Customer instructions

  1. Law
  2. USC 11
  3. Bankruptcy
  4. LIQUIDATION
  5. COMMODITY BROKER LIQUIDATION
  6. Customer instructions

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§765. Customer instructions

(a) The notice required by section 342 of this title to customers shall instruct each customer-

(1) to file a proof of such customer's claim promptly, and to specify in such claim any specifically identifiable security, property, or commodity contract; and

(2) to instruct the trustee of such customer's desired disposition, including transfer under section 766 of this title or liquidation, of any commodity contract specifically identified to such customer.


(b) The trustee shall comply, to the extent practicable, with any instruction received from a customer regarding such customer's desired disposition of any commodity contract specifically identified to such customer. If the trustee has transferred, under section 766 of this title, such a commodity contract, the trustee shall transmit any such instruction to the commodity broker to whom such commodity contract was so transferred.

( Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2619 ; Pub. L. 97–222, §18, July 27, 1982, 96 Stat. 240 ; Pub. L. 98–353, title III, §488, July 10, 1984, 98 Stat. 383 .)

Historical and Revision Notes

For Historical and Revision Notes for this section, see Historical and Revision Notes set out under section 766 of this title.


Editorial Notes

Amendments

1984-Subsec. (a). Pub. L. 98–353 substituted "notice required by" for "notice under".

1982-Subsec. (b). Pub. L. 97–222 substituted "commodity contract" for "commitment".


Statutory Notes and Related Subsidiaries

Effective Date of 1984 Amendment

Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title.


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