§ 101. Definitions
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In this title the following definitions shall apply: (1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized. (2) The term “affiliate” means— (A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or (D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement. (3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000. (4) The term “attorney” means attorney, professional law association, corporation, or partnership, authorized under applicable law to practice law. (4A) The term “bankruptcy assistance” means any goods or services sold or otherwise provided to an assisted person with the express or implied purpose of providing information, advice, counsel, document preparation, or filing, or attendance at a creditors’ meeting or appearing in a case or proceeding on behalf of another or providing legal representation with respect to a case or proceeding under this title.
(5) The term “claim” means— (A) right to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured; or (B) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured, unmatured, disputed, undisputed, secured, or unsecured. (6) The term “commodity broker” means futures commission merchant, foreign futures commission merchant, clearing organization, leverage transaction merchant, or commodity options dealer, as defined in section 761 of this title, with respect to which there is a customer, as defined in section 761 of this title. (7) The term “community claim” means claim that arose before the commencement of the case concerning the debtor for which property of the kind specified in section 541(a)(2) of this title is liable, whether or not there is any such property at the time of the commencement of the case. (7A) The term “commercial fishing operation” means— (A) the catching or harvesting of fish, shrimp, lobsters, urchins, seaweed, shellfish, or other aquatic species or products of such species; or (B) for purposes of section 109 and chapter 12, aquaculture activities consisting of raising for market any species or product described in subparagraph (A). (7B) The term “commercial fishing vessel” means a vessel used by a family fisherman to carry out a commercial fishing operation.
(8) The term “consumer debt” means debt incurred by an individual primarily for a personal, family, or household purpose. (9) The term “corporation”— (A) includes— (i) association having a power or privilege that a private corporation, but not an individual or a partnership, possesses; (ii) partnership association organized under a law that makes only the capital subscribed responsible for the debts of such association; (iii) joint-stock company; (iv) unincorporated company or association; or (v) business trust; but (B) does not include limited partnership. (10) The term “creditor” means— (A) entity that has a claim against the debtor that arose at the time of or before the order for relief concerning the debtor; (B) entity that has a claim against the estate of a kind specified in section 348(d), 502(f), 502(g), 502(h) or 502(i) of this title; or (C) entity that has a community claim. (10A) The term “current monthly income”—
(A) means the average monthly income from all sources that the debtor receives (or in a joint case the debtor and the debtor’s spouse receive) without regard to whether such income is taxable income, derived during the 6-month period ending on— (i) the last day of the calendar month immediately preceding the date of the commencement of the case if the debtor files the schedule of current income required by section 521(a)(1)(B)(ii); or (ii) the date on which current income is determined by the court for purposes of this title if the debtor does not file the schedule of current income required by section 521(a)(1)(B)(ii); and (B) includes any amount paid by any entity other than the debtor (or in a joint case the debtor and the debtor’s spouse), on a regular basis for the household expenses of the debtor or the debtor’s dependents (and in a joint case the debtor’s spouse if not otherwise a dependent), but excludes benefits received under the Social Security Act, payments to victims of war crimes or crimes against humanity on account of their status as victims of such crimes, and payments to victims of international terrorism (as defined in section 2331 of title 18) or domestic terrorism (as defined in section 2331 of title 18) on account of their status as victims of such terrorism. (11) The term “custodian” means— (A) receiver or trustee of any of the property of the debtor, appointed in a case or proceeding not under this title; (B) assignee under a general assignment for the benefit of the debtor’s creditors; or (C) trustee, receiver, or agent under applicable law, or under a contract, that is appointed or authorized to take charge of property of the debtor for the purpose of enforcing a lien against such property, or for the purpose of general administration of such property for the benefit of the debtor’s creditors. (12) The term “debt” means liability on a claim. (12A) The term “debt relief agency” means any person who provides any bankruptcy assistance to an assisted person in return for the payment of money or other valuable consideration, or who is a bankruptcy petition preparer under section 110, but does not include— (A) any person who is an officer, director, employee, or agent of a person who provides such assistance or of the bankruptcy petition preparer; (B) a nonprofit organization that is exempt from taxation under section 501(c)(3) of the Internal Revenue Code of 1986; (C) a creditor of such assisted person, to the extent that the creditor is assisting such assisted person to restructure any debt owed by such assisted person to the creditor; (D) a depository institution (as defined in section 3 of the Federal Deposit Insurance Act) or any Federal credit union or State credit union (as those terms are defined in section 101 of the Federal Credit Union Act), or any affiliate or subsidiary of such depository institution or credit union; or (E) an author, publisher, distributor, or seller of works subject to copyright protection under title 17, when acting in such capacity. (13) The term “debtor” means person or municipality concerning which a case under this title has been commenced. (13A) The term “debtor’s principal residence”— (A) means a residential structure if used as the principal residence by the debtor, including incidental property, without regard to whether that structure is attached to real property; and (B) includes an individual condominium or cooperative unit, a mobile or manufactured home, or trailer if used as the principal residence by the debtor. (14) The term “disinterested person” means a person that— (A) is not a creditor, an equity security holder, or an insider; (B) is not and was not, within 2 years before the date of the filing of the petition, a director, officer, or employee of the debtor; and (C) does not have an interest materially adverse to the interest of the estate or of any class of creditors or equity security holders, by reason of any direct or indirect relationship to, connection with, or interest in, the debtor, or for any other reason. (14A) The term “domestic support obligation” means a debt that accrues before, on, or after the date of the order for relief in a case under this title, including interest that accrues on that debt as provided under applicable nonbankruptcy law notwithstanding any other provision of this title, that is—
(A) owed to or recoverable by— (i) a spouse, former spouse, or child of the debtor or such child’s parent, legal guardian, or responsible relative; or (ii) a governmental unit; (B) in the nature of alimony, maintenance, or support (including assistance provided by a governmental unit) of such spouse, former spouse, or child of the debtor or such child’s parent, without regard to whether such debt is expressly so designated; (C) established or subject to establishment before, on, or after the date of the order for relief in a case under this title, by reason of applicable provisions of— (i) a separation agreement, divorce decree, or property settlement agreement; (ii) an order of a court of record; or (iii) a determination made in accordance with applicable nonbankruptcy law by a governmental unit; and (D) not assigned to a nongovernmental entity, unless that obligation is assigned voluntarily by the spouse, former spouse, child of the debtor, or such child’s parent, legal guardian, or responsible relative for the purpose of collecting the debt. (15) The term “entity” includes person, estate, trust, governmental unit, and United States trustee. (16) The term “equity security” means— (A) share in a corporation, whether or not transferable or denominated “stock”, or similar security; (B) interest of a limited partner in a limited partnership; or (C) warrant or right, other than a right to convert, to purchase, sell, or subscribe to a share, security, or interest of a kind specified in subparagraph (A) or (B) of this paragraph. (17) The term “equity security holder” means holder of an equity security of the debtor. (18) The term “family farmer” means— (A) individual or individual and spouse engaged in a farming operation whose aggregate debts do not exceed $3,237,000 and not less than 50 percent of whose aggregate noncontingent, liquidated debts (excluding a debt for the principal residence of such individual or such individual and spouse unless such debt arises out of a farming operation), on the date the case is filed, arise out of a farming operation owned or operated by such individual or such individual and spouse, and such individual or such individual and spouse receive from such farming operation more than 50 percent of such individual’s or such individual and spouse’s gross income for— (i) the taxable year preceding; or (ii) each of the 2d and 3d taxable years preceding; the taxable year in which the case concerning such individual or such individual and spouse was filed; or (B) corporation or partnership in which more than 50 percent of the outstanding stock or equity is held by one family, or by one family and the relatives of the members of such family, and such family or such relatives conduct the farming operation, and (i) more than 80 percent of the value of its assets consists of assets related to the farming operation; (ii) its aggregate debts do not exceed $3,237,000 and not less than 50 percent of its aggregate noncontingent, liquidated debts (excluding a debt for one dwelling which is owned by such corporation or partnership and which a shareholder or partner maintains as a principal residence, unless such debt arises out of a farming operation), on the date the case is filed, arise out of the farming operation owned or operated by such corporation or such partnership; and (iii) if such corporation issues stock, such stock is not publicly traded. (19) The term “family farmer with regular annual income” means family farmer whose annual income is sufficiently stable and regular to enable such family farmer to make payments under a plan under chapter 12 of this title. (19A) The term “family fisherman” means— (A) an individual or individual and spouse engaged in a commercial fishing operation— (i) whose aggregate debts do not exceed $1,500,000 and not less than 80 percent of whose aggregate noncontingent, liquidated debts (excluding a debt for the principal residence of such individual or such individual and spouse, unless such debt arises out of a commercial fishing operation), on the date the case is filed, arise out of a commercial fishing operation owned or operated by such individual or such individual and spouse; and (ii) who receive from such commercial fishing operation more than 50 percent of such individual’s or such individual’s and spouse’s gross income for the taxable year preceding the taxable year in which the case concerning such individual or such individual and spouse was filed; or (B) a corporation or partnership— (i) in which more than 50 percent of the outstanding stock or equity is held by— (I) 1 family that conducts the commercial fishing operation; or (II) 1 family and the relatives of the members of such family, and such family or such relatives conduct the commercial fishing operation; and (ii) (I) more than 80 percent of the value of its assets consists of assets related to the commercial fishing operation; (II) its aggregate debts do not exceed $1,500,000 and not less than 80 percent of its aggregate noncontingent, liquidated debts (excluding a debt for 1 dwelling which is owned by such corporation or partnership and which a shareholder or partner maintains as a principal residence, unless such debt arises out of a commercial fishing operation), on the date the case is filed, arise out of a commercial fishing operation owned or operated by such corporation or such partnership; and (III) if such corporation issues stock, such stock is not publicly traded. (19B) The term “family fisherman with regular annual income” means a family fisherman whose annual income is sufficiently stable and regular to enable such family fisherman to make payments under a plan under chapter 12 of this title.
