(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 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 completed or executory contract for sale for or purchase from the account.
(b) Where the Debtor held securities in an account for a customer, the customer has a “claim for securities”, notwithstanding the fact that the customer has ordered the securities sold for the account, unless:
(1) 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 written confirmation of the purchase has been sent, if the securities in question have become the subject of completed or executory contract for sale for or purchase form the account.
Notes of Decisions
Jackson v. Mishkin (In Re Adler, Coleman Clearing Corp.), 263 B.R. 406 (S.D.N.Y. 2001).
· cites it 7× “See 17 C.F.R. § 300.502 (a)(2). Appellants assert that (1) for SIPA purposes a contract for the sale or purchase of securities forms on the trade date when the customer places an order and the broker executes the transaction and logs it in its computer records and other books…”
In Re Adler Coleman Clearing Corp., 195 B.R. 266 (Bankr. S.D.N.Y. 1996).
· cites it 2× “SIPC Rule 502(b); 17 C.F.R. Part 300.502(b). Bittman has not satisfied either of these conditions.”
Mishkin v. Ensminger (In Re Adler, Coleman Clearing Corp.), 218 B.R. 689 (Bankr. S.D.N.Y. 1998).
“17 C.F.R. § 300.502 . Movants assert that the Series 500 Rules create a “bright-line” test conclusively establishing their right to the return of the cash and securities in their accounts as evidenced in debtor’s books and records, because each of them have satisfied the…”
In Re Investors Ctr., Inc., 129 B.R. 339 (Bankr. E.D.N.Y. 1991).
“17 C.F.R. § 300.502 — Claim for Securities (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 customer that the…”
Sec. & Exch. Comm'n v. Goren, 206 F. Supp. 2d 344 (E.D.N.Y 2002).
“See 17 C.F.R. §§ 300.502 (a)(1), 300.501(b)(1); see also In re Investors Ctr.”
In re New Times Sec. Servs., Inc., 371 F.3d 68 (2d Cir. 2004).
“17 C.F.R. § 300.502 (a)(1). The Claimants assert that “the Series 500 rules, by their plain language, unambiguously apply to the classification issue presented here.”
— 17 C.F.R. § 300.502(b) — 1 case
In Re Adler Coleman Clearing Corp., 195 B.R. 266 (Bankr. S.D.N.Y. 1996).
“SIPC Rule 502(b); 17 C.F.R. Part 300.502(b). Bittman has not satisfied either of these conditions.”
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