17 C.F.R. § 300.503

Voidable securities transactions

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(a) Nothing in these Series 500 Rules shall be construed as limiting the rights of a trustee in a liquidation proceeding under the Act to avoid any securities transaction as fraudulent, preferential, or otherwise voidable under applicable law.

(b) Nothing in these Series 500 Rules shall be construed as limiting the right of the Securities Investor Protection Corporation, in a direct payment procedure under section 10 of the Act, to reject a claim for cash or a claim for securities if such claim arose out of a securities transaction which could have been avoided in a liquidation proceeding under the Act.

Notes of Decisions

Cited in 4 cases, 1991–2001 · leading case: Jackson v. Mishkin (In Re Adler, Coleman Clearing Corp.), 263 B.R. 406 (S.D.N.Y. 2001).

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Jackson v. Mishkin (In Re Adler, Coleman Clearing Corp.), 263 B.R. 406 (S.D.N.Y. 2001). · cites it 4× “CANCELLATION OF TRADES PURSUANT TO PROVISIONS OF CONTRACTS The bankruptcy court sustained the Trustee’s contention that he was enti-tied to invoke contractual rights flowing from paragraph 3(b) of the Clearing Agreement as grounds for cancelling the Challenged Trades.”

Mishkin Ex Rel. Liquidation of the Bus. of Adler, Coleman Clearing Corp. v. Ensminger (In Re Adler, Coleman Clearing Corp.), 247 B.R. 51 (Bankr. S.D.N.Y. 1999). “17 C.F.R. § 300.503 . 75 . Section 548 provides in relevant part as follows: (a)(1) The trustee may avoid any transfer of an interest of the debtor in property, or any obligation incurred by the debtor, that was made or incurred on or within one year before the date of the…”

In Re Investors Ctr., Inc., 129 B.R. 339 (Bankr. E.D.N.Y. 1991). “17 C.F.R. § 300.503 — Voidable Securities Transactions (a) Nothing in these Series 500 Rules shall be construed as limiting the rights of a trustee in a liquidation proceeding under the Act to avoid any securities transaction as fraudulent, preferential, or otherwise voidable…”

Mishkin v. Ensminger (In Re Adler, Coleman Clearing Corp.), 218 B.R. 13 (Bankr. S.D.N.Y. 1998). “17 C.F.R. § 300.503 . Thus, Claimants are entitled to recover the proceeds of the 2/24 Trades if either (i) debt- or “sent written confirmation” to them of the trades, or (ii) the Blue Chips became “the subject of a completed or executory contract” for the purchase or sale of…”

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