(20) The term “farmer” means (except when such term appears in the term “family farmer”) person that received more than 80 percent of such person’s gross income during the taxable year of such person immediately preceding the taxable year of such person during which the case under this title concerning such person was commenced from a farming operation owned or operated by such person. (21) The term “farming operation” includes farming, tillage of the soil, dairy farming, ranching, production or raising of crops, poultry, or livestock, and production of poultry or livestock products in an unmanufactured state. (21A) The term “farmout agreement” means a written agreement in which— (A) the owner of a right to drill, produce, or operate liquid or gaseous hydrocarbons on property agrees or has agreed to transfer or assign all or a part of such right to another entity; and (B) such other entity (either directly or through its agents or its assigns), as consideration, agrees to perform drilling, reworking, recompleting, testing, or similar or related operations, to develop or produce liquid or gaseous hydrocarbons on the property. (21B) The term “Federal depository institutions regulatory agency” means—
(A) with respect to an insured depository institution (as defined in section 3(c)(2) of the Federal Deposit Insurance Act) for which no conservator or receiver has been appointed, the appropriate Federal banking agency (as defined in section 3(q) of such Act); (B) with respect to an insured credit union (including an insured credit union for which the National Credit Union Administration has been appointed conservator or liquidating agent), the National Credit Union Administration; (C) with respect to any insured depository institution for which the Resolution Trust Corporation has been appointed conservator or receiver, the Resolution Trust Corporation; and (D) with respect to any insured depository institution for which the Federal Deposit Insurance Corporation has been appointed conservator or receiver, the Federal Deposit Insurance Corporation. (22) The term “financial institution” means— (A) a Federal reserve bank, or an entity that is a commercial or savings bank, industrial savings bank, savings and loan association, trust company, federally-insured credit union, or receiver, liquidating agent, or conservator for such entity and, when any such Federal reserve bank, receiver, liquidating agent, conservator or entity is acting as agent or custodian for a customer (whether or not a “customer”, as defined in section 741) in connection with a securities contract (as defined in section 741) such customer; or (B) in connection with a securities contract (as defined in section 741) an investment company registered under the Investment Company Act of 1940. (22A) The term “financial participant” means—
(A) an entity that, at the time it enters into a securities contract, commodity contract, swap agreement, repurchase agreement, or forward contract, or at the time of the date of the filing of the petition, has one or more agreements or transactions described in paragraph (1), (2), (3), (4), (5), or (6) of section 561(a) with the debtor or any other entity (other than an affiliate) of a total gross dollar value of not less than $1,000,000,000 in notional or actual principal amount outstanding (aggregated across counterparties) at such time or on any day during the 15-month period preceding the date of the filing of the petition, or has gross mark-to-market positions of not less than $100,000,000 (aggregated across counterparties) in one or more such agreements or transactions with the debtor or any other entity (other than an affiliate) at such time or on any day during the 15-month period preceding the date of the filing of the petition; or (B) a clearing organization (as defined in section 402 of the Federal Deposit Insurance Corporation Improvement Act of 1991). (23) The term “foreign proceeding” means a collective judicial or administrative proceeding in a foreign country, including an interim proceeding, under a law relating to insolvency or adjustment of debt in which proceeding the assets and affairs of the debtor are subject to control or supervision by a foreign court, for the purpose of reorganization or liquidation. (24) The term “foreign representative” means a person or body, including a person or body appointed on an interim basis, authorized in a foreign proceeding to administer the reorganization or the liquidation of the debtor’s assets or affairs or to act as a representative of such foreign proceeding. (25) The term “forward contract” means— (A) a contract (other than a commodity contract, as defined in section 761) for the purchase, sale, or transfer of a commodity, as defined in section 761(8) of this title, or any similar good, article, service, right, or interest which is presently or in the future becomes the subject of dealing in the forward contract trade, or product or byproduct thereof, with a maturity date more than two days after the date the contract is entered into, including, but not limited to, a repurchase or reverse repurchase transaction (whether or not such repurchase or reverse repurchase transaction is a “repurchase agreement”, as defined in this section) The term “term overriding royalty” means an interest in liquid or gaseous hydrocarbons in place or to be produced from particular real property that entitles the owner thereof to a share of production, or the value thereof, for a term limited by time, quantity, or value realized. (53D) The term “timeshare plan” means and shall include that interest purchased in any arrangement, plan, scheme, or similar device, but not including exchange programs, whether by membership, agreement, tenancy in common, sale, lease, deed, rental agreement, license, right to use agreement, or by any other means, whereby a purchaser, in exchange for consideration, receives a right to use accommodations, facilities, or recreational sites, whether improved or unimproved, for a specific period of time less than a full year during any given year, but not necessarily for consecutive years, and which extends for a period of more than three years. A “timeshare interest” is that interest purchased in a timeshare plan which grants the purchaser the right to use and occupy accommodations, facilities, or recreational sites, whether improved or unimproved, pursuant to a timeshare plan.
(54) The term “transfer” means— (A) the creation of a lien; (B) the retention of title as a security interest; (C) the foreclosure of a debtor’s equity of redemption; or (D) each mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with— (i) property; or (ii) an interest in property. (54A) The term “uninsured State member bank” means a State member bank (as defined in section 3 of the Federal Deposit Insurance Act) the deposits of which are not insured by the Federal Deposit Insurance Corporation.
(55) The term “United States”, when used in a geographical sense, includes all locations where the judicial jurisdiction of the United States extends, including territories and possessions of the United States.
Prospective Amendment
For adjustment of certain dollar amounts specified in this section, that is not reflected in text, see Adjustment of Dollar Amounts note below.
Historical And Revision
Miscellaneous
Section 101(2) defines “affiliate.” The House amendment contains a provision that is a compromise between the definition in the House-passed version of H.R. 8200 and the Senate amendment in the nature of a substitute to H.R. 8200. Subparagraphs (A) and (B) are derived from the Senate amendment and subparagraph (D) is taken from the House bill, while subparagraph (C) represents a compromise, taking the House position with respect to a person whose business is operated under a lease or an operating agreement by the debtor and with respect to a person substantially all of whose property is operated under an operating agreement by the debtor and with respect to a person substantially all of whose property is operated under an operating agreement by the debtor and the Senate position on leased property. Thus, the definition of “affiliate” excludes persons substantially all of whose property is operated under a lease agreement by a debtor, such as a small company which owns equipment all of which is leased to a larger nonrelated company.
Section 101(4)(B) represents a modification of the House-passed bill to include the definition of “claim” a right to an equitable remedy for breach of performance if such breach gives rise to a right to payment. This is intended to cause the liquidation or estimation of contingent rights of payment for which there may be an alternative equitable remedy with the result that the equitable remedy will be susceptible to being discharged in bankruptcy. For example, in some States, a judgment for specific performance may be satisfied by an alternative right to payment, in the event performance is refused; in that event, the creditor entitled to specific performance would have a “claim” for purposes of a proceeding under title 11.
On the other hand, rights to an equitable remedy for a breach of performance with respect to which such breach does not give rise to a right to payment are not “claims” and would therefore not be susceptible to discharge in bankruptcy.
In a case under chapter 9 to title 11, “claim” does not include a right to payment under an industrial development bond issued by a municipality as a matter of convenience for a third party.
Municipalities are authorized, under section 103(c) of the Internal Revenue Code of 1954, as amended [title 26], to issue tax-exempt industrial development revenue bonds to provide for the financing of certain projects for privately owned companies. The bonds are sold on the basis of the credit of the company on whose behalf they are issued, and the principal, interest, and premium, if any, are payable solely from payments made by the company to the trustee under the bond indenture and do not constitute claims on the tax revenues or other funds of the issuing municipalities. The municipality merely acts as the vehicle to enable the bonds to be issued on a tax-exempt basis. Claims that arise by virtue of these bonds are not among the claims defined by this paragraph and amounts owed by private companies to the holders of industrial development revenue bonds are not to be included among the assets of the municipality that would be affected by the plan.
