11-U.S.C.-560
§560 – Contractual Right to Liquidate, Terminate, Or Accelerate A Swap Agreement
Pathway
Title 11 > Chapter 5 > Subchapter III > Section 560
Details
- Reference: Section 560
- Legend: §560 – Contractual Right to Liquidate, Terminate, Or Accelerate A Swap Agreement
- USCode Year: 2013
Provision Content
The exercise of any contractual right of any swap participant or financial participant to cause the liquidation, termination, or acceleration of one or more swap agreements because of a condition of the kind specified in section 365(e)(1) of this title or to offset or net out any termination values or payment amounts arising under or in connection with the termination, liquidation, or acceleration of one or more swap agreements 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. 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), 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, a derivatives transaction execution facility registered under the Commodity Exchange Act, or a board of trade (as defined in the Commodity Exchange Act) or in a resolution of the governing board thereof and a right, whether or not evidenced in writing, arising under common law, under law merchant, or by reason of normal business practice.
(Added Pub. L. 101–311, title I, §106(a), June 25, 1990, 104 Stat. 268; amended Pub. L. 109–8, title IX, §907(j), (o)(10), Apr. 20, 2005, 119 Stat. 178, 182.)
References in Text
The Commodity Exchange Act, referred to in text, is act Sept. 21, 1922, ch. 369, 42 Stat. 998, as amended, which is classified generally to chapter 1 (§1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section 1 of Title 7 and Tables.
The Federal Deposit Insurance Corporation Improvement Act of 1991, referred to in text, is Pub. L. 102–242, Dec. 19, 1991, 105 Stat. 2236, as amended. For complete classification of this Act to the Code, see Short Title of 1991 Amendment note set out under section 1811 of Title 12, Banks and Banking, and Tables.
Amendments
2005—Pub. L. 109–8, §907(o)(10), inserted or financial participant after swap participant in first sentence.
Pub. L. 109–8, §907(j)(1), in section catchline, substituted Contractual right to liquidate, terminate, or accelerate a swap agreement for Contractual right to terminate a swap agreement, in first sentence, substituted liquidation, termination, or acceleration of one or more swap agreements for termination of a swap agreement and in connection with the termination, liquidation, or acceleration of one or more swap agreements for in connection with any swap agreement, and in second sentence, substituted 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), 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, a derivatives transaction execution facility registered under the Commodity Exchange Act, or a board of trade (as defined in the Commodity Exchange Act) or in a resolution of the governing board thereof and a right, for As used in this section, the term ‘contractual right’ includes a right,.
Effective Date of 2005 Amendment
Amendment by Pub. L. 109–8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of this title.
U.S. Encyclopedia of Law Coverage
11-U.S.C.-556 in the Legal Encyclopedia: Bankruptcy
In this entry about 11-U.S.C.-556, find legal reference material, bibliographies and premiere content related to bankruptcy in the American Encyclopedia of Law, presenting a comprehensive view of the United States bankruptcy-specific issues, written by authorities in the field.
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