11-U.S.C.-322
§322 – Qualification of Trustee
Pathway
Title 11 > Chapter 3 > Subchapter II > Section 322
Details
- Reference: Section 322
- Legend: §322 – Qualification of Trustee
- USCode Year: 2013
Provision Content
(a) Except as provided in subsection (b)(1), a person selected under section 701, 702, 703, 1104, 1163, 1202, or 1302 of this title to serve as trustee in a case under this title qualifies if before seven days after such selection, and before beginning official duties, such person has filed with the court a bond in favor of the United States conditioned on the faithful performance of such official duties.
(b)(1) The United States trustee qualifies wherever such trustee serves as trustee in a case under this title.
(2) The United States trustee shall determine—
(A) the amount of a bond required to be filed under subsection (a) of this section; and
(B) the sufficiency of the surety on such bond.
(c) A trustee is not liable personally or on such trustees bond in favor of the United States for any penalty or forfeiture incurred by the debtor.
(d) A proceeding on a trustees bond may not be commenced after two years after the date on which such trustee was discharged.
(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2562; Pub. L. 98–353, title III, §429, July 10, 1984, 98 Stat. 369; Pub. L. 99–554, title II, §§207, 257(d), Oct. 27, 1986, 100 Stat. 3098, 3114; Pub. L. 103–394, title V, §501(d)(3), Oct. 22, 1994, 108 Stat. 4143; Pub. L. 111–16, §2(2), May 7, 2009, 123 Stat. 1607.)
Historical and Revision Notes
legislative statements
Section 322(a) is modified to include a trustee serving in a railroad reorganization under subchapter IV of chapter 11.
senate report no. 95–989
A trustee qualifies in a case by filing, within five days after selection, a bond in favor of the United States, conditioned on the faithful performance of his official duties. This section is derived from the Bankruptcy Act section 50b [section 78(b) of former title 11]. The court is required to determine the amount of the bond and the sufficiency of the surety on the bond. Subsection (c), derived from Bankruptcy Act section 50i [section 78(i) of former title 11], relieves the trustee from personal liability and from liability on his bond for any penalty or forfeiture incurred by the debtor. Subsection (d), derived from section 50m [section 78(m) of former title 11], fixes a two-year statute of limitations on any action on a trustees bond. Finally, subsection (e) dispenses with the bonding requirement for the United States trustee.
Amendments
2009—Subsec. (a). Pub. L. 111–16 substituted seven days for five days.
1994—Subsec. (a). Pub. L. 103–394 substituted 1202, or 1302 for 1302, or 1202.
1986—Subsec. (a). Pub. L. 99–554, §257(d), inserted reference to section 1202 of this title.
Pub. L. 99–554, §207(1), substituted Except as provided in subsection (b)(1), a person for A person.
Subsec. (b). Pub. L. 99–554, §207(2), amended subsec. (b) generally, adding par. (1), designating existing provisions as par. (2), substituting The United States trustee for The court, (A) the amount for (1) the amount, and (B) the sufficiency for (2) the sufficiency.
1984—Subsec. (b)(1). Pub. L. 98–353 inserted required to be.
Effective Date of 2009 Amendment
Amendment by Pub. L. 111–16 effective Dec. 1, 2009, see section 7 of Pub. L. 111–16, set out as a note under section 109 of this title.
Effective Date of 1994 Amendment
Amendment by Pub. L. 103–394 effective Oct. 22, 1994, and not applicable with respect to cases commenced under this title before Oct. 22, 1994, see section 702 of Pub. L. 103–394, set out as a note under section 101 of this title.
Effective Date of 1986 Amendment
Effective date and applicability of amendment by section 207 of Pub. L. 99–554 dependent upon the judicial district involved, see section 302(d), (e) of Pub. L. 99–554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.
Amendment by section 257 of Pub. L. 99–554 effective 30 days after Oct. 27, 1986, but not applicable to cases commenced under this title before that date, see section 302(a), (c)(1) of Pub. L. 99–554.
Effective Date of 1984 Amendment
Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title.
U.S. Encyclopedia of Law Coverage
11-U.S.C.-302 in the Legal Encyclopedia: Bankruptcy
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11-U.S.C.-305 in the Legal Encyclopedia: Bankruptcy Case Administration
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