Section 101(6) defines “community claim” as provided by the Senate amendment in order to indicate that a community claim exists whether or not there is community property in the estate as of the commencement of the case.
Section 101(7) of the House amendment contains a definition of consumer debt identical to the definition in the House bill and Senate amendment. A consumer debt does not include a debt to any extent the debt is secured by real property.
Section 101(9) of the Senate amendment contained a definition of “court.” The House amendment deletes the provision as unnecessary in light of the pervasive jurisdiction of a bankruptcy court under all chapters of title 11 as indicated in title II of the House amendment to H.R. 8200.
Section 101(11) defines “debt” to mean liability on a claim, as was contained in the House-passed version of H.R. 8200. The Senate amendment contained language indicating that “debt” does not include a policy loan made by a life insurance company to the debtor. That language is deleted in the House amendment as unnecessary since a life insurance company clearly has no right to have a policy loan repaid by the debtor, although such company does have a right of offset with respect to such policy loan. Clearly, then, a “debt” does not include a policy loan made by a life insurance company. Inclusion of the language contained in the Senate amendment would have required elaboration of other legal relationships not arising by a liability on a claim. Further the language would have required clarification that interest on a policy loan made by a life insurance company is a debt, and that the insurance company does have right to payment to that interest.
Section 101(14) adopts the definition of “entity” contained in the Senate-passed version of H.R. 8200. Since the Senate amendment to H.R. 8200 deleted the U.S. trustee, a corresponding definitional change is made in chapter 15 of the House amendment for U.S. trustees under the pilot program. Adoption by the House amendment of a pilot program for U.S. trustees under chapter 15 requires insertion of “United States trustee” in many sections. Several provisions in chapter 15 of the House amendment that relate to the U.S. trustee were not contained in the Senate amendment in the nature of a substitute.
Section 101(17) defines “farmer,” as in the Senate amendment with an income limitation percentage of 80 percent instead of 75 percent.
Section 101(18) contains a new definition of “farming operation” derived from present law and the definition of “farmer” in the Senate amendment. This definition gives a broad construction to the term “farming operation”.
Section 101(20) contains a definition of “foreign representative”. It clarifies the House bill and Senate amendment by indicating that a foreign representative must be duly selected in a foreign proceeding.
Section 101(35) defines “security” as contained in the Senate amendment. H.R. 8200 as adopted by the House excluded certain commercial notes from the definition of “security”, and that exclusion is deleted.
Section 101(40) defines “transfer” as in the Senate amendment. The definition contained in H.R. 8200 as passed by the House included “setoff” in the definition of “transfer”. Inclusion of “setoff” is deleted. The effect is that a “setoff” is not subject to being set aside as a preferential “transfer” but will be subject to special rules.
Section 101 of title 11 contains 40 definitions:
Paragraph (1) defines “accountant” as an accountant authorized under applicable law to practice accounting. The term includes a professional accounting association, corporation, or partnership if applicable law authorizes such a unit to practice accounting.
Paragraph (2) defines “affiliate.” An affiliate is an entity with a close relationship to the debtor. It includes a 20 percent parent or subsidiary of the debtor, whether a corporate, partnership, individual, or estate parent.
The use of “directly or indirectly” in subparagraphs (A) and (B) is intended to cover situations in which there is an opportunity to control, and where the existence of that opportunity operates as indirect control.
“Affiliate” is defined primarily for use in the definition of insider, infra, and for use in the chapter 11 reorganization cases. The definition of “affiliate” does not include an entity acting in a fiduciary or agency capacity if the entity does not have the sole discretionary power to vote 20 percent of the voting securities but hold them solely as security and have not exercised the power to vote. This restriction applies to a corporate affiliate under subparagraph (B) of paragraph (2).
Subsections (C) and (D) of paragraph (2) define affiliate also as those persons and entities whose business or substantially all of whose property is operated under a lease or operating agreement by a debtor and whose business or property is more than 50 percent under the control of the debtor.
The definition of “attorney” in paragraph (3) is similar to the definition of accountant.
Paragraph (4) defines “claim.” The effect of the definition is a significant departure from present law. Under present law, “claim” is not defined in straight bankruptcy. Instead it is simply used, along with the concept of provability in section 63 of the Bankruptcy Act [section 103 of former title 11], to limit the kinds of obligations that are payable in a bankruptcy case. The term is defined in the debtor rehabilitation chapters of present law far more broadly. The definition in paragraph (4) adopts an even broader definition of claim than is found in the present debtor rehabilitation chapters. The definition is any right to payment, whether or not reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured. The definition also includes as a claim an equitable right to performance that does not give rise to a right to payment. By this broadest possible definition and by the use of the term throughout the title 11, especially in subchapter I of chapter 5, the bill contemplates that all legal obligations of the debtor, no matter how remote or contingent, will be able to be dealt with in the bankruptcy case. It permits the broadest possible relief in the bankruptcy court.
Paragraph (5) defines “commodity broker” by reference to various terms used and defined in subchapter IV of chapter 7, Commodity Broker Liquidation. The terms are described in connection with section 761, infra.
Paragraph (6) defines “community claim” for those eight States that have community property laws. The definition is keyed to the liability of the debtor’s property for a claim against either the debtor or the debtor’s spouse. If the debtor’s property is liable for a claim against either, that claim is a community claim.
Paragraph (7) defines “consumer debt”. The definition is adapted from the definition used in various consumer protection laws. It encompasses only a debt incurred by an individual primarily for a personal, family, or household purpose.
The definition of “corporation” in paragraph (8) is similar to the definition in current law, section 1(8) [section 1(8) of former title 11]. The term encompasses any association having the power or privilege that a private corporation, but not an individual or partnership, has; partnership associations organized under a law that makes only the capital subscribed responsible for the debts of the partnership; joint-stock company; unincorporated company or association; and business trust. “Unincorporated association” is intended specifically to include a labor union, as well as other bodies that come under that phrase as used under current law. The exclusion of limited partnerships is explicit, and not left to the case law.
Paragraph (9) defines “court” as the bankruptcy judge in the district in which the case is pending except in municipal adjustment and railroad reorganization cases, where “court” means the Federal district judge.
Paragraph (10) [enacted as (9)] defines “creditor” to include holders of prepetition claims against the debtor. However, it also encompasses certain holders of claims that are deemed to arise before the date of the filing of the petition, such as those injured by the rejection of an executory contract or unexpired lease, certain investment tax credit recapture claim holders, “involuntary gap” creditors, and certain holders of the right of setoff. The term also includes the holder of a prepetition community claim. A guarantor of or surety for a claim against the debtor is also a creditor, because he holds a contingent claim against the debtor that becomes fixed when he pays the creditor whose claim he has guaranteed or insured.
Paragraph (11) [enacted as (10)] defines “custodian.” There is no similar definition in current law. It is defined to facilitate drafting, and means a prepetition liquidator of the debtor’s property, such as an assignee for the benefit of creditors, a receiver of the debtor’s property, or administrator of the debtor’s property. The definition of custodian to include a receiver or trustee is descriptive, and not meant to be limited to court officers with those titles. The definition is intended to include other officers of the court if their functions are substantially similar to those of a receiver or trustee.
“Debt” is defined in paragraph (12) [enacted as (11)] as a liability on a claim. The terms “debt” and “claim” are coextensive: a creditor has a “claim” against the debtor; the debtor owes a “debt” to the creditor. This definition of “debt” and the definition of “claim” on which it is based, proposed 11 U.S.C. 101(4), does not include a transaction such as a policy loan on an insurance policy. Under that kind of transaction, the debtor is not liable to the insurance company for repayment; the amount owed is merely available to the company for setoff against any benefits that become payable under the policy. As such, the loan is not a claim (it is not a right to payment) that the company can assert against the estate; nor is the debtor’s obligation a debt (a liability on a claim) that will be discharged under proposed 11 U.S.C. 523 or 524.
Paragraph (13) [enacted as (12)] defines “debtor.” Debtor means person or municipality concerning which a case under title II has been commenced. This is a change in terminology from present law, which identifies the person by or against whom a petition is filed in a straight bankruptcy liquidation case as the “bankrupt”, and a person or municipality that is proceeding under a debtor rehabilitation chapter (chapters VIII through XIII of the Bankruptcy Act) [chapters 8 through 13 of former title 11] as a “debtor.” The term “debtor” is used for both kinds of cases in this bill, for ease of reference in chapters 1, 3, and 5 (which apply to straight bankruptcy and reorganization cases).
