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Code · U.S. Code · Title 11 - BANKRUPTCY · CHAPTER 7— LIQUIDATION · SUBCHAPTER I— OFFICERS AND ADMINISTRATION · § 703

§ 703. Successor trustee

572 words·~3 min read·/usc/title-11/section-703

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)If a trustee dies or resigns during a case, fails to qualify under section 322 of this title, or is removed under section 324 of this title, creditors may elect, in the manner specified in section 702 of this title, a person to fill the vacancy in the office of trustee.
(b)Pending election of a trustee under subsection
(a)of this section, if necessary to preserve or prevent loss to the estate, the United States trustee may appoint an interim trustee in the manner specified in section 701(a).
(c)If creditors do not elect a successor trustee under subsection
(a)of this section or if a trustee is needed in a case reopened under section 350 of this title, then the United States trustee—
(1)shall appoint one disinterested person that is a member of the panel of private trustees established under section 586(a)(1) of title 28 to serve as trustee in the case; or
(2)may, if none of the disinterested members of such panel is willing to serve as trustee, serve as trustee in the case.
(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2605; Pub. L. 98–353, title III, § 473, July 10, 1984, 98 Stat. 381; Pub. L. 99–554, title II, § 216, Oct. 27, 1986, 100 Stat. 3100.)
Historical and Revision Notes
senate report no. 95–989
If the office of trustee becomes vacant during the case, this section makes provision for the selection of a successor trustee. The office might become vacant through death, resignation, removal, failure to qualify under section 322 by posting bond, or the reopening of a case. If it does, creditors may elect a successor in the same manner as they may elect a trustee under the previous section. Pending the election of a successor, the court may appoint an interim trustee in the usual manner if necessary to preserve or prevent loss to the estate.
If creditors do not elect a successor, or if a trustee is needed in a reopened case, then the court appoints a disinterested member of the panel of private trustees to serve.
Connections1 cite this · traces to 8
9 references not yet in our index
  • Pub. L. 95–598
  • 92 Stat. 2605
  • Pub. L. 98–353, title III, § 473
  • 98 Stat. 381
  • Pub. L. 99–554, title II, § 216
  • 100 Stat. 3100
  • Pub. L. 99–554
  • Pub. L. 98–353
  • section 552(a) of Pub. L. 98–353
Citation graph
cites case law
§ 703
Successor trustee
Stat.×1
U.S.C.§ 322
U.S.C.§ 324
U.S.C.§ 702
U.S.C.§ 350
U.S.C.§ 586
U.S.C.§ 701
U.S.C.§ 581
U.S.C.§ 101
Pub. L.Pub. L. 95–598
Stat.92 Stat. 2605
Pub. L.Pub. L. 98–353, title III, § 473
Stat.98 Stat. 381
Cites 17 · showing 12Cited by 1 across 1 source
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