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Co-Authored-By: Claude Opus 4.8 <noreply@anthropic.com>
2026-07-06 09:52:37 -04:00

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LegalText 11 U.S.C. § 946 Effect of exchange of securities before the date of the filing of the petition us united_states_code code_section 11 BANKRUPTCY 9 ADJUSTMENT OF DEBTS OF A MUNICIPALITY 946 11 U.S.C. § 946 current 119-100 2026-06-26 official https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc11@119-100.zip /us/usc/t11/s946 data/legal/raw/us/code/title-11/usc11.xml dda1e25c1b9f8377b16b8e7dff1a072ca59405a15be4a424cb04695f64662086 49b32bf784de01de21874d64b5d1d78d1d245352824a03caa6d6b941a4a2c9a2 b72a87bd03ba3397f6dd3e7d09142133e454d87813f881f3701c5176b3e0b1da 2026-07-04 official
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11 U.S.C. § 946 - Effect of exchange of securities before the date of the filing of the petition

Text

The exchange of a new security under the plan for a claim covered by the plan, whether such exchange occurred before or after the date of the filing of the petition, does not limit or impair the effectiveness of the plan or of any provision of this chapter. The amount and number specified in section 1126(c) of this title include the amount and number of claims formerly held by a creditor that has participated in any such exchange.

(Pub. L. 95598, Nov. 6, 1978, 92 Stat. 2625.)

Notes

Historical and Revision Notes

legislative statementsThe House amendment deletes section 950 of the Senate amendment as unnecessary. The constitutionality of chapter 9 of the House amendment is beyond doubt.

senate report no. 95989[Section 949] This section [enacted as section 946], which follows section 97 of current law [section 417 of former title 11], permits an exchange of a security before the case is filed to constitute an acceptance of the plan if the exchange was under a proposal that later becomes the plan.