11 USC § 703 - Successor trustee | Title 11 - Bankruptcy | U.S. Code

USCPrelim is a preliminary release and may be subject to further revision before it is released again as a final version.

Current through Pub. L. 113-99. (See Public Laws for the current Congress.)

(a) If a trustee dies or resigns during a case, fails to qualify under section 322 of this title, or is removed under section 324 of this title, creditors may elect, in the manner specified in section 702 of this title, a person to fill the vacancy in the office of trustee.

(b) Pending election of a trustee under subsection (a) of this section, if necessary to preserve or prevent loss to the estate, the United States trustee may appoint an interim trustee in the manner specified in section 701 (a).

(c) If creditors do not elect a successor trustee under subsection (a) of this section or if a trustee is needed in a case reopened under section 350 of this title, then the United States trustee—

(1) shall appoint one disinterested person that is a member of the panel of private trustees established under section 586 (a)(1) of title 28 to serve as trustee in the case; or

(2) may, if none of the disinterested members of such panel is willing to serve as trustee, serve as trustee in the case.

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(a) If a trustee dies or resigns during a case, fails to qualify under section 322 of this title, or is removed under section 324 of this title, creditors may elect, in the manner specified in section 702 of this title, a person to fill the vacancy in the office of trustee.

(b) Pending election of a trustee under subsection (a) of this section, if necessary to preserve or prevent loss to the estate, the United States trustee may appoint an interim trustee in the manner specified in section 701 (a).

(c) If creditors do not elect a successor trustee under subsection (a) of this section or if a trustee is needed in a case reopened under section 350 of this title, then the United States trustee—

(1) shall appoint one disinterested person that is a member of the panel of private trustees established under section 586 (a)(1) of title 28 to serve as trustee in the case; or

(2) may, if none of the disinterested members of such panel is willing to serve as trustee, serve as trustee in the case.

Source

(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2605; Pub. L. 98–353, title III, § 473,July 10, 1984, 98 Stat. 381; Pub. L. 99–554, title II, § 216,Oct. 27, 1986, 100 Stat. 3100.)

Historical and Revision Notes

senate report no. 95–989

If the office of trustee becomes vacant during the case, this section makes provision for the selection of a successor trustee. The office might become vacant through death, resignation, removal, failure to qualify under section 322 by posting bond, or the reopening of a case. If it does, creditors may elect a successor in the same manner as they may elect a trustee under the previous section. Pending the election of a successor, the court may appoint an interim trustee in the usual manner if necessary to preserve or prevent loss to the estate. If creditors do not elect a successor, or if a trustee is needed in a reopened case, then the court appoints a disinterested member of the panel of private trustees to serve.

Amendments

1986—Subsec. (b). Pub. L. 99–554amended subsec. (b) generally, substituting “the United States trustee may appoint” for “the court may appoint” and “manner specified in section 701 (a)” for “manner and subject to the provisions of section 701 of this title”.

Subsec. (c). Pub. L. 99–554amended subsec. (c) generally, substituting “this section or” for “this section, or”, “then the United States trustee” for “then the court”, designating part of existing provisions as par. (1), and, as so designated, substituting “586(a)(1)” for “604(f)”, “in the case; or” for “in the case.”, and adding par. (2).

1984—Subsec. (b). Pub. L. 98–353substituted “and subject to the provisions of section 701 of this title” for “specified in section 701 (a) of this title. Sections 701 (b) and 701 (c) of this title apply to such interim trustee”.

Effective Date of 1986 Amendment

Effective date and applicability of amendment by Pub. L. 99–554dependent upon the judicial district involved, see section 302(d), (e) ofPub. L. 99–554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.

Effective Date of 1984 Amendment

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

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Friday, May 3, 2013

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

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"nt [tbl]" means note [table].
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"omitted" means the section is omitted.
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"nt ed change" and "ed change" - See the Editorial Classification Change Table [pdf].

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11 USC	Description of Change	Session Year	Public Law	Statutes at Large

11 USC § 703 - Successor trustee

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