Section 555 - Contractual Right to Liquidate, Terminate, or Accelerate a Securities Contract


Title 11 of the United States Code - Bankruptcy
CREDITORS, THE DEBTOR, AND THE ESTATE – CHAPTER 5


Contractual Right to Liquidate, Terminate, or Accelerate a Securities Contract - Section 555
11 USCS § 555



The exercise of a contractual right of a stockbroker, financial institution, financial participant, or securities clearing agency to cause the liquidation, termination, or acceleration of a securities contract, as defined in section 741 of this title [11 USCS § 741], because of a condition of the kind specified in section 365(e)(1) of this title [11 USCS § 365(e)(1)] shall not be stayed, avoided, or otherwise limited by operation of any provision of this title or by order of a court or administrative agency in any proceeding under this title unless such order is authorized under the provisions of the Securities Investor Protection Act of 1970 [15 USCS §§ 78aaa et seq.] or any statute administered by the Securities and Exchange Commission. 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 [7 USCS §§ 1 et seq.]), 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 [7 USCS §§ 1 et seq.], a derivatives transaction execution facility registered under the Commodity Exchange Act [7 USCS §§ 1 et seq.], or a board of trade (as defined in the Commodity Exchange Act [7 USCS §§ 1 et seq.]), or in a resolution of the governing board thereof, and a right, whether or not in writing, arising under common law, under law merchant, or by reason of normal business practice.


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