§ 745. Treatment of accounts
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/usc/title-11/section-745A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Accounts held by the debtor for a particular customer in separate capacities shall be treated as accounts of separate customers.
(b)If a stockbroker or a bank holds a customer net equity claim against the debtor that arose out of a transaction for a customer of such stockbroker or bank, each such customer of such stockbroker or bank shall be treated as a separate customer of the debtor.
(c)Each trustee’s account specified as such on the debtor’s books, and supported by a trust deed filed with, and qualified as such by, the Internal Revenue Service, and under the Internal Revenue Code of 1986, shall be treated as a separate customer account for each beneficiary under such trustee account.
(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2613; Pub. L. 97–222, § 11, July 27, 1982, 96 Stat. 238; Pub. L. 98–353, title III, § 483, July 10, 1984, 98 Stat. 383; Pub. L. 103–394, title V, § 501(d)(28), Oct. 22, 1994, 108 Stat. 4146.)
Historical and Revision Notes
senate report no. 95–989
Section 745(a) indicates that each account held by a customer in a separate capacity is to be considered a separate account. This prevents the offset of accounts held in different capacities.
Subsection
(b)indicates that a bank or another stockbroker that is a customer of a debtor is considered to hold its customers accounts in separate capacities. Thus a bank or other stockbroker is not treated as a mutual fund for purposes of bulk investment. This protects unrelated customers of a bank or other stockholder from having their accounts offset.
Subsection
(c)effects the same result with respect to a trust so that each beneficiary is treated as the customer of the debtor rather than the trust itself. This eliminates any doubt whether a trustee holds a personal account in a separate capacity from his trustee’s account.
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U.S. Code
13 references not yet in our index
- Pub. L. 95–598
- 92 Stat. 2613
- Pub. L. 97–222, § 11
- 96 Stat. 238
- Pub. L. 98–353, title III, § 483
- 98 Stat. 383
- Pub. L. 103–394, title V, § 501(d)(28)
- 108 Stat. 4146
- Pub. L. 103–394
- Pub. L. 98–353
- Pub. L. 97–222
- section 702 of Pub. L. 103–394
- section 552(a) of Pub. L. 98–353
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cites case law
§ 745
Treatment of accounts
Stat.×1
Pub. L.Pub. L. 95–598
Stat.92 Stat. 2613
Pub. L.Pub. L. 97–222, § 11
Stat.96 Stat. 238
Pub. L.Pub. L. 98–353, title III, § 483
Cites 15 · showing 7Cited by 1 across 1 source