11 U.S. Code § 704 - Duties of trustee
Section 704(8) of the Senate amendment is deleted in the House amendment. Trustees should give constructive notice of the commencement of the case in the manner specified under section 549(c) of title 11.
The essential duties of the trustee are enumerated in this section. Others, or elaborations on these, may be prescribed by the Rules of Bankruptcy Procedure to the extent not inconsistent with those prescribed by this section. The duties are derived from section 47a of the Bankruptcy Act [section 75(a) of former title 11].
The trustee’s principal duty is to collect and reduce to money the property of the estate for which he serves, and to close up the estate as expeditiously as is compatible with the best interests of parties in interest. He must be accountable for all property received, and must investigate the financial affairs of the debtor. If a purpose would be served (such as if there are assets that will be distributed), the trustee is required to examine proofs of claims and object to the allowance of any claim that is improper. If advisable, the trustee must oppose the discharge of the debtor, which is for the benefit of general unsecured creditors whom the trustee represents.
The trustee is responsible to furnish such information concerning the estate and its administration as is requested by a party in interest. If the business of the debtor is authorized to be operated, then the trustee is required to file with governmental units charged with the responsibility for collection or determination of any tax arising out of the operation of the business periodic reports and summaries of the operation, including a statement of receipts and disbursements, and such other information as the court requires. He is required to give constructive notice of the commencement of the case in the manner specified under section 342(b).
Section 3 of the Employee Retirement Income Security Act of 1974, referred to in subsec. (a)(11), is classified to section 1002 of Title 29, Labor.
Sections 464 and 466 of the Social Security Act, referred to in subsec. (c)(1)(A)(i), are classified to sections 664 and 666, respectively, of Title 42, The Public Health and Welfare.
2010—Subsec. (a)(3). Pub. L. 111–327 substituted “521(a)(2)(B)” for “521(2)(B)”.
2009—Subsec. (b)(1)(B). Pub. L. 111–16 substituted “7 days” for “5 days”.
2005—Pub. L. 109–8, § 102(c)(1), designated existing provisions as subsec. (a).
Subsec. (a)(10). Pub. L. 109–8, § 219(a)(1), added par. (10).
Subsec. (a)(11). Pub. L. 109–8, § 446(b), added par. (11).
Subsec. (a)(12). Pub. L. 109–8, § 1105(a), added par. (12).
Subsec. (b). Pub. L. 109–8, § 102(c)(2), added subsec. (b).
Subsec. (c). Pub. L. 109–8, § 219(a)(2), added subsec. (c).
1986—Par. (8). Pub. L. 99–554, § 217(1), inserted “, with the United States trustee,” after “with the court” and “the United States trustee or” after “information as”.
Par. (9). Pub. L. 99–554, § 217(2), inserted “with the United States trustee” after “court”.
1984—Par. (1). Pub. L. 98–353, § 474, substituted “close such estate” for “close up such estate”.
Pars. (3) to (9). Pub. L. 98–353, § 311(a), added par. (3) and redesignated former pars. (3) to (8) as (4) to (9), respectively.
Amendment by Pub. L. 109–8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of this title.
Effective date and applicability of amendment by Pub. L. 99–554 dependent upon the judicial district involved, see section 302(d), (e) of Pub. L. 99–554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.
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