# § 555. Contractual right to liquidate, terminate, or accelerate a securities contract
section 741 of this titlesection 365(e)(1) of this title
The exercise of a contractual right of a stockbroker, financial institution, financial participant, or securities clearing agency to cause the liquidation, termination, or acceleration of a securities contract, as defined in , because of a condition of the kind specified in shall not be stayed, avoided, or otherwise limited by operation of any provision of this title or by order of a court or administrative agency in any proceeding under this title unless such order is authorized under the provisions of the Securities Investor Protection Act of 1970 or any statute administered by the Securities and Exchange Commission. As used in this section, the term “contractual right” includes a right set forth in a rule or bylaw of a derivatives clearing organization (as defined in the Commodity Exchange Act), a multilateral clearing organization (as defined in the Federal Deposit Insurance Corporation Improvement Act of 1991), a national securities exchange, a national securities association, a securities clearing agency, a contract market designated under the Commodity Exchange Act, a derivatives transaction execution facility registered under the Commodity Exchange Act, or a board of trade (as defined in the Commodity Exchange Act), or in a resolution of the governing board thereof, and a right, whether or not in writing, arising under common law, under law merchant, or by reason of normal business practice.
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**Source Credit**: (Added Pub. L. 97–222, § 6(a), July 27, 1982, 96 Stat. 236; amended Pub. L. 98–353, title III, § 469, July 10, 1984, 98 Stat. 380; Pub. L. 103–394, title V, § 501(b)(6), (d)(20), Oct. 22, 1994, 108 Stat. 4143, 4146; Pub. L. 109–8, title IX, § 907(g), (*o*)(7), Apr. 20, 2005, 119 Stat. 177, 182.)
## Editorial Notes
### References in Text
The Securities Investor Protection Act of 1970, referred to in text, is , , , as amended, which is classified generally to chapter 2B–1 (§ 78aaa et seq.) of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see and Tables.
The Commodity Exchange Act, referred to in text, is , , as amended, which is classified generally to chapter 1 (§ 1 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see and Tables.
The Federal Deposit Insurance Corporation Improvement Act of 1991, referred to in text, is , , , as amended. For complete classification of this Act to the Code, see Short Title of 1991 Amendment note set out under , Banks and Banking, and Tables.
### Amendments
2005—, substituted “Contractual right to liquidate, terminate, or accelerate a securities contract” for “Contractual right to liquidate a securities contract” in section catchline.
, ()(7), in first sentence, inserted “financial participant,” after “financial institution,” and substituted “liquidation, termination, or acceleration” for “liquidation”, and substituted second sentence for former second sentence which read as follows: “As used in this section, the term ‘contractual right’ includes a right set forth in a rule or bylaw of a national securities exchange, a national securities association, or a securities clearing agency.”
1994— substituted “” for “section 741(7)” and struck out “( et seq.)” after “Act of 1970”.
1984— inserted “, financial institution,” after “stockbroker”.
## Statutory Notes and Related Subsidiaries
### Effective Date of 2005 Amendment
Amendment by effective 180 days after , and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see , set out as a note under .
### Effective Date of 1994 Amendment
Amendment by effective , and not applicable with respect to cases commenced under this title before , see , set out as a note under .
### Effective Date of 1984 Amendment
Amendment by effective with respect to cases filed 90 days after , see , set out as a note under .