Bankruptcy Code

Bankruptcy is a legal declaration that allows some debtors to discharge their unsecured debts. The text of this statute is provided as general information to the public. It may be amended, revised, or rescinded at any time without notice. This information is not intended to be legal advice. For more information, please see our disclaimer.

11 U.S.C. § 347. Unclaimed property

(a) Ninety days after the final distribution under section 726, 1226, or 1326 of this title [11 USCS § 726, 1226, or 1326] in a case under chapter 7, 12, or 13 of this title [11 USCS §§ 701 et seq., 1201 et seq., or 1301 et seq.], as the case may be, the trustee shall stop payment on any check remaining unpaid, and any remaining property of the estate shall be paid into the court and disposed of under chapter 129 of title 28.

(b) Any security, money, or other property remaining unclaimed at the expiration of the time allowed in a case under chapter 9, 11, or 12 of this title [11 USCS §§ 901 et seq., 1101 et seq., or 1201 et seq.] for the presentation of a security or the performance of any other act as a condition to participation in the distribution under any plan confirmed under section 943(b), 1129, 1173, or 1225 of this title [11 USCS § 943(b), 1129, 1173, or 1225], as the case may be, becomes the property of the debtor or of the entity acquiring the assets of the debtor under the plan, as the case may be.