The law › Title 12, Banks and Banking › Chapter 45

12 U.S.C. 4404: Clearing organization netting

Created in 1991 by Public Law 102-242. Changed by 2 later laws. No bill we track in this Congress changes it.

How it got hereLaws that created or changed it, newest first

2006Financial Netting Improvements Act of 2006

2005Bankruptcy Abuse Prevention and Consumer Protection Act of 2005

1991Pub. L. 102-242created it

12 U.S.C. 4404Clearing organization netting

(a)General rule

(b)Limitation of obligation to make payment

(c)Limitation on right to receive payment

(d)Entitlement of failed members

(e)Obligations of failed members

(f)Limitation on claims for entitlement

(g)Effectiveness notwithstanding status as member

(h)Enforceability of security agreements

This CongressBills that change it or would

None we track

past change
enacted this Congress
proposed

This Congress

No bill we track in the 119th Congress changes this section.

How it got here

2006

Pub. L. 109–390 struck out "paragraphs (8)(E), (8)(F), and (10)(B) of" before "section 1821(e)" and "section 1787(c)" and inserted "terminated, liquidated, accelerated, and" after "organization shall be". (Financial Netting Improvements Act of 2006) Law text · (a)
Pub. L. 109–390, §4(b)(1), struck out "paragraphs (8)(E), (8)(F), and (10)(B) of" before "section 1821(e)" and "section 1787(c)". (Financial Netting Improvements Act of 2006) Law text · (h)

2005

Pub. L. 109–8, §906(c)(1), added subsec. (a) and struck out heading and text of former subsec. (a). Text read as follows: "Notwithstanding any other provision of law, the covered contractual payment obligations and covered contractual payment entitlements of a member of a clearing orga… (Bankruptcy Abuse Prevention and Consumer Protection Act of 2005) Law text · (a)
Pub. L. 109–8, §906(c)(2), added subsec. (h). (Bankruptcy Abuse Prevention and Consumer Protection Act of 2005) Law text · (h)

Text, outline and history from the official U.S. Code (2024 edition) on GovInfo, published by the Office of the Law Revision Counsel. Changes made after that edition appear under This Congress.