Paragraph (14) [enacted as (13)] defines “disinterested person.” The definition is adapted from section 158 of chapter X of current law [section 558 of former title 11], though it is expanded and modified in some respects. A person is a disinterested person if the person is not a creditor, equity security holder, or insider; is not and was not an investment banker of the debtor for any outstanding security of the debtor (the change from underwriter in current law to investment banker is to make the term more descriptive and to avoid conflict with the definition of underwriter in section 2(11) of the Securities Act of 1933 (15 U.S.C. 77b(11)); has not been an investment banker for a security of the debtor within 3 years before the date of the filing of the petition (the change from five years to three years here conforms the definition with the statute of limitations in the Securities Act of 1933) [15 U.S.C. 77m], or an attorney for such an investment banker; is not an insider of the debtor or of such an investment banker; and does not have an interest materially adverse to the estate.
“Entity” is defined, for convenience, in paragraph (15) [enacted as (14)], to include person, estate, trust, and governmental unit. It is the most inclusive of the various defined terms relating to bodies or units.
Paragraph (16) defines “equity security.” The term includes a share or stock in a corporation, a limited partner’s interest in a limited partnership, and a warrant or right to subscribe to an equity security. The term does not include a security, such as a convertible debenture, that is convertible into equity security, but has not been converted.
Paragraph (17) [enacted as (15)] defines “equity security holder” for convenience as the holder of an equity securing of the debtor.
Paragraph (18) [enacted as (17)] defines “farmer”. It encompasses only those persons for whom farming operations contribute 75 percent or more of their total income.
Paragraphs (19) and (20) define “foreign proceeding” and “foreign representative”. A foreign proceeding is a proceeding in another country in which the debtor has some substantial connection for the purpose of liquidating the estate of the debtor or the purpose of financial rehabilitation of the debtor. A foreign representative is the representative of the estate in a foreign proceeding, such as a trustee or administrator.
Paragraph (21) defines “governmental unit” in the broadest sense. The definition encompasses the United States, a State, Commonwealth, District, Territory, municipality, or foreign state, and a department, agency, or instrumentality of any of those entities. “Department, agency, or instrumentality” does not include an entity that owes its existence to State action, such as the granting of a charter or a license but that has no other connection with a State or local government or the Federal Government. The relationship must be an active one in which the department, agency, or instrumentality is actually carrying out some governmental function.
Paragraph (22) defines “indenture.” It is similar to the definition of indenture in the Trust Indenture Act of 1939 [15 U.S.C. 77ccc(7)]. An indenture is the instrument under which securities, either debt or equity, of the debtor are outstanding.
Paragraph (23) defines “indenture trustee” as the trustee under an indenture.
Paragraph (24) defines “individual with regular income.” The effect of this definition, and of its use in section 109(e), is to expand substantially the kinds of individuals that are eligible for relief under chapter 13, Adjustment of Debts of an Individual with Regular Income. Chapter XIII [chapter 13 of former title 11] is now available only for wage earners. The definition encompasses all individuals with incomes that are sufficiently stable and regular to enable them to make payments under a chapter 13 plan. Thus, individuals on welfare, social security, fixed pension incomes, or who live on investment incomes, will be able to work out repayment plans with their creditors rather than being forced into straight bankruptcy. Also, self-employed individuals will be eligible to use chapter 13 if they have regular incomes.
However, the definition excludes certain stockbrokers and commodity brokers, in order to prohibit them from proceeding under chapter 13 and avoiding the customer protection provisions of chapter 7.
“Insider”, defined in paragraph (25), is a new term. An insider is one who has a sufficiently close relationship with the debtor that his conduct is made subject to closer scrutiny than those dealing at arms length with the debtor. If the debtor is an individual, then a relative of the debtor, a partnership in which the debtor is a general partner, a general partner of the debtor, and a corporation controlled by the debtor are all insiders. If the debtor is a corporation, then a controlling person, a relative of a controlling person, a partnership in which the debtor is a general partner, and a general partner of the debtor are all insiders. If the debtor is a partnership, then a general partner of or in the debtor, a relative of a general partner in the debtor, and a person in control are all insiders. If the debtor is a municipality, then an elected official of the debtor is an insider. In addition, affiliates of the debtor and managing agents are insiders.
The definition of “insolvent” in paragraph (26) is adopted from section 1(19) of current law [section 1(19) of former title 11]. An entity is insolvent if its debts are greater than its assets, at a fair valuation, exclusive of property exempted or fraudulently transferred. It is the traditional bankruptcy balance sheet test of insolvency. For a partnership, the definition is modified to account for the liability of a general partner for the partnership’s debts. The difference in this definition from that in current law is in the exclusion of exempt property for all purposes in the definition of insolvent.
Paragraph (27) defines “judicial lien.” It is one of three kinds of liens defined in this section. A judicial lien is a lien obtained by judgment, levy, sequestration, or other legal or equitable process or proceeding.
Paragraph (28) defines “lien.” The definition is new and is very broad. A lien is defined as a charge against or interest in property to secure payment of a debt or performance of an obligation. It includes inchoate liens. In general, the concept of lien is divided into three kinds of liens: judicial liens, security interests, and statutory liens. Those three categories are mutually exclusive and are exhaustive except for certain common law liens.
Paragraph (29) defines “municipality.” The definition is adapted from the terms used in the chapter IX (municipal bankruptcy) [chapter 9 of former title 11] amendment to the Bankruptcy Act enacted in 1976 (Pub. L. 94–260). That amendment spoke in terms of “political subdivision or public agency or instrumentality of a State”. Bankruptcy Act Sec. 84 [section 404 of former title 11]. The term municipality is defined by those three terms for convenience. It does not include the District of Columbia or any territories of the United States.
“Person” is defined in paragraph (30). The definition is a change in wording, but not in substance, from the definition in section 1(23) of the Bankruptcy Act [section 1(23) of former title 11]. The definition is also similar to the one contained in 1 U.S.C. sec. 1, but is repeated here for convenience and ease of reference. Person includes individual partnership, and corporation. The exclusion of governmental units is made explicit in order to avoid any confusion that may arise if, for example, a municipality is incorporated and thus is legally a corporation as well as governmental unit. The definition does not include an estate or a trust, which are included only in the definition of “entity” in proposed 11 U.S.C. 101(14).
“Petition” is defined for convenience in paragraph (31). Petition is a petition under section 301, 302, 303, or 304 of the bankruptcy code—that is, a petition that commences a case under title 11.
Paragraph (32) defines purchaser as a transferee of a voluntary transfer, such as a sale or gift, and includes an immediate or mediate transferee of a purchaser.
The definition of “railroad” in paragraph (33) is derived from section 77 of the Bankruptcy Act [section 205 of former title 11]. A railroad is a common carrier by railroad engaged in the transportation of individuals or property, or an owner of trackage facilities leased by such a common carrier. The effect of the definition and the use of the term in section 109(d) is to eliminate the limitation now found in section 77 of the Bankruptcy Act that only railroads engaged in interstate commerce may proceed under the railroad reorganization provisions. The limitation may have been inserted because of a doubt that the commerce power could not reach intrastate railroads. Be that as it may, this bill is enacted under the bankruptcy power.
Paragraph (34) defines “relative” as an individual related by affinity or consanguinity within the third degree as determined by the common law, and includes individuals in a step or adoptive relationship. The definition is similar to current law, but adds the latter phrase. This definition should be applied as of the time when the transaction that it concerns took place. Thus, a former spouse is not a relative, but if, for example, for purposes of the preference section, proposed 11 U.S.C. 547(b)(4)(B), the transferee was a spouse of the debtor at the time of the transfer sought to be avoided, then the transferee would be relative and subject to the insider rules, even if the transferee was no longer married to the debtor at the time of the commencement of the case or at the time of the commencement of the preference recovery proceeding.
Paragraph (35) defines “security.” The definition is new and is modeled on the most recent draft of the American Law Institute’s proposed securities code, with some exceptions. The interest of a limited partner in a limited partnership is included in order to make sure that everything that is defined as an equity security is also a “security.” The definition, as with the definition of “entity”, “insider”, and “person”, is open-ended because the term is not susceptible of precise specification. Thus the courts will be able to use the characterization provided in this definition to treat with new kinds of documents on a flexible basis.
Paragraphs (36) and (37) defined “security agreement” and “security interest.” A security interest is one of the kinds of liens. It is a lien created by an agreement. Security agreement is defined as the agreement creating the security interest. Though these terms are similar to the same terms in the Uniform Commercial Code, article IX, they are broader. For example, the U.C.C. does not cover real property mortgages. Under this definition, such a mortgage is included, as are all other liens created by agreement, even though not covered by the U.C.C. All U.C.C. security interests and security agreements are, however, security interests and security agreements under this definition. Whether a consignment or a lease constitutes a security interest under the bankruptcy code will depend on whether it constitutes a security interest under applicable State or local law.
Paragraph (38) defines another kind of lien, “statutory lien.” The definition, derived from current law, states that a statutory lien is a lien arising solely by force of statute on specified circumstances or conditions and includes a lien of distress for rent (whether statutory, common law, or otherwise). The definition excludes judicial liens and security interests, whether or not they are provided for or are dependent on a statute, and whether or not they are made fully effective by statute. A statutory lien is only one that arises automatically, and is not based on an agreement to give a lien or on judicial action. Mechanics’, materialmen’s, and warehousemen’s liens are examples. Tax liens are also included in the definition of statutory lien.
