11 U.S.C. § 744

Current through P.L. 117-174 (published on www.congress.gov on 08/26/2022)
Section 744 - Executory contracts

Notwithstanding section 365(d)(1) of this title, the trustee shall assume or reject, under section 365 of this title, any executory contract of the debtor for the purchase or sale of a security in the ordinary course of the debtor's business, within a reasonable time after the date of the order for relief, but not to exceed 30 days. If the trustee does not assume such a contract within such time, such contract is rejected.

11 U.S.C. § 744

Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2613; Pub. L. 97-222, §10, July 27, 1982, 96 Stat. 238.

HISTORICAL AND REVISION NOTES

SENATE REPORT NO. 95-989Section 744 instructs the court to give the trustee a reasonable time, not to exceed 30 days, to assume or reject any executory contract of the stockbroker to buy or sell securities. Any contract not assumed within the time fixed by the court is considered to be rejected.

EDITORIAL NOTES

AMENDMENTS1982-Pub. L. 97-222 inserted "but" after "relief,".

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.
stockbroker
The term "stockbroker" means person-(A) with respect to which there is a customer, as defined in section 741 of this title; and(B) that is engaged in the business of effecting transactions in securities-(i) for the account of others; or(ii) with members of the general public, from or for such person's own account.