Common use of Treatment of Accounts Clause in Contracts

Treatment of Accounts. (a) Accounts held by the debtor for a particu- lar 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 mem- ber’s customers’ account. (c) The net equity in a customer’s account may not be offset against the net equity in the account of any other customer. (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2618; Pub. L. 98–353, title III, § 486, July 10, 1984, 98 Stat. 383.) Section 763 provides for separate treatment of ac- counts held in separate capacities. A deficit in one ac- count held for a customer may not be offset against the net equity in another account held by the same cus- tomer in a separate capacity or held by another cus- tomer. (a) Pub. L. 98–353 substituted ‘‘by the debtor for’’ for ‘‘by’’ and ‘‘treated as’’ for ‘‘deemed to be’’. Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title.

Treatment of Accounts. (a) Accounts held by the debtor for a particu- lar 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 mem- ber’s customers’ account. (c) The net equity in a customer’s account may not be offset against the net equity in the account of any other customer. (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 ac- counts held in separate capacities. A deficit in one ac- count held for a customer may not be offset against the net equity in another account held by the same cus- tomer in a separate capacity or held by another cus- tomer.. AMENDMENTS (a) Pub. L. 98–353 substituted ‘‘by the debtor for’’ for ‘‘by’’ and ‘‘treated as’’ for ‘‘deemed to be’’. EFFECTIVE DATE OF 1984 AMENDMENT Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title.

Treatment of Accounts. (a) Accounts held by the debtor for a particu- lar par- ticular 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 mem- ber’s customers’ account. (c) The net equity in a customer’s account may not be offset against the net equity in the account of any other customer. (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2618; Pub. L. 98–353, title III, § 486, July 10, 1984, 98 Stat. 383.) Section 763 provides for separate treatment of ac- counts held in separate capacities. A deficit in one ac- count held for a customer may not be offset against the net equity in another account held by the same cus- tomer in a separate capacity or held by another cus- tomer. (a) Pub. L. 98–353 substituted ‘‘by the debtor for’’ for ‘‘by’’ and ‘‘treated as’’ for ‘‘deemed to be’’. Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title.

Treatment of Accounts. (a) Accounts held by the debtor for a particu- lar 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 mem- ber’s customers’ account. (c) The net equity in a customer’s account may not be offset against the net equity in the account of any other customer. (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 ac- counts held in separate capacities. A deficit in one ac- count held for a customer may not be offset against the net equity in another account held by the same cus- tomer in a separate capacity or held by another cus- tomer. (a) Pub. L. 98–353 substituted ‘‘by the debtor for’’ for ‘‘by’’ and ‘‘treated as’’ for ‘‘deemed to be’’. Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title.