“Stockbroker” is defined in paragraph (39) as a person engaged in the business of effecting transactions in securities for the account of others or with members of the general public from or for such person’s own account, if the person has a customer, as defined. Thus, the definition, derived from a combination of the definitions of “broker” and “dealer” in the Securities Exchange Act of 1934 [15 U.S.C. 78c], encompasses both brokers and dealers. The definition is used in section 109 and in subchapter III of chapter 7, Stockholder Liquidation. The term does not encompass an employee who acts for a principal that “effects” transaction or deals with the public, because such an employee will not have a “customer”.
Paragraph (40) defines “transfer.” It is derived and adapted, with stylistic changes, from section 1(30) of the Bankruptcy Act [section 1(30) of former title 11]. A transfer is a disposition of an interest in property. The definition of transfer is as broad as possible. Many of the potentially limiting words in current law are deleted, and the language is simplified. Under this definition, any transfer of an interest in property is a transfer, including a transfer of possession, custody, or control even if there is no transfer of title, because possession, custody, and control are interests in property. A deposit in a bank account or similar account is a transfer.
References In Text
The Social Security Act, referred to in par. (10A)(B), is act Aug. 14, 1935, ch. 531, 49 Stat. 620, which is classified generally to chapter 7 (§ 301 et seq.) of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see section 1305 of Title 42 and Tables.
The Internal Revenue Code of 1986, referred to in pars. (12A)(B) and (41)(C), is classified generally to Title 26, Internal Revenue Code.
Section 3 of the Federal Deposit Insurance Act, referred to in pars. (12A)(D), (21B)(A), (33)(A), (35)(A), and (54A), is classified to section 1813 of Title 12, Banks and Banking.
Sections 101 and 206(r) of the Federal Credit Union Act, referred to in pars. (12A)(D), (33)(B), and (34), are classified to sections 1752 and 1786(r), respectively, of Title 12, Banks and Banking.
The Investment Company Act of 1940, referred to in par. (22)(B), is title I of act Aug. 22, 1940, ch. 686, 54 Stat. 789, which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 80a–51 of Title 15 and Tables.
Section 402 of the Federal Deposit Insurance Corporation Improvement Act of 1991, referred to in par. (22A)(B), is classified to section 4402 of Title 12, Banks and Banking.
The Securities Exchange Act of 1934, referred to in pars. (47)(A)(i), (48), (48A), and (53B)(B), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15, Commerce and Trade. Sections 3, 6, 15A, and 17A of the Act are classified to sections 78c, 78f, 78o–3 and 78q–1, respectively, of Title 15. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.
The Securities Act of 1933, referred to in par. (49)(A)(xii), is act May 27, 1933, ch. 38, title I, 48 Stat. 74, which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of Title 15, Commerce and Trade. Section 3(b) of the Act is classified to section 77c(b) of Title 15. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables.
The Gramm-Leach-Bliley Act, referred to in par. (53B)(B), is Pub. L. 106–102,
The Legal Certainty for Bank Products Act of 2000, referred to in par. (53B)(B), is title IV of H.R. 5660, as enacted by Pub. L. 106–554, § 1(a)(5),
The Commodity Exchange Act, referred to in par. (53B)(B), is act Sept. 21, 1922, ch. 369, 42 Stat. 998, which is classified generally to chapter 1 (§ 1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables.
Amendments
2010—Par. (13A)(A). Pub. L. 111–327, § 2(a)(1)(A)(i), inserted “if used as the principal residence by the debtor” after “a residential structure”.
Par. (13A)(B). Pub. L. 111–327, § 2(a)(1)(A)(ii), inserted “if used as the principal residence by the debtor” before period at end.
Par. (35)(B). Pub. L. 111–327, § 2(a)(1)(B), substituted “paragraphs (21B) and (33)(A)” for “paragraphs (23) and (35)”.
Par. (40B). Pub. L. 111–327, § 2(a)(1)(C), substituted “record relating to a patient, including a written document or a” for “written document relating to a patient or a”.
Par. (42). Pub. L. 111–327, § 2(a)(1)(D), which directed substitution of “303 and 1504” for “303, and 304”, was executed by making the substitution for “303, or 304” to reflect the probable intent of Congress.
Par. (51B). Pub. L. 111–327, § 2(a)(1)(E), inserted “thereto” before period at end.
Par. (51D)(A). Pub. L. 111–327, § 2(a)(1)(F), inserted “of the filing” after “as of the date”.
2006—Par. (22)(A). Pub. L. 109–390, § 5(a)(1)(A), struck out “(domestic or foreign)” after “an entity” and inserted “(whether or not a ‘customer’, as defined in section 741)” after “custodian for a customer”.
Par. (22A)(A). Pub. L. 109–390, § 5(a)(1)(B), inserted “(aggregated across counterparties)” after “principal amount outstanding” and substituted “at such time or on any day during the 15-month period preceding the date of the filing of the petition” for “on any day during the previous 15-month period” in two places.
Par. (25)(A). Pub. L. 109–390, § 5(a)(1)(C), inserted “, as defined in section 761” after “commodity contract” and substituted “repurchase or reverse repurchase transaction (whether or not such repurchase or reverse repurchase transaction is a ‘repurchase agreement’, as defined in this section)” for “repurchase transaction, reverse repurchase transaction,”.
Par. (53B)(A)(i)(II). Pub. L. 109–390, § 5(a)(1)(D)(i)(I), substituted “, precious metals, or other commodity” for “or precious metals”.
Par. (53B)(A)(i)(VIII). Pub. L. 109–390, § 5(a)(1)(D)(i)(III), substituted “option, future, or forward agreement” for “weather derivative, or weather option”.
Par. (53B)(A)(i)(IX), (X). Pub. L. 109–390, § 5(a)(1)(D)(i)(II), (IV), added subcls. (IX) and (X).
Par. (53B)(A)(ii). Pub. L. 109–390, § 5(a)(1)(D)(ii), inserted “or other derivatives” after “dealings in the swap” in subcl. (I) and substituted “future, option, or spot transaction” for “future, or option” in subcl. (II).
Par. (53B)(B). Pub. L. 109–390, § 5(a)(1)(E), substituted “the Gramm-Leach-Bliley Act, the Legal Certainty for Bank Products Act of 2000, the securities laws (as such term is defined in section 3(a)(47) of the Securities Exchange Act of 1934) and the Commodity Exchange Act” for “the Securities Act of 1933, the Securities Exchange Act of 1934, the Public Utility Holding Company Act of 1935, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, the Securities Investor Protection Act of 1970, the Commodity Exchange Act, the Gramm-Leach-Bliley Act, and the Legal Certainty for Bank Products Act of 2000”.
2005—Pub. L. 109–8, § 1201(1), substituted “In this title the following definitions shall apply:” for “In this title—” in introductory provisions.
Pars. (1), (2). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (3). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 226(a)(1), added par. (3).
Par. (4). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (4A). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 226(a)(2), added par. (4A).
Pars. (5) to (7). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pars. (7A), (7B). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 1007(a)(1), added pars. (7A) and (7B).
Pars. (8) to (10). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (10A). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 102(b), added par. (10A).
Pars. (11), (12). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (12A). Pub. L. 109–8, § 1201(8), which directed the substitution of a period for a semicolon at end, could not be executed because par. (12A) ended in a period after amendment by Pub. L. 109–8, § 226(a)(3). See below.
Pub. L. 109–8, § 1201(2), inserted “The term” after par. designation.
Pub. L. 109–8, §§ 211(1), 226(a)(3), added par. (12A) and struck out former par. (12A) which read as follows: “ ‘debt for child support’ means a debt of a kind specified in section 523(a)(5) of this title for maintenance or support of a child of the debtor;”.
Par. (13). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (13A). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 306(c)(1), added par. (13A).
Par. (14). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 414, amended par. (14) generally. Prior to amendment, par. (14) consisted of subpars. (A) to (E) defining “disinterested person”.
Par. (14A). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 211(2), added par. (14A).
Pars. (15) to (17). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (18). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (18)(A). Pub. L. 109–8, § 1005, substituted “for—
“(i) the taxable year preceding; or
“(ii) each of the 2d and 3d taxable years preceding;
the taxable year” for “for the taxable year preceding the taxable year”.
Pub. L. 109–8, § 1004(1), substituted “$3,237,000” for “$1,500,000” and “not less than 50 percent” for “not less than 80 percent”.
Par. (18)(B)(ii). Pub. L. 109–8, § 1004(2), substituted “$3,237,000” for “$1,500,000” and “50 percent” for “80 percent”.
Par. (19). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pars. (19A), (19B). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 1007(a)(2), added pars. (19A) and (19B).
