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U.S. Code as of:
01/19/04
Section 764. Voidable transfers
(a) Except as otherwise provided in this section, any transfer by
the debtor of property that, but for such transfer, would have been
customer property, may be avoided by the trustee, and such property
shall be treated as customer property, if and to the extent that
the trustee avoids such transfer under section 544, 545, 547, 548,
549, or 724(a) of this title. For the purpose of such sections, the
property so transferred shall be deemed to have been property of
the debtor, and, if such transfer was made to a customer or for a
customer's benefit, such customer shall be deemed, for the purposes
of this section, to have been a creditor.
(b) Notwithstanding sections 544, 545, 547, 548, 549, and 724(a)
of this title, the trustee may not avoid a transfer made before
five days after the order for relief, if such transfer is approved
by the Commission by rule or order, either before or after such
transfer, and if such transfer is -
(1) a transfer of a commodity contract entered into or carried
by or through the debtor on behalf of a customer, and of any
cash, securities, or other property margining or securing such
commodity contract; or
(2) the liquidation of a commodity contract entered into or
carried by or through the debtor on behalf of a customer.
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