11 U.S.C. § 556 : US Code - Section 556: Contractual right to liquidate, terminate, or accelerate a commodities contract or forward contract
Search 11 U.S.C. § 556 : US Code - Section 556: Contractual right to liquidate, terminate, or accelerate a commodities contract or forward contract
The contractual right of a commodity broker, financial
participant, or forward contract merchant to cause the liquidation,
termination, or acceleration of a commodity contract, as defined in
section 761 of this title, or forward contract because of a
condition of the kind specified in section 365(e)(1) of this title,
and the right to a variation or maintenance margin payment received
from a trustee with respect to open commodity contracts or forward
contracts, shall not be stayed, avoided, or otherwise limited by
operation of any provision of this title or by the order of a court
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.
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