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Current as of January 01, 2024 | Updated by FindLaw Staff
(a) Except as provided in subsection (b)(1), a person selected under section 701, 702, 703, 1104, 1163, 1183, 1202, or 1302 of this title to serve as trustee in a case under this title qualifies if before seven days after such selection, and before beginning official duties, such person has filed with the court a bond in favor of the United States conditioned on the faithful performance of such official duties.
(b)(1) The United States trustee qualifies wherever such trustee serves as trustee in a case under this title.
(2) The United States trustee shall determine--
(A) the amount of a bond required to be filed under subsection (a) of this section; and
(B) the sufficiency of the surety on such bond.
(c) A trustee is not liable personally or on such trustee's bond in favor of the United States for any penalty or forfeiture incurred by the debtor.
(d) A proceeding on a trustee's bond may not be commenced after two years after the date on which such trustee was discharged.
Cite this article: FindLaw.com - 11 U.S.C. § 322 - U.S. Code - Unannotated Title 11. Bankruptcy § 322. Qualification of trustee - last updated January 01, 2024 | https://codes.findlaw.com/us/title-11-bankruptcy/11-usc-sect-322/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
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