|Doney & Associates PLC Home Page|
| Doney & Associates PLC
Conditions of use · Every effort has been made to reproduce the code accurately. However there could be errors which would change the effect of the code. Permission to use these materials is given only on the condition that the user will be solely responsible for verifying the accuracy of the information contained herein.x
Text size · You may adjust the size of the text from your browser's control bar: View, Text Size.
Printing · If the top menu bar stays at the top of the window as you scroll in your browser, return the browser to the top of the page before printing or the menu bar may obscure some text. You may print selected pages of the web page by printing from File, Page Preview instead of Print. More printing tips.
Annotations · We have added notes linking to cases and other information to some sections of the code. You may chose to or the annotations.
Redline Display · The Bankruptcy Code shown is as amended by The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. You may choose to or the redline version showing the changes made by the act.
Link to the Code · You may link your web page directly to this version of the code, or to any subsection. More link information.
TITLE 11. BANKRUPTCY · UNITED STATES CODE
Chapter 5. Creditors, the Debtor and the Estate
Subchapter III. The Estate
11 USC § 560. Contractual right to liquidate, terminate, or accelerate a swap agreement
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.