Sierra Madre Bankruptcy Attorney, Bankruptcy Lawyer, Bankruptcy Code 11 USC Section 560

TITLE 11 - BANKRUPTCY
CHAPTER 5 - CREDITORS, THE DEBTOR, AND THE ESTATE
    SUBCHAPTER III - THE ESTATE

-HEAD-
    Sec. 560. Contractual right to liquidate, terminate, or accelerate
      a swap agreement

-STATUTE-
      The exercise of any contractual right of any swap participant or
    financial participant to cause the liquidation, termination, or
    acceleration of one or more swap agreements because of a condition
    of the kind specified in section 365(e)(1) of this title or to
    offset or net out any termination values or payment amounts arising
    under or in connection with the termination, liquidation, or
    acceleration of one or more swap agreements shall not be stayed,
    avoided, or otherwise limited by operation of any provision of this
    title or by order of a court or administrative agency in any
    proceeding under this title. As used in this section, the term
    "contractual right" includes a right set forth in a rule or bylaw
    of a derivatives clearing organization (as defined in the Commodity
    Exchange Act), a multilateral clearing organization (as defined in
    the Federal Deposit Insurance Corporation Improvement Act of 1991),
    a national securities exchange, a national securities association,
    a securities clearing agency, a contract market designated under
    the Commodity Exchange Act, a derivatives transaction execution
    facility registered under the Commodity Exchange Act, or a board of
    trade (as defined in the Commodity Exchange Act) or in a resolution
    of the governing board thereof and a right, whether or not
    evidenced in writing, arising under common law, under law merchant,
    or by reason of normal business practice.

-SOURCE-
    (Added Pub. L. 101-311, title I, Sec. 106(a), June 25, 1990, 104
    Stat. 268; amended Pub. L. 109-8, title IX, Sec. 907(j), (o)(10),
    Apr. 20, 2005, 119 Stat. 178, 182.)

-REFTEXT-
                            REFERENCES IN TEXT                        
      The Commodity Exchange Act, referred to in text, is act Sept. 21,
    1922, ch. 369, 42 Stat. 998, as amended, which is classified
    generally to chapter 1 (Sec. 1 et seq.) of Title 7, Agriculture.
    For complete classification of this Act to the Code, see section 1
    of Title 7 and Tables.
      The Federal Deposit Insurance Corporation Improvement Act of
    1991, referred to in text, is Pub. L. 102-242, Dec. 19, 1991, 105
    Stat. 2236, as amended. For complete classification of this Act to
    the Code, see Short Title of 1991 Amendment note set out under
    section 1811 of Title 12, Banks and Banking, and Tables.


                                AMENDMENTS                            
      2005 - Pub. L. 109-8, Sec. 907(o)(10), inserted "or financial
    participant" after "swap participant" in first sentence.
      Pub. L. 109-8, Sec. 907(j)(1), in section catchline, substituted
    "Contractual right to liquidate, terminate, or accelerate a swap
    agreement" for "Contractual right to terminate a swap agreement",
    in first sentence, substituted "liquidation, termination, or
    acceleration of one or more swap agreements" for "termination of a
    swap agreement" and "in connection with the termination,
    liquidation, or acceleration of one or more swap agreements" for
    "in connection with any swap agreement", and in second sentence,
    substituted "As used in this section, the term 'contractual right'
    includes a right set forth in a rule or bylaw of a derivatives
    clearing organization (as defined in the Commodity Exchange Act), a
    multilateral clearing organization (as defined in the Federal
    Deposit Insurance Corporation Improvement Act of 1991), a national
    securities exchange, a national securities association, a
    securities clearing agency, a contract market designated under the
    Commodity Exchange Act, a derivatives transaction execution
    facility registered under the Commodity Exchange Act, or a board of
    trade (as defined in the Commodity Exchange Act) or in a resolution
    of the governing board thereof and a right," for "As used in this
    section, the term 'contractual right' includes a right,".

                     EFFECTIVE DATE OF 2005 AMENDMENT                 
      Amendment by Pub. L. 109-8 effective 180 days after Apr. 20,
    2005, and not applicable with respect to cases commenced under this
    title before such effective date, except as otherwise provided, see
    section 1501 of Pub. L. 109-8, set out as a note under section 101
    of this title.

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