Section 783 - Additional Powers of Trustee
Title 11 of the United States Code - Bankruptcy
LIQUIDATION – CHAPTER 7
Additional Powers of Trustee - Section 783
11 USCS § 783
(a) Distribution of property not of the estate. The trustee under this subchapter [11 USCS §§ 781 et seq.] has power to distribute property not of the estate, including distributions to customers that are mandated by subchapters III and IV of this chapter [11 USCS §§ 741 et seq, and 761 et seq.].
(b) Disposition of institution. The trustee under this subchapter [11 USCS §§ 781 et seq.] may, after notice and a hearing--
(1) sell the clearing bank to a depository institution or consortium of depository institutions (which consortium may agree on the allocation of the clearing bank among the consortium);
(2) merge the clearing bank with a depository institution;
(3) transfer contracts to the same extent as could a receiver for a depository institution under paragraphs (9) and (10) of section 11(e) of the Federal Deposit Insurance Act [12 USCS § 1821(e)];
(4) transfer assets or liabilities to a depository institution; and
(5) transfer assets and liabilities to a bridge depository institution as provided in paragraphs (1), (3)(A), (5), and (6), of section 11(n) of the Federal Deposit Insurance Act [12 USCS § 1821(n)], paragraphs (9) through (13) of such section, and subparagraphs (A) through (H) and subparagraph (K) of paragraph (4) of such section 11(n) [12 USCS § 1821(n)], except that--
(A) the bridge depository institution to which such assets or liabilities are transferred shall be treated as a clearing bank for the purpose of this subsection; and
(B) any references in any such provision of law to the Federal Deposit Insurance Corporation shall be construed to be references to the appointing agency and that references to deposit insurance shall be omitted.
(c) Certain transfers included. Any reference in this section to transfers of liabilities includes a ratable transfer of liabilities within a priority class.
What is Title 11 of the United States Bankruptcy Code? We get this question more and more at our bankruptcy offices from consumers of all walks of life; whether they are in search of financial relief but need to learn more, are curious and want to make an educated decision, or simply have heard about ‘the Code’ and want to know more. Sagaria Law is all about knowing more, especially with regard to something as important as your financial future. That said, we did something no other bankruptcy site like ours has done: provided the entire US Bankruptcy Code on our website for benefit of you, the consumer! Knowledge is power: click through and get some!
Our West Coast bankruptcy law firms are available to serve all bankruptcy needs, including those outlined here in the Code: Chapter 7, Chapter 11, Chapter 13 and more! Our client-focused bankruptcy services are available to the greater Portland metro areas – call us today, Oregon!