11 U.S.C. § 763

Treatment of accounts

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(a) Accounts held by the debtor for a particular customer in separate capacities shall be treated as accounts of separate customers.(b) A member of a clearing organization shall be deemed to hold such member’s proprietary account in a separate capacity from such member’s customers’ account.(c) The net equity in a customer’s account may not be offset against the net equity in the account of any other customer.(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2618; Pub. L. 98–353, title III, § 486, July 10, 1984, 98 Stat. 383.)Historical and Revision Notessenate report no. 95–989

Section 763 provides for separate treatment of accounts held in separate capacities. A deficit in one account held for a customer may not be offset against the net equity in another account held by the same customer in a separate capacity or held by another customer.

Editorial NotesAmendments

1984—Subsec. (a). Pub. L. 98–353 substituted “by the debtor for” for “by” and “treated as” for “deemed to be”.

Statutory Notes and Related SubsidiariesEffective Date of 1984 Amendment

Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title.

Notes of Decisions

Cited in 3 cases, 1959–1988 · leading case: Notz v. Tate (In re Chicago Disc. Commodity Brokers, Inc.), 58 B.R. 619 (Bankr. N.D. Ill. 1985).

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Notz v. Tate (In re Chicago Disc. Commodity Brokers, Inc.), 58 B.R. 619 (Bankr. N.D. Ill. 1985). “The Trustee’s contention that an offset is prohibited under 11 U.S.C. § 763 (c) is not supported by applicable provisions in subchapter IV.”

In Re Emergency Beacon Corp., 84 B.R. 329 (S.D.N.Y. 1988). “821 (formerly codified at 11 U.S.C. § 763 (1976)). 7 .Bankruptcy Act of July 1, 1898, ch.”

Pride of Virginia Poultry Corp. v. Rocco Feeds, Inc., 270 F.2d 852 (4th Cir. 1959). “363 of the Bankruptcy Act [ 11 U.S.C.A. § 763 ] provides that: “Alterations or modifications of an arrangement may be proposed in writing by a debtor, with leave of court, at any time before the arrangement is confirmed; * * * ”.”

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