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U.S. Code as of:
01/19/04
Section 783. Additional powers of trustee
(a) Distribution of Property Not of the Estate. - The trustee
under this subchapter has power to distribute property not of the
estate, including distributions to customers that are mandated by
subchapters III and IV of this chapter.
(b) Disposition of Institution. - The trustee under this
subchapter may, after notice and a hearing -
(1) sell the clearing bank to a depository institution or
consortium of depository institutions (which consortium may agree
on the allocation of the clearing bank among the consortium);
(2) merge the clearing bank with a depository institution;
(3) transfer contracts to the same extent as could a receiver
for a depository institution under paragraphs (9) and (10) of
section 11(e) of the Federal Deposit Insurance Act;
(4) transfer assets or liabilities to a depository institution;
and
(5) transfer assets and liabilities to a bridge bank as
provided in paragraphs (1), (3)(A), (5), and (6) of section 11(n)
of the Federal Deposit Insurance Act, paragraphs (9) through (13)
of such section, and subparagraphs (A) through (H) and
subparagraph (K) of paragraph (4) of such section 11(n), except
that -
(A) the bridge bank to which such assets or liabilities are
transferred shall be treated as a clearing bank for the purpose
of this subsection; and
(B) any references in any such provision of law to the
Federal Deposit Insurance Corporation shall be construed to be
references to the appointing agency and that references to
deposit insurance shall be omitted.
(c) Certain Transfers Included. - Any reference in this section
to transfers of liabilities includes a ratable transfer of
liabilities within a priority class.
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