---
kind: "section"
citation: "7 U.S.C. § 24"
title: "7"
title_heading: "Agriculture"
number: "24"
heading: "Customer property with respect to commodity broker debtors; definitions"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/7/24"
units:
  - "Chapter 1 — Commodity Exchanges"
---

# §24. Customer property with respect to commodity broker debtors; definitions

- (a) **Regulations respecting commodity broker debtors—** Notwithstanding [title 11](/usc/11.md), the [Commission](/usc/7/1a.md?p=8) may provide, with respect to a [commodity broker](#b) that is a debtor under [chapter 7](/usc/11/chch7.md) of title 11, by rule or regulation—
  - (1) that certain cash, [securities](/usc/7/1a.md?p=41), other property, or [commodity contracts](#b) are to be included in or excluded from [customer property](#b) or [member property](#b);
  - (2) that certain cash, [securities](/usc/7/1a.md?p=41), other property, or [commodity contracts](#b) are to be specifically identifiable to a particular [customer](#b) in a specific capacity;
  - (3) the method by which the business of such [commodity broker](#b) is to be conducted or liquidated after the date of the filing of the petition under such chapter, including the payment and allocation of margin with respect to [commodity contracts](#b) not specifically identifiable to a particular [customer](#b) pending their orderly liquidation;
  - (4) any [persons](/usc/7/1a.md?p=38) to which [customer property](#b) and [commodity contracts](#b) may be transferred under [section 766 of title 11](/usc/11/766.md); and
  - (5) how the [net equity](#b) of a [customer](#b) is to be determined.
- (b) **Definitions—** As used in this section, the terms “commodity broker”, “commodity contract”, “customer”, “customer property”, “member property”, “net equity”, and “[security](/usc/7/1a.md?p=41)” have the meanings assigned such terms for the purposes of subchapter IV of chapter 7 of title 11.
- (c) **Portfolio margining accounts—** The [Commission](/usc/7/1a.md?p=8) shall exercise its authority to ensure that [securities](/usc/7/1a.md?p=41) held in a portfolio margining account carried as a futures account are [customer property](#b) and the owners of those accounts are [customers](#b) for the purposes of subchapter IV of chapter 7 of title 11.

## Source credit

(Sept. 21, 1922, ch. 369, § 20, formerly § 19, as added Pub. L. 95–598, title III, § 302, Nov. 6, 1978, 92 Stat. 2673; renumbered and amended Pub. L. 97–222, § 20, July 27, 1982, 96 Stat. 241; Pub. L. 111–203, title VII, § 713(c), July 21, 2010, 124 Stat. 1647.)

## Notes

### Editorial Notes

### Amendments

2010—Subsec. (c). Pub. L. 111–203 added subsec. (c).

1982—Subsec. (a)(3). Pub. L. 97–222, § 20(b), inserted “, including the payment and allocation of margin with respect to commodity contracts not specifically identifiable to a particular customer pending their orderly liquidation”.

### Statutory Notes and Related Subsidiaries

### Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the later of 360 days after July 21, 2010, or, to the extent a provision of subtitle A (§§ 711–754) of title VII of Pub. L. 111–203 requires a rulemaking, not less than 60 days after publication of the final rule or regulation implementing such provision of subtitle A, see section 754 of Pub. L. 111–203, set out as a note under section 1a of this title.

### Effective Date

Section effective Nov. 6, 1978, see section 402(d) of Pub. L. 95–598, set out as a note preceding section 101 of Title 11, Bankruptcy.