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202 cover a consummated sale; (d) pursuant to a purchase; (e) as collateral under a security agreement; or (f) for the purpose of effecting registration of transfer; and (ii) entity that has a claim against a person arising out of (a) a sale or conversion of a security received, acquired or held as specified in subparagraph (i) of this paragraph; or (b) a deposit of cash, a security, or other property with such person for the purpose of purchasing or selling a security. 11 U.S.C. § 741(2). Under both Chapter 7 and SIPA, customers are treated as a separate class of creditors and, to the extent of the customer property, are given priority over the stockbrokers' general creditors. Customer property is property held by or on behalf of the debtor for the securities account of a particular customer. 11 U.S.C. § 741(4). Under both Chapter 7 and SIPA, the customers share the pool of customer property pro rata. A customer's pro rata share of the pool of customer property is based on such customer's "net equity" claim. 11 U.S.C. § 752(a). This claim is determined essentially through a netting of amounts owed between the customer and the stockbroker. 11 U.S.C. § 741(6). To the extent that customer property is insufficient to repay customer claims in full, customers are also entitled to share in the debtor's general asset pool on a pro rata basis with general creditors. 11 U.S.C. § 752(b)(2). Conversely, any excess customer property after satisfaction of customer net equity claims is distributed to the debtor's other creditors in accordance with the general priority scheme of Section 726. 11 U.S.C. § 752(b)(1). Both the Bankruptcy Code and SIPA include special provisions for "customer name securities," which are securities that are not held in "street name" but rather are (i) held for a customer's account on the petition date, (ii) registered (or in the process of being registered) in such customer's name and (iii) not in a form transferable by delivery on such date. 11 U.S.C.

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