Section 5.29 Setoffs by Certain Entities of Mutual Debts and Other Claims

LibraryBankruptcy Practice (2007 Ed. + 2015 Cum Supp)

E. (§5.29) Setoffs by Certain Entities of Mutual Debts and Other Claims

A commodity broker, forward contact merchant, stockbroker, financial institution, or securities clearing agency may set off a claim for a margin or settlement payment arising out of commodities contracts, forward contracts, securities contracts against cash, or securities or other property that it is holding to margin, guarantee, or secure these contracts, notwithstanding the bankruptcy of the party for whose account such cash...

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