§763. Treatment of accounts
(a) Accounts held by the debtor for a particular 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 member’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 accounts held in separate capacities. A deficit in one account held for a customer may not be offset against the net equity in another account held by the same customer in a separate capacity or held by another customer.
Editorial Notes
Amendments
1984—Subsec. (a). Pub. L. 98-353 substituted “by the debtor for” for “by” and “treated as” for “deemed to be”.
Statutory Notes and Related Subsidiaries
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.