§ 24. — Regulations respecting commodity broker debtors; definitions.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 7USC24]
TITLE 7--AGRICULTURE
CHAPTER 1--COMMODITY EXCHANGES
Sec. 24. Regulations respecting commodity broker debtors;
definitions
(a) Notwithstanding title 11, the Commission may provide, with
respect to a commodity broker that is a debtor under chapter 7 of title
11, by rule or regulation--
(1) that certain cash, securities, other property, or commodity
contracts are to be included in or excluded from customer property
or member property;
(2) that certain cash, securities, other property, or commodity
contracts are to be specifically identifiable to a particular
customer in a specific capacity;
(3) the method by which the business of such commodity broker is
to be conducted or liquidated after the date of the filing of the
petition under such chapter, including the payment and allocation of
margin with respect to commodity contracts not specifically
identifiable to a particular customer pending their orderly
liquidation;
(4) any persons to which customer property and commodity
contracts may be transferred under section 766 of title 11; and
(5) how the net equity of a customer is to be determined.
(b) As used in this section, the terms ``commodity broker'',
``commodity contract'', ``customer'', ``customer property'', ``member
property'', ``net equity'', and ``security'' have the meanings assigned
such terms for the purposes of subchapter IV of chapter 7 of title 11.
(Sept. 21, 1922, ch. 369, Sec. 20, formerly Sec. 19, as added Pub. L.
95-598, title III, Sec. 302, Nov. 6, 1978, 92 Stat. 2673; renumbered and
amended Pub. L. 97-222, Sec. 20, July 27, 1982, 96 Stat. 241.)
Amendments
1982--Subsec. (a)(3). Pub. L. 97-222, Sec. 20(b), inserted ``,
including the payment and allocation of margin with respect to commodity
contracts not specifically identifiable to a particular customer pending
their orderly liquidation''.
Effective Date
Section effective Nov. 6, 1978, see section 402(d) of Pub. L. 95-
598, set out as a note preceding section 101 of Title 11, Bankruptcy.
