11 U.S.C. § 347

Unclaimed property

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(a) Ninety days after the final distribution under section 726, 1194, 1226, or 1326 of this title in a case under chapter 7, subchapter V of chapter 11, 12, or 13 11 So in original. See 2019 Amendment note below. of this title, as the case may be, the trustee shall stop payment on any check remaining unpaid, and any remaining property of the estate shall be paid into the court and disposed of under chapter 129 of title 28.(b) Any security, money, or other property remaining unclaimed at the expiration of the time allowed in a case under chapter 9, 11, or 12 of this title for the presentation of a security or the performance of any other act as a condition to participation in the distribution under any plan confirmed under section 943(b), 1129, 1173, 1191, or 1225 of this title, as the case may be, becomes the property of the debtor or of the entity acquiring the assets of the debtor under the plan, as the case may be.(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2568; Pub. L. 99–554, title II, § 257(h), Oct. 27, 1986, 100 Stat. 3114; Pub. L. 116–54, § 4(a)(5), Aug. 23, 2019, 133 Stat. 1086; Pub. L. 116–136, div. A, title I, § 1113(a)(4)(B), Mar. 27, 2020, 134 Stat. 311.)Historical and Revision Noteslegislative statements

Section 347(a) of the House amendment adopts a comparable provision contained in the Senate amendment instructing the trustee to stop payment on any check remaining unpaid more than 90 days after the final distribution in a case under Chapter 7 or 13. Technical changes are made in section 347(b) to cover distributions in a railroad reorganization.

senate report no. 95–989

Section 347 is derived from Bankruptcy Act § 66 [section 106 of former title 11]. Subsection (a) requires the trustee to stop payment on any distribution check that is unpaid 90 days after the final distribution in a case under chapter 7 or 13. The unclaimed funds, and any other property of the estate are paid into the court and disposed of under chapter 129 [§ 2041 et seq.] of title 28, which requires the clerk of court to hold the funds for their owner for 5 years, after which they escheat to the Treasury.

Subsection (b) specifies that any property remaining unclaimed at the expiration of the time allowed in a chapter 9 or 11 case for presentation (exchange) of securities or the performance of any other act as a condition to participation in the plan reverts to the debtor or the entity acquiring the assets of the debtor under the plan. Conditions to participation under a plan include such acts as cashing a check, surrendering securities for cancellation, and so on. Similar provisions are found in sections 96(d) and 205 of current law [sections 416(d) and 605 of former title 11].

Editorial NotesAmendments

2020—Subsec. (b). Pub. L. 116–136 substituted “1191” for “1194”.

2019—Subsec. (a). Pub. L. 116–54, § 4(a)(5)(A), inserted “1194,” after “726,” and “subchapter V of chapter 11,” after “chapter 7,”.

Subsec. (b). Pub. L. 116–54, § 4(a)(5)(B), inserted “1194,” after “1173,”.

1986—Subsec. (a). Pub. L. 99–554, § 257(h)(1), inserted references to section 1226 and chapter 12 of this title.

Subsec. (b). Pub. L. 99–554, § 257(h)(2), inserted references to chapter 12 and section 1225 of this title.

Statutory Notes and Related SubsidiariesEffective Date of 2019 Amendment

Amendment by Pub. L. 116–54 effective 180 days after Aug. 23, 2019, see section 5 of Pub. L. 116–54, set out as a note under section 101 of this title.

Effective Date of 1986 Amendment

Amendment by Pub. L. 99–554 effective 30 days after Oct. 27, 1986, but not applicable to cases commenced under this title before that date, see section 302(a), (c)(1) of Pub. L. 99–554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.

Notes of Decisions

Cited in 70 cases (14 in the last 5 years), 1985–2026 · leading case: Bank of New York v. Sunshine-Jr. Stores, Inc. (In Re Sunshine-Jr. Stores, Inc.)

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Bank of New York v. Sunshine-Jr. Stores, Inc. (In Re Sunshine-Jr. Stores, Inc.) (2006) ca11 · cites it 3× “Citing 11 U.S.C. § 347 (b), the court concluded that BONY had a fiduciary duty to return to the Debtor any proceeds earned on the Prepayment Funds.”

Richard Leider v. United States, United States Treasury Department, and Paul H. O'neill, Secretary of the Treasury (2002) cafc · cites it 2× “” 11 U.S.C. § 347 (a) (2000). All such funds received by the bankruptcy court are “deposited with the Treasurer of the United States or a designated depositary, in the name and to the credit of [the] court.”

Menk v. Lapaglia (In Re Menk) (1999) bap9 · cites it 2× “Motions to distribute unclaimed funds under 11 U.S.C. § 347 (a) can be considered after closing.”

In Re Lee (1995) tnmb · cites it 5× “In essence, the United States Trustee argues that the Trustee’s proposed action is contrary to the specific provisions of 11 U.S.C. § 347 (a) and Federal Rules of Bankruptcy Procedure 3010 and 3011.”

In Re Parker (2009) paeb · cites it 3× “Regina Parker, the former chapter 13 debtor, has moved for the turnover of funds deposited by the chapter 13 trustee with the clerk of court pursuant to 11 U.S.C. § 347 (a) and 28 U.S.C. § 2041 .”

In Re Taylor (1998) paeb · cites it 3× “Without making mention of the Wife, the Application invokes 11 U.S.C. § 347 and 28 U.S.C. § 2041 and requests that the Funds be paid to the Finder under the terms of a Limited Power of Attorney (“the Power”) for the Debtor.”

In Re Unclaimed Funds Submitted in Cases Listed on Exhibit \A\"" (2005) ganb · cites it 2× “In each of the cases listed on Exhibit “A,” a creditor to whom the trustee sent a check for a distribution in the case failed to timely present it, and the trustee paid the unclaimed funds into the registry of this Court pursuant to 11 U.S.C. § 347 (a). A claims locator has…”

Arkansas v. Federated Department Stores, Inc. (1992) ohsd · cites it 7× “Second, the bankruptcy court held that the abandoned property laws conflicted with 11 U.S.C. § 347 (b), which provides that the proceeds of unpresented distribution checks revert to the debtor.”

In Re Acker (2002) dcd · cites it 2× “The chapter IB trustee deposited the funds attributable to the unclaimed dividend into the court’s registry pursuant to 11 U.S.C. § 347 (a) 2 and later the treasury pursuant to 28 U.”

In Re Pena (2011) caeb · cites it 2× “The Application relates to money which the chapter 13 trustee deposited with the Treasurer of the United States pursuant to 11 U.S.C. § 347 (a). The amount at issue is $1,345.”

In Re Goldblatt Bros., Inc. (1991) ilnb · cites it 2× “Under 11 U.S.C. § 347 (b) of the Bankruptcy Code, (b) Any security, money, or other property remaining unclaimed at the expiration of the time allowed in a case under *737 Chapter 9, 11 or 12 of this title for the presentation of a security or the performance of any other act as…”

In re Rodriguez (2013) caeb · cites it 2× “§§ 1334 and 2042, 11 U.S.C. § 347 , and General Order Nos. 182 and 330 of the U.”

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— 11 U.S.C. § 347(a) — 1 case

Landas Dominick Diddle and Susan Ann Diddle (2022) ganb

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