Pars. (20) to (21B). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (22). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 907(b)(1), added par. (22) and struck out former par. (22) which consisted of introductory provisions and subpars. (A) and (B) defining “financial institution”.
Par. (22A). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 907(b)(2), added par. (22A).
Pars. (23), (24). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 802(b), added pars. (23) and (24) and struck out former pars. (23) and (24) which read as follows:
“(23) ‘foreign proceeding’ means proceeding, whether judicial or administrative and whether or not under bankruptcy law, in a foreign country in which the debtor’s domicile, residence, principal place of business, or principal assets were located at the commencement of such proceeding, for the purpose of liquidating an estate, adjusting debts by composition, extension, or discharge, or effecting a reorganization;
“(24) ‘foreign representative’ means duly selected trustee, administrator, or other representative of an estate in a foreign proceeding;”.
Par. (25). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 907(a)(1)(A), substituted “means—” for “means”, designated subsequent provisions as subpar. (A), substituted “, or any other similar agreement” for “, or any combination thereof or option thereon”, and added subpars. (B) to (E).
Par. (26). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 907(b)(3), added par. (26) and struck out former par. (26) which read as follows: “ ‘forward contract merchant’ means a person whose business consists in whole or in part of entering into forward contracts as or with merchants in a commodity, as defined in section 761(8) of this title, or any similar good, article, service, right, or interest which is presently or in the future becomes the subject of dealing in the forward contract trade;”.
Par. (27). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (27A). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 1101(a)(2), added par. (27A). Former par. (27A) redesignated (27B).
Pub. L. 109–8, § 306(c)(2), added par. (27A).
Par. (27B). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 1101(a)(1), redesignated par. (27A) as (27B).
Pars. (28) to (34). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (35). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (35)(B). Pub. L. 109–8, § 1201(3), substituted “paragraphs (23) and (35)” for “paragraphs (21B) and (33)(A)”.
Par. (35A). Pub. L. 109–8, § 1201(2), (4), inserted “The term” after par. designation and substituted a period for “; and” at end.
Pars. (36), (37). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (38). Pub. L. 109–8, § 1201(2), (4), inserted “The term” after par. designation and substituted a period for “; and” at end.
Pars. (38A), (38B). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 907(c), added pars. (38A) and (38B).
Par. (39). Pub. L. 109–8, § 1201(2), inserted “The term” after par. designation.
Par. (39A). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 102(k), added par. (39A).
Par. (40). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pars. (40A), (40B). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 1101(b), added pars. (40A) and (40B).
Par. (41). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (41A). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 231(b), added par. (41A).
Pars. (42) to (45). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (46). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 907(a)(1)(B), substituted “at any time before” for “on any day during the period beginning 90 days before the date of”.
Par. (47). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 907(a)(1)(C), amended par. (47) generally. Prior to amendment, par. (47) read as follows: “ ‘repurchase agreement’ (which definition also applies to a reverse repurchase agreement) means an agreement, including related terms, which provides for the transfer of certificates of deposit, eligible bankers’ acceptances, or securities that are direct obligations of, or that are fully guaranteed as to principal and interest by, the United States or any agency of the United States against the transfer of funds by the transferee of such certificates of deposit, eligible bankers’ acceptances, or securities with a simultaneous agreement by such transferee to transfer to the transferor thereof certificates of deposit, eligible bankers’ acceptances, or securities as described above, at a date certain not later than one year after such transfers or on demand, against the transfer of funds;”.
Par. (48). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 907(a)(1)(D), inserted “, or exempt from such registration under such section pursuant to an order of the Securities and Exchange Commission,” after “1934”.
Par. (48A). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 401(a), added par. (48A).
Pars. (49) to (51A). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (51B). Pub. L. 109–8, § 1201(2), (5), (8), inserted “The term” after par. designation and “who is not a family farmer” after “income of a debtor” and substituted a period for “thereto having aggregate noncontingent, liquidated secured debts in an amount no more than $4,000,000;”.
Pars. (51C), (51D). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 432(a), added pars. (51C) and (51D) and struck out former par. (51C) which read as follows: “ ‘small business’ means a person engaged in commercial or business activities (but does not include a person whose primary activity is the business of owning or operating real property and activities incidental thereto) whose aggregate noncontingent liquidated secured and unsecured debts as of the date of the petition do not exceed $2,000,000;”.
Pars. (52) to (53A). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (53B). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Pub. L. 109–8, § 907(a)(1)(E), amended par. (53B) generally. Prior to amendment, par. (53B) consisted of introductory provisions and subpars. (A) to (C) defining “swap agreement”.
Par. (53C). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (53D). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (54). Pub. L. 109–8, § 1201(8), substituted a period for semicolon at end.
Pub. L. 109–8, § 1201(6), added par. (54) and struck out former par. (54) which read as follows: “The term ‘transfer’ means every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with property or with an interest in property, including retention of title as a security interest and foreclosure of the debtor’s equity of redemption;”.
Pub. L. 109–8, § 1201(2), inserted “The term” after par. designation.
Par. (54A). Pub. L. 109–8, § 1201(8), which directed the substitution of a period for semicolon at end, could not be executed because par. (54A) ended in a period after amendment by Pub. L. 109–8, § 1201(4). See below.
Pub. L. 109–8, § 1201(4), (7), substituted “The term” for “the term”, realigned left margin, and substituted a period for “; and” at end.
Par. (55). Pub. L. 109–8, § 1201(2), (8), inserted “The term” after par. designation and substituted a period for semicolon at end.
Par. (56A). Pub. L. 109–8, § 1201(8), which directed the substitution of a period for semicolon “in each of paragraphs (40) through (55)” at end, was executed to par. (56A), to reflect the probable intent of Congress, because par. (56A) follows par. (53C) in text.
Pub. L. 109–8, § 1201(2), inserted “The term” after par. designation.
2000—Par. (22). Pub. L. 106–554, § 1(a)(5) [title I, § 112(c)(3)], amended par. (22) generally. Prior to amendment par. (22) read as follows: “ ‘financial institution’ means a person that is a commercial or savings bank, industrial savings bank, savings and loan association, or trust company and, when any such person is acting as agent or custodian for a customer in connection with a securities contract, as defined in section 741 of this title, such customer;”.
Par. (54A). Pub. L. 106–554, § 1(a)(5) [title I, § 112(c)(4)], added par. (54A).
1994—Par. (3). Pub. L. 103–394, § 501(a)(1), redesignated par. (3) as (21B) and inserted it after par. (21A).
Par. (6). Pub. L. 103–394, § 501(b)(1)(A), substituted “section 761” for “section 761(9)” after “customer, as defined in”.
Par. (12A). Pub. L. 103–394, § 304(a), added par. (12A).
Par. (21B). Pub. L. 103–394, § 501(a)(1), redesignated par. (3) as (21B).
Par. (22). Pub. L. 103–394, § 501(b)(1)(B), substituted “section 741” for “section 741(7)”.
Par. (33)(A). Pub. L. 103–394, § 501(d)(1)(A)(i), struck out “(12 U.S.C. 1813(u))” after “section 3(u) of the Federal Deposit Insurance Act”.
Par. (33)(B). Pub. L. 103–394, § 501(d)(1)(A)(ii), struck out “(12 U.S.C. 1786(r))” after “Act”.
Par. (34). Pub. L. 103–394, § 501(d)(1)(B), struck out “(12 U.S.C. 1752(7))” after “Act”.
Par. (35). Pub. L. 103–394, § 501(b)(1)(C), (d)(1)(C), struck out “(12 U.S.C. 1813(c)(2))” after “Act” in subpar. (A) and substituted “paragraphs (21B)” for “paragraphs (3)” in subpar. (B).
Par. (35A). Pub. L. 103–394, § 501(a)(4), redesignated par. (56) defining “intellectual property” as (35A) and inserted it after par. (35).
Par. (39). Pub. L. 103–394, § 501(a)(5), redesignated par. (57) defining “mask work” as (39) and inserted it after par. (38). Former par. (39) redesignated (51A).
Par. (41). Pub. L. 103–394, § 106, amended par. (41) generally. Prior to amendment, par. (41) read as follows: “ ‘person’ includes individual, partnership, and corporation, but does not include governmental unit, Provided, however, That any governmental unit that acquires an asset from a person as a result of operation of a loan guarantee agreement, or as receiver or liquidating agent of a person, will be considered a person for purposes of section 1102 of this title.”
Par. (42A). Pub. L. 103–394, § 208(a)(1), added par. (42A).
Par. (48). Pub. L. 103–394, § 501(d)(1)(D), struck out “(15 U.S.C. 78q–1)” after “Act of 1934” and “(15 U.S.C. 78c(12))” after “such Act”.
Par. (49)(A)(xii). Pub. L. 103–394, § 501(d)(1)(E)(i), struck out “(15 U.S.C. 77a et seq.)” after “Act of 1933” and “(15 U.S.C. 77c(b))” after “such Act”.
