(a) Where a SIPC member (“Debtor”) held securities in an account for a customer, the customer has a “claim for cash” with respect to any authorized securities sale:
(1) If the Debtor has sent written confirmation to the customer that the securities in question have been sold for or purchased from the customer's account; or
(2) Whether or not such a written confirmation has been sent, if the securities in question have become the subject of a completed or executory contract for sale for or purchase from the account.
(b) Where the Debtor held cash in an account for a customer, the customer has a “claim for cash”, notwithstanding the fact that the customer has ordered securities purchased for the account, unless:
(1) The Debtor has sent written confirmation to the customer that the securities in question have been purchased for or sold to the customer's account; or
(2) Whether or not such a written confirmation has been sent, if the securities in question have become the subject of a completed or executory contract for purchase for or sale to the account.
Notes of Decisions
Jackson v. Mishkin (In Re Adler, Coleman Clearing Corp.), 263 B.R. 406 (S.D.N.Y. 2001).
“17 C.F.R. § 300.501 . Rule 300.502 provides in relevant part that: (a) Where the Debtor held cash in an account for a customer, the customer has a "claim for securities" with respect to any authorized securities purchase: (1) If the Debtor has sent written confirmation to the…”
Mishkin v. Ensminger (In Re Adler, Coleman Clearing Corp.), 218 B.R. 689 (Bankr. S.D.N.Y. 1998).
· cites it 2× “17 C.F.R. § 300.501 . Rule 300.502 provides in pertinent part that (a) Where the Debtor held cash in an account for a customer, the customer has a “claim for securities” with respect to any authorized securities purchase: (1) If the Debtor has sent written confirmation to the…”
In Re Investors Ctr., Inc., 129 B.R. 339 (Bankr. E.D.N.Y. 1991).
· cites it 2× “17 C.F.R. § 300.501 — Claim for Cash *343 (a) Where a SIPC member (“Debtor”) held securities in an account for a customer, the customer has a “claim for cash” with respect to any authorized securities sale: (1) if the Debtor has sent written confirmation to the customer that the…”
Sec. & Exch. Comm'n v. Goren, 206 F. Supp. 2d 344 (E.D.N.Y 2002).
· cites it 2× “” 17 C.F.R. § 300.501 (b)(1). The Series 500 Rules further dictate that where broker-dealers hold cash in accounts for customers, customers have securities claims for authorized securities purchases if “the .”
In re New Times Sec. Servs., Inc., 371 F.3d 68 (2d Cir. 2004).
· cites it 2× “17 C.F.R. § 300.501 (a). The customer is also viewed as having a “claim for cash” even if he or she placed an order for the purchase of securities unless (i) the debtor has sent a written confirmation of the purchase; or (ii) the securities have become “the subject of a…”
Barton v. Sec. Inv. Prot. Corp., 182 B.R. 981 (Bankr. D.N.J. 1995).
“In particular plaintiff relies on 17 C.F.R. § 300.501 (a)(2) which provides guidelines for SIPC in determining whether a customer’s claim is a “claim for cash” or a “claim for securities.”
In Re Vision Inv. Grp., Inc., 330 B.R. 358 (Bankr. W.D.N.Y. 2005).
· cites it 3× “The claimant argues that pursuant to 17 C.F.R. § 300.501 (a), an authorized securities sale is deemed to have occurred upon the broker’s transmission of a written confirmation of sale to the customer.”
Stafford v. Giddens, 337 B.R. 259 (E.D.N.Y 2005).
“3d at 86; see also 17 C.F.R. § 300.501 (a). Claims for cash under SIPA, therefore, arise from the nature of the transaction itself, not from the absence of subsequent transactions.”
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