section 761 of this titlesection 365(e)(1) of this titleThe contractual right of a commodity broker, financial participant, or forward contract merchant to cause the liquidation, termination, or acceleration of a commodity contract, as defined in , or forward contract because of a condition of the kind specified in , and the right to a variation or maintenance margin payment received from a trustee with respect to open commodity contracts or forward contracts, shall not be stayed, avoided, or otherwise limited by operation of any provision of this title or by the order of a court in any proceeding under this title. As used in this section, the term “contractual right” includes a right set forth in a rule or bylaw of a derivatives clearing organization (as defined in the Commodity Exchange Act), a multilateral clearing organization (as defined in the Federal Deposit Insurance Corporation Improvement Act of 1991), a national securities exchange, a national securities association, a securities clearing agency, a contract market designated under the Commodity Exchange Act, a derivatives transaction execution facility registered under the Commodity Exchange Act, or a board of trade (as defined in the Commodity Exchange Act) or in a resolution of the governing board thereof and a right, whether or not evidenced in writing, arising under common law, under law merchant or by reason of normal business practice.
Pub. L. 97–222, § 6(a)96 Stat. 236Pub. L. 101–311, title II, § 205104 Stat. 270Pub. L. 103–394, title V, § 501(b)(7)108 Stat. 4143Pub. L. 109–8, title IXo119 Stat. 178(Added , , ; amended , , ; , , ; , §§ 907(h), ()(8), , , 182.)
Editorial Notes
References in Text
act Sept. 21, 1922, ch. 36942 Stat. 998section 1 of Title 7The Commodity Exchange Act, referred to in text, is , , as amended, which is classified generally to chapter 1 (§ 1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see and Tables.
Pub. L. 102–242105 Stat. 2236section 1811 of Title 12The Federal Deposit Insurance Corporation Improvement Act of 1991, referred to in text, is , , , as amended. For complete classification of this Act to the Code, see Short Title of 1991 Amendment note set out under , Banks and Banking, and Tables.
Amendments
Pub. L. 109–8, § 907o2005—()(8), inserted “, financial participant,” after “commodity broker” in first sentence.
Pub. L. 109–8, § 907(h), substituted “Contractual right to liquidate, terminate, or accelerate a commodities contract or forward contract” for “Contractual right to liquidate a commodities contract or forward contract” in section catchline, “liquidation, termination, or acceleration” for “liquidation” in first sentence, and “As used in this section, the term ‘contractual right’ includes a right set forth in a rule or bylaw of a derivatives clearing organization (as defined in the Commodity Exchange Act), a multilateral clearing organization (as defined in the Federal Deposit Insurance Corporation Improvement Act of 1991), a national securities exchange, a national securities association, a securities clearing agency, a contract market designated under the Commodity Exchange Act, a derivatives transaction execution facility registered under the Commodity Exchange Act, or a board of trade (as defined in the Commodity Exchange Act) or in a resolution of the governing board thereof and a right,” for “As used in this section, the term ‘contractual right’ includes a right set forth in a rule or bylaw of a clearing organization or contract market or in a resolution of the governing board thereof and a right,” in second sentence.
Pub. L. 103–394section 761 of this title1994— substituted “” for “section 761(4)”.
Pub. L. 101–3111990— inserted before period at end “and a right, whether or not evidenced in writing, arising under common law, under law merchant or by reason of normal business practice”.
Statutory Notes and Related Subsidiaries
Effective Date of 2005 Amendment
Pub. L. 109–8section 1501 of Pub. L. 109–8section 101 of this titleAmendment by effective 180 days after , and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see , set out as a note under .
Effective Date of 1994 Amendment
Pub. L. 103–394section 702 of Pub. L. 103–394section 101 of this titleAmendment by effective , and not applicable with respect to cases commenced under this title before , see , set out as a note under .