Par. (49)(B). Pub. L. 103–394, § 501(b)(1)(D), (d)(1)(E)(ii), substituted “section 761” for “section 761(13)” in cl. (ii) and struck out “(15 U.S.C. 77c(b))” after “Act of 1933” in cl. (vi).
Par. (51A). Pub. L. 103–394, § 501(a)(2), redesignated par. (39) as (51A) and inserted it after par. (51).
Par. (51B). Pub. L. 103–394, § 218(a), added par. (51B).
Par. (51C). Pub. L. 103–394, § 217(a), added par. (51C).
Par. (53A). Pub. L. 103–394, § 501(a)(3), (b)(1)(E), redesignated par. (54) defining “stockbroker” as (53A) and substituted “section 741” for “section 741(2)” in subpar. (A).
Par. (53B). Pub. L. 103–394, § 501(a)(3), redesignated par. (55) defining “swap agreement” as (53B).
Par. (53C). Pub. L. 103–394, § 501(a)(3), redesignated par. (56) defining “swap participant” as (53C).
Par. (53D). Pub. L. 103–394, § 501(a)(3), (d)(1)(F), redesignated par. (57) defining “timeshare plan” as (53D) and substituted semicolon for period at end.
Par. (54). Pub. L. 103–394, § 501(a)(3), redesignated par. (54) defining “stockbroker” as (53A).
Par. (55). Pub. L. 103–394, § 501(a)(3), redesignated par. (55) defining “swap agreement” as (53B).
Pub. L. 103–394, § 215, inserted “spot foreign exchange agreement,” after “forward foreign exchange agreement,”.
Par. (56). Pub. L. 103–394, § 501(a)(3), redesignated par. (56) defining “swap participant” as (53C).
Pub. L. 103–394, § 501(a)(4), redesignated par. (56) defining “intellectual property” as (35A) and inserted it after par. (35).
Par. (56A). Pub. L. 103–394, § 208(a)(2), added par. (56A) and inserted it after par. defining “swap participant”.
Par. (57). Pub. L. 103–394, § 501(a)(3), redesignated par. (57) defining “timeshare plan” as (53D).
Pub. L. 103–394, § 501(a)(5), redesignated par. (57) defining “mask work” as (39) and inserted it after par. (38).
1992—Par. (21A). Pub. L. 102–486 added par. (21A).
1990—Par. (3). Pub. L. 101–647, § 2522(e)(4), added par. (3). Former par. (3) redesignated (4).
Pars. (4) to (23). Pub. L. 101–647, § 2522(e)(3), redesignated pars. (3) to (22) as (4) to (23), respectively. Former par. (23) redesignated (24).
Par. (24). Pub. L. 101–647, § 2522(e)(3), redesignated par. (23) as (24). Former par. (24) redesignated (25).
Pub. L. 101–311, § 201(1), inserted “as defined in section 761(8) of this title, or any similar good, article, service, right, or interest which is presently or in the future becomes the subject of dealing in the forward contract trade,” after “transfer of commodity,” and “, including, but not limited to, a repurchase transaction, reverse repurchase transaction, consignment, lease, swap, hedge transaction, deposit, loan, option, allocated transaction, unallocated transaction, or any combination thereof or option thereon” after “entered into”.
Par. (25). Pub. L. 101–647, § 2522(e)(3), redesignated par. (24) as (25). Former par. (25) redesignated (26).
Pub. L. 101–311, § 201(2), substituted “a commodity, as defined in section 761(8) of this title, or any similar good, article, service, right, or interest which is presently or in the future becomes the subject of dealing in the forward contract trade” for “commodities”.
Pars. (26) to (32). Pub. L. 101–647, § 2522(e)(3), redesignated pars. (25) to (31) as (26) to (32), respectively. Former par. (32) redesignated (36).
Par. (33). Pub. L. 101–647, § 2522(e)(2), added par. (33). Former par. (33) redesignated (37).
Par. (34). Pub. L. 101–647, § 2522(e)(2), added par. (34). Former par. (34) redesignated (38).
Pub. L. 101–311, § 201(4), added par. (34). Former par. (34) redesignated (36).
Par. (35). Pub. L. 101–647, § 2522(e)(2), added par. (35). Former par. (35) redesignated (39).
Pub. L. 101–311, § 201(4), added par. (35). Former par. (35) redesignated (37).
Par. (36). Pub. L. 101–647, § 2522(e)(1), redesignated par. (32) as (36). Former par. (36) redesignated (40).
Pub. L. 101–311, § 201(3), redesignated par. (34) as (36). Former par. (36) redesignated (38).
Pars. (37) to (48). Pub. L. 101–647, § 2522(e)(1), redesignated pars. (33) to (44) as (37) to (48), respectively. Former pars. (45) to (48) redesignated (49) to (52), respectively.
Pub. L. 101–311, § 201(3), redesignated pars. (35) to (46) as (37) to (48), respectively. Former pars. (47) and (48) redesignated (49) and (50), respectively.
Pars. (49), (50). Pub. L. 101–647, § 2522(e)(1), redesignated pars. (45) and (46) as (49) and (50), respectively. Former pars. (49) and (50) redesignated (53) and (54) defining “stockbroker”, respectively.
Pub. L. 101–311, § 201(3), redesignated pars. (47) and (48) as (49) and (50), respectively. Former pars. (49) and (50) redesignated (51) and (52), respectively.
Pub. L. 101–311, § 101(2), added pars. (49) and (50). Former pars. (49) and (50) redesignated (51) and (52), respectively.
Par. (51). Pub. L. 101–647, § 2522(e)(1), redesignated par. (47) as (51). Former par. (51) redesignated (55) defining “swap agreement”.
Pub. L. 101–311, § 201(3), redesignated par. (49) as (51). Former par. (51) redesignated (53).
Pub. L. 101–311, § 101(1), redesignated par. (49) as (51). Former par. (51) redesignated (53).
Par. (52). Pub. L. 101–647, § 2522(e)(1), redesignated par. (48) as (52). Former par. (52) redesignated (56) defining “swap participant”.
Pub. L. 101–311, § 201(3), redesignated par. (50) as (52). Former par. (52) redesignated (54) defining “transfer”.
Pub. L. 101–311, § 101(1), redesignated par. (50) as (52). Former par. (52) redesignated (54).
Par. (53). Pub. L. 101–647, § 2522(e)(1), redesignated par. (49) as (53). Former par. (53) redesignated (57) defining “timeshare plan”.
Pub. L. 101–311, § 201(3), redesignated par. (51) as (53). Former par. (53) redesignated (55) defining “United States”.
Pub. L. 101–311, § 101(1), redesignated par. (51) as (53). Former par. (53) redesignated (55).
Par. (54). Pub. L. 101–647, § 2522(e)(1), redesignated par. (50) as (54) defining “stockbroker”.
Pub. L. 101–311, § 201(3), redesignated par. (52) as (54) defining “transfer”. Former par. (54) redesignated (56) defining “intellectual property”.
Pub. L. 101–311, § 101(1), redesignated par. (52) as (54).
Par. (55). Pub. L. 101–647, § 2522(e)(1), redesignated par. (51) as (55) defining “swap agreement”.
Pub. L. 101–311, § 201(3), redesignated par. (53) as (55) defining “United States”. Former par. (55) redesignated (57) defining “mask work”.
Pub. L. 101–311, § 101(1), redesignated par. (53) as (55).
Par. (56). Pub. L. 101–647, § 2522(e)(1), redesignated par. (52) as (56) defining “swap participant”.
Pub. L. 101–311, § 201(3), redesignated par. (54) as (56) defining “intellectual property”.
Par. (57). Pub. L. 101–647, § 2522(e)(1), redesignated par. (53) as (57) defining “timeshare plan”.
Pub. L. 101–311, § 201(3), redesignated par. (55) as (57) defining “mask work”.
1988—Par. (31). Pub. L. 100–597 inserted “and a municipality” after “partnership” in subpar. (A) and added subpar. (C).
Pars. (52), (53). Pub. L. 100–506 added pars. (52) and (53).
1986—Par. (14). Pub. L. 99–554, § 201(1), substituted “governmental unit, and United States trustee” for “and governmental unit”.
Pars. (17), (18). Pub. L. 99–554, § 251(2), (3), added pars. (17) and (18) and redesignated former pars. (17) and (18) as (19) and (20), respectively.
Par. (19). Pub. L. 99–554, § 251(1), (2), redesignated former par. (17) as (19) and inserted “(except when such term appears in the term ‘family farmer’)”. Former par. (19) redesignated (21).
Pars. (20) to (25). Pub. L. 99–554, § 251(2), redesignated former pars. (18) to (23) as (20) to (25), respectively. Former pars. (24) and (25) redesignated (26) and (27), respectively.
Par. (26). Pub. L. 99–554, § 201(2), inserted “(but not a United States trustee while serving as a trustee in a case under this title)”.
Pub. L. 99–554, § 251(2), redesignated former par. (24) as (26). Former par. (26) redesignated (28).
