Temple City Bankruptcy Attorney, Bankruptcy Lawyer, Bankruptcy Code 11 USC Section 744

TITLE 11 - BANKRUPTCY
CHAPTER 7 - LIQUIDATION
    SUBCHAPTER III - STOCKBROKER LIQUIDATION

-HEAD-
    Sec. 744. Executory contracts

-STATUTE-
      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.

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


                       HISTORICAL AND REVISION NOTES                   

                         SENATE REPORT NO. 95-989                     
      Section 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.

                                AMENDMENTS                            
      1982 - Pub. L. 97-222 inserted "but" after "relief,".

-End-
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