof "(a) Except as otherwise provided in this section, any", (2) by striking out "except" and inserting in lieu thereof "but", (3) by inserting "such property" after "trustee, and", (4) by striking out "549, or 724(a)" and inserting in lieu thereof "or 549", and (5) by adding at the end thereof the following new subsection: "(b) Notwithstanding sections 544, 545, 547, 548, and 549 of this 11 USC 544, 545, title, the trustee may not avoid a transfer made before five days 547-549. after the order for relief if such transfer is approved by the Commission by rule or order, either before or after such transfer, and if such transfer is— "(1) a transfer of a securities contract entered into or carried by or through the debtor on behalf of a customer, and of any cash, security, or other property margining or securing such securities contract; or "(2) the liquidation of a securities contract entered into or carried by or through the debtor on behalf of a customer.". SEC. 15. Section 752(c) of title 11, United States Code, is amended to read as follows: Cash or security, "(c) Any cash or security remaining after the liquidation of a apportionment, security interest created under a security agreement made by the debtor, excluding property excluded under section 741(4)(B) of this 11 USC 741. title, shall be apportioned between the general estate and customer property in the same proportion as the general estate of the debtor and customer property were subject to such security interest.". SEC. 16. Section 761 of title 11, United States Code, is amended— (1) in paragraph (2) by inserting "made" after "commodity contracts", (2) in paragraph (4)—

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