11 USC § 946 - Effect of exchange of securities before the date of the filing of the petition

---
identifier: "/us/usc/t11/s946"
source: "usc"
legal_status: "official_legal_evidence"
title: "11 USC § 946 - Effect of exchange of securities before the date of the filing of the petition"
title_number: 11
title_name: "BANKRUPTCY"
section_number: "946"
section_name: "Effect of exchange of securities before the date of the filing of the petition"
chapter_number: 9
chapter_name: "ADJUSTMENT OF DEBTS OF A MUNICIPALITY"
subchapter_number: "III"
subchapter_name: "THE PLAN"
positive_law: true
currency: "119-84"
last_updated: "2026-04-17"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2625.)"
---


# § 946. Effect of exchange of securities before the date of the filing of the petition

section 1126(c) of this title

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  include the amount and number of claims formerly held by a creditor that has participated in any such exchange.

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**Source Credit**: (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2625.)

### Historical and Revision Notes

### legislative statements

The 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. 95–989

[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.