Repurchase Agreements Bankruptcy Revision Amendments of 1983

Summary

Repurchase Agreements Bankruptcy Amendments of 1983 - Amends the Bankruptcy Code to define 'repo participant' to mean an entity that, on any day during the period beginning 90 days before the date of the filing of the bankruptcy petition, has an outstanding repurchase agreement with the debtor. Defines 'repurchase agreement' to mean any agreement which provides for the transfer of certificates of deposit, eligible bankers' acceptances or securities that are direct obligations or loan guarantees of the United States against the transfer of funds with a simultaneous agreement by the transferee to return such certificates of deposit, eligible bankers' acceptances, or securities to the transferor no more than one year later, or on demand, in exchange for funds. States that the filing of a bankruptcy petition does not automatically stay the setoff by a repo participant of any mutual debt and claim against the debtor for a margin or a settlement payment arising out of a repurchase agreement. Prohibits the trustee from avoiding a transfer that is a margin or a settlement payment made before commencement of the case by or to a repo participant in connection with a repurchase agreement. Provides that all margin or settlement payments made in connection with a repurchase agreement are taken for value to their full extent. Sets forth provisions concerning the exercise of a contractual right of a repo participant to cause the liquidation of a repurchase agreement.

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1 official file

• Introduced in House

  summary · EN · 2 May 1983

  Open at official source

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