11 U.S. Code § 763 - Treatment of accounts
(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.
Source(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 Notes
senate 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.
1984—Subsec. (a). Pub. L. 98–353substituted “by the debtor for” for “by” and “treated as” for “deemed to be”.
Effective Date of 1984 Amendment
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