Pars. (27) to (42). Pub. L. 99–554, § 251(2), redesignated former pars. (25) to (40) as (27) to (42), respectively. Former pars. (41) and (42) redesignated (43) and (44), respectively.
Par. (43). Pub. L. 99–554, § 251(2), redesignated former par. (41) as (43). Former par. (43) redesignated (45).
Par. (43)(A)(xv). Pub. L. 99–554, § 283(a)(1), substituted “security” for “secuity”.
Pars. (44) to (50). Pub. L. 99–554, § 251(2), redesignated former pars. (42) to (48) as (44) to (50), respectively. Former par. (49) redesignated (51).
Par. (51). Pub. L. 99–554, § 283(a)(2), substituted a period for the semicolon at the end thereof.
Pub. L. 99–554, § 251(2), redesignated former par. (49) as (51).
1984—Par. (2)(D). Pub. L. 98–353, § 421(a), struck out “or all” after “business”.
Par. (8)(B). Pub. L. 98–353, § 421(b), substituted a semicolon for the colon at end of subpar. (B).
Par. (9)(B). Pub. L. 98–353, § 421(c), inserted reference to section 348(d).
Par. (14). Pub. L. 98–353, § 421(d), inserted “and” after “trust,”.
Pars. (19) to (21). Pub. L. 98–353, § 421(j)(3), (4), added par. (19) and redesignated former pars. (19), (20), and (21) as (20), (21), and (24), respectively.
Pars. (22), (23). Pub. L. 98–353, § 421(j)(2), (5), added pars. (22) and (23) and redesignated former pars. (22) and (23) as (25) and (26), respectively.
Pars. (24) to (26). Pub. L. 98–353, § 421(j)(2), redesignated former pars. (21) to (23) as (24) to (26), respectively. Former pars. (24) to (26) redesignated (27) to (29), respectively.
Par. (27). Pub. L. 98–353, § 421(e), (j)(2), redesignated former par. (24) as (27) and substituted “stockbroker” for “stock broker”. Former par. (27) redesignated (30).
Par. (28). Pub. L. 98–353, § 421(j)(2), redesignated former par. (25) as (28). Former par. (28) redesignated (31).
Par. (29). Pub. L. 98–353, § 421(f), (j)(2), redesignated former par. (26) as (29) and, in subpar. (B)(ii), substituted “nonpartnership” and “(A)” for “separate” and “(A)(ii)”, respectively, wherever appearing. Former par. (29) redesignated (32).
Pars. (30) to (32). Pub. L. 98–353, § 421(j)(2), redesignated former pars. (27) to (29) as (30) to (32), respectively. Former pars. (30) to (32) redesignated (33) to (35), respectively.
Par. (33). Pub. L. 98–353, § 421(g), (j)(2), redesignated former par. (30) as (33) and amended definition of “person” generally, thereby inserting proviso relating to consideration of certain governmental units as persons for purposes of section 1102 of this title. Former par. (33) redesignated (36).
Par. (34). Pub. L. 98–353, § 421(j)(2), redesignated former par. (31) as (34). Former par. (34) redesignated (37).
Pars. (35), (36). Pub. L. 98–353, § 421(j)(2), redesignated former pars. (32) and (33) as (35) and (36), respectively. Former pars. (35) and (36), as added by Pub. L. 98–353, § 391(2), redesignated (38) and (39), respectively.
Pub. L. 98–353, § 391, added pars. (35) and (36), and redesignated former pars. (35) and (36) as (37) and (38) which were again redesignated as (40) and (41), respectively.
Par. (37). Pub. L. 98–353, § 421(j)(2), redesignated former par. (34) as (37). Former par. (37) redesignated successively as (39) and again as (42).
Par. (38). Pub. L. 98–353, §§ 391(2), 421(j)(2), added par. (35) and redesignated such par. (35) as (38). Former par. (38) redesignated successively as (40) and again as (43).
Par. (39). Pub. L. 98–353, §§ 391(2), 421(j)(2), added par. (36) and redesignated such par. (36) as (39). Former par. (39) redesignated successively as (41) and again as (45).
Par. (40). Pub. L. 98–353, §§ 391(1), 421(j)(2), redesignated successively former par. (35) as (37) and again as (40). Former par. (40) redesignated successively as (42) and again as (46).
Par. (41). Pub. L. 98–353, §§ 391(1), 401(1), 421(h), (j)(2), redesignated successively former par. (36) as (38) and again as (41), and, in subpar. (B)(vi), substituted “certificate of a kind specified in subparagraph (A)(xii)” for “certificate specified in clause (xii) of subparagraph (A)” and substituted “required to be the subject of a registration statement” for “the subject of such registration statement”. Former par. (41) redesignated successively as (43), again as (44), and again as (48).
Par. (42). Pub. L. 98–353, §§ 391(1), 421(j)(2), redesignated successively former par. (37) as (39) and again as (42).
Par. (43). Pub. L. 98–353, §§ 391(1), 421(j)(2), redesignated successively former par. (38) as (40) and again as (43).
Pub. L. 98–353, § 401, redesignated former par. (43), originally par. (41), as (44), and added another par. (43) which was redesignated (47).
Par. (44). Pub. L. 98–353, § 421(j)(6), added par. (44). Former par. (44) originally was par. (41) and was redesignated successively as (43), again as (44), and again as (48).
Pars. (45), (46). Pub. L. 98–353, §§ 391(1), 421(j)(1), redesignated successively former pars. (39) and (40) as (41) and (42), and again as (45) and (46), respectively.
Par. (47). Pub. L. 98–353, §§ 401(2), 421(j)(1), added par. (43) and redesignated such par. (43) as (47).
Par. (48). Pub. L. 98–353, §§ 391(1), 401(1), 421(i), (j)(1), redesignated successively former par. (41) as (43), again as (44), and again as (48), and substituted “and foreclosure of the debtor’s equity of redemption; and” for the period at the end.
Par. (49). Pub. L. 98–353, § 421(j)(7), added par. (49).
1982—Par. (35). Pub. L. 97–222, § 1(a)(2), added par. (35). Former par. (35) redesignated (36).
Par. (36). Pub. L. 97–222, § 1(a)(1), (b), (c), redesignated par. (35) as (36) and substituted “is required to be the subject of a registration statement” for “is the subject of a registration statement” in subpar. (A)(xii) and substituted “forward contract” for “forward commodity contract” in subpar. (B)(iii). Former par. (36) redesignated (37).
Pars. (37) to (39). Pub. L. 97–222, § 1(a)(1), redesignated pars. (36) to (38) as (37) to (39), respectively. Former par. (39) redesignated (40).
Pars. (40), (41). Pub. L. 97–222, § 1(a)(1), (d), redesignated former par. (39) as (40) and restructured its provisions by dividing the former introductory provisions into subpars. (A) and (B) and by redesignating former subpars. (A) and (B) as cls. (i) and (ii), respectively, of subpar. (B). Former par. (40) redesignated (41).
Effective Date Of Amendment
Pub. L. 109–390, § 7,
Pub. L. 109–8, title XV, § 1501,
Pub. L. 103–394, title VII, § 702,
Pub. L. 102–486, title XXX, § 3017(c),
Pub. L. 100–597, § 12,
Pub. L. 100–506, § 2,
Effective date and applicability of amendment by section 201 of Pub. L. 99–554 dependent upon the judicial district involved, see section 302(d), (e) of Pub. L. 99–554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.
Amendment by section 251 of Pub. L. 99–554 effective 30 days after
Amendment by section 283 of Pub. L. 99–554 effective 30 days after
Pub. L. 98–353, title III, § 552, formerly § 553,
Short Title Of Amendment
Pub. L. 112–64, § 1,
Pub. L. 111–327, § 1,
Pub. L. 111–16, § 1,
Pub. L. 110–438, § 1,
Pub. L. 109–439, § 1,
Pub. L. 109–390, § 1,
Pub. L. 109–8, § 1(a),
Pub. L. 109–8, title III, § 332(a),
Pub. L. 108–369, § 1,
Pub. L. 108–73, § 1,
Pub. L. 107–377, § 1,
Pub. L. 105–183, § 1,
Pub. L. 103–394, § 1(a),
Pub. L. 101–581, § 1,
Pub. L. 100–334, § 1,
Pub. L. 98–353, title III, § 361,
Savings
Pub. L. 109–8, title IX, § 912, as added Pub. L. 109–390, § 5(d),
Separability
Pub. L. 103–394, title VII, § 701,
Pub. L. 98–353, title III, § 551,
Miscellaneous
Pub. L. 109–8, title X, § 1007(e),
Pub. L. 109–8, title XI, § 1101(c),
Pub. L. 109–8, title I, § 102(e),
Pub. L. 109–8, title XII, § 1226,
The dollar amounts specified in this section were adjusted by notices of the Judicial Conference of the United States pursuant to section 104 of this title as follows:
By notice dated
By notice dated
By notice dated