---
kind: "section"
citation: "11 U.S.C. § 946"
title: "11"
title_heading: "Bankruptcy"
number: "946"
heading: "Effect of exchange of securities before the date of the filing of the petition"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/11/946"
units:
  - "Chapter 9 — Adjustment of Debts of a Municipality"
  - "Subchapter III — The Plan"
---

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


The exchange of a new [security](/usc/11/101.md?p=49) under the plan for a [claim](/usc/11/101.md?p=5) covered by the plan, whether such exchange occurred before or after the date of the filing of the [petition](/usc/11/101.md?p=42), 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](/usc/11/1126.md?p=c) include the amount and number of [claims](/usc/11/101.md?p=5) formerly held by a [creditor](/usc/11/101.md?p=10) that has participated in any such exchange.


## Source credit

(Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2625.)

## Notes

### 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.