96 STAT. 236
PUBLIC LAW 97-222—JULY 27, 1982
(c) Section 362(b)(6) of title 11, United States Code, is amended to read as follows: "(6) under subsection (a) of this section, of the setoff by a commodity broker, forward contract merchant, stockbroker, or securities clearing agency of any mutual debt and claim under or in connection with commodity contracts, as defined in section 11 USC 761. 761(4) of this title, forward contracts, or securities contracts, as Post, p. 237. defined in section 741(7) of this title, that constitutes the setoff of a claim against the debtor for a margin payment, as defined Post, p. 237. in section 741(5) or 761(15) of this title, or settlement payment, ]p Y^^ 237 ^^ defined in section 741(8) of this title, arising out of commodity ' P' contracts, forward contracts, or securities contracts against cash, securities, or other property held by such commodity broker, forward contract merchant, stockbroker, or securities clearing agency to margin, guarantee, or secure commodity contracts, forward contracts, or securities contracts;". SEC. 4. Section 546 of title 11, United States Code, is amended by adding at the end thereof the following new subsection: "(d) Notwithstanding sections 544, 545, 547, 548(a)(2), and 548(b) of 11 USC 544, 545, this title, the trustee may not avoid a transfer that is a margin 547, 548. payment, as defined in section 741(5) or 761(15) of this title, or settlement payment, as defined in section 741(8) of this title, made by or to a commodity broker, forward contract merchant, stockbroker, or securities clearing agency, that is made before the commencement of the case, except under section 548(a)(1) of this title.". SEC. 5. Section 548(d)(2)(B) of title 11, United States Code, is amended— (1) by striking out "or forward contract merchant" and inserting in lieu thereof", forward contract merchant, stockbroker, or securities clearing agency", (2) by inserting "741(5) or" after "section", (3) by inserting ", or settlement payment, as defined in section 741(8) of this title" after "of this title", and (4) by striking out "value." and inserting in lieu thereof "value to the extent of such payment.". SEC. 6. (a) Chapter 5 of title 11, United States Code, is amended by adding at the end thereof the following new sections: 11 USC 555.
11 USC 365.
"Contractual right." 11 USC 556.
11 USC 761.
"§ 555. Contractual right to liquidate a securities contract "The exercise of a contractual right of a stockbroker or securities clearing agency to cause the liquidation of a securities contract, as defined in section 741(7), because of a condition of the kind specified in section 365(e)(1) of this title shall not be stayed, avoided, or otherwise limited by operation of any provision of this title or by order of a court or administrative agency in any proceeding under this title unless such order is authorized under the provisions of the Securities Investor Protection Act of 1970 (15 U.S.C. 78aaa et seq.) or any statute administered by the Securities and Exchange Commission. As used in this section, the term 'contractual right includes a right set forth in a rule or bylaw of a national securities exchange, a national securities association, or a securities clearing agency. "§ 556. Contractual right to liquidate a commodities contract or forward contract "The contractual right of a commodity broker or forward contract merchant to cause the liquidation of a commodity contract, as defined in section 761(4), or forward contract because of a condition
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