11 U.S.C. § 322
11 U.S.C. § 322
HISTORICAL AND REVISION NOTES
LEGISLATIVE STATEMENTSSection 322(a) is modified to include a trustee serving in a railroad reorganization under subchapter IV of chapter 11.
SENATE REPORT NO. 95-989A 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 trustee's bond. Finally, subsection (e) dispenses with the bonding requirement for the United States trustee.
EDITORIAL NOTES
AMENDMENTS2019-Subsec. (a). Pub. L. 116-54 inserted "1183," after "1163,". 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".
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2019 AMENDMENT Amendment by Pub. L. 116-54 effective 180 days after Aug. 23, 2019, see section 5 of Pub. L. 116-54 set out as a note under section 101 of this title.
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.
- debtor
- The term "debtor" means person or municipality concerning which a case under this title has been commenced.(13A) The term "debtor's principal residence"-(A) means a residential structure if used as the principal residence by the debtor, including incidental property, without regard to whether that structure is attached to real property; and(B) includes an individual condominium or cooperative unit, a mobile or manufactured home, or trailer if used as the principal residence by the debtor.
- railroad
- The term "railroad" means common carrier by railroad engaged in the transportation of individuals or property or owner of trackage facilities leased by such a common carrier.