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119th Congress

Title 15 — Commerce and Trade

Chapter 2A — Securities and Trust Indentures

§ 77mmm. Reports by indenture trustee

Statutory text

(a)

Report to security holders; time; contents

The indenture trustee shall transmit to the indenture security holders as hereinafter provided, at stated intervals of not more than 12 months, a brief report with respect to any of the following events which may have occurred within the previous 12 months (but if no such event has occurred within such period no report need be transmitted):— 1

(1)

any change to its eligibility and its qualifications under section 77jjj of this title;

(2)

the creation of or any material change to a relationship specified in paragraph 2 (1) through (10) of section 77jjj(b) of this title;

(3)

the character and amount of any advances made by it, as indenture trustee, which remain unpaid on the date of such report, and for the reimbursement of which it claims or may claim a lien or charge, prior to that of the indenture securities, on the trust estate or on property or funds held or collected by it as such trustee, if such advances so remaining unpaid aggregate more than one-half of 1 per centum of the principal amount of the indenture securities outstanding on such date;

(4)

any change to the amount, interest rate, and maturity date of all other indebtedness owing to it in its individual capacity, on the date of such report, by the obligor upon the indenture securities, with a brief description of any property held as collateral security therefor, except an indebtedness based upon a creditor relationship arising in any manner described in paragraphs (2), (3), (4), or (6) of subsection (b) of section 77kkk of this title;

(5)

any change to the property and funds physically in its possession as indenture trustee on the date of such report;

(6)

any release, or release and substitution, of property subject to the lien of the indenture (and the consideration therefor, if any) which it has not previously reported;

(7)

any additional issue of indenture securities which it has not previously reported; and

(8)

any action taken by it in the performance of its duties under the indenture which it has not previously reported and which in its opinion materially affects the indenture securities or the trust estate, except action in respect of a default, notice of which has been or is to be withheld by it in accordance with an indenture provision authorized by subsection (b) of section 77ooo of this title.

(b)

Additional reports to security holders

The indenture trustee shall transmit to the indenture security holders as hereinafter provided, within the times hereinafter specified, a brief report with respect to—

(1)

the release, or release and substitution, of property subject to the lien of the indenture (and the consideration therefor, if any) unless the fair value of such property, as set forth in the certificate or opinion required by paragraph (1) of subsection (d) of section 77nnn of this title, is less than 10 per centum of the principal amount of indenture securities outstanding at the time of such release, or such release and substitution, such report to be so transmitted within 90 days after such time; and

(2)

the character and amount of any advances made by it as such since the date of the last report transmitted pursuant to the provisions of subsection (a) (or if no such report has yet been so transmitted, since the date of execution of the indenture), for the reimbursement of which it claims or may claim a lien or charge, prior to that of the indenture securities, on the trust estate or on property or funds held or collected by it as such trustee, and which it has not previously reported pursuant to this paragraph, if such advances remaining unpaid at any time aggregate more than 10 per centum of the principal amount of indenture securities outstanding at such time, such report to be so transmitted within 90 days after such time.

(c)

Additional parties to whom reports to be transmitted

Reports pursuant to this section shall be transmitted by mail—

(1)

to all registered holders of indenture securities, as the names and addresses of such holders appear upon the registration books of the obligor upon the indenture securities;

(2)

to such holders of indenture securities as have, within the two years preceding such transmission, filed their names and addresses with the indenture trustee for that purpose; and

(3)

except in the case of reports pursuant to subsection (b) of this section, to all holders of indenture securities whose names and addresses have been furnished to or received by the indenture trustee pursuant to section 77lll of this title.

(d)

Filing of report with stock exchanges

A copy of each such report shall, at the time of such transmission to indenture security holders, be filed with each stock exchange upon which the indenture securities are listed, and also with the Commission.

Footnotes

  1. 1 So in original. The colon probably should not appear.
  2. 2 So in original. Probably should be “paragraphs”.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

  1. Pub. L. 76–38 · 53 Stat. 568

    Enacted · 15 U.S.C. § 77mmm

    May 27, 1933, ch. 38, title III, § 313, as added Aug. 3, 1939, ch. 411, 53 Stat. 1165

    Source evidence

    Code source credit
    May 27, 1933, ch. 38, title III, § 313, as added Aug. 3, 1939, ch. 411, 53 Stat. 1165

  2. Trust Indenture Reform Act of 1990

    Pub. L. 101–550 § 411(1) · 104 Stat. 2713

    1. Substituted · 15 U.S.C. § 77mmm(a)

      Pub. L. 101–550, § 411(1), (2), substituted “The indenture trustee shall” for “The indenture to be qualified shall contain provisions requiring the indenture trustee to”

    2. Inserted · 15 U.S.C. § 77mmm(a)

      Pub. L. 101–550, § 411(1), (2), inserted “any of the following events which may have occurred within the previous 12 months (but if no such event has occurred within such period no report need be transmitted):” after “a brief report with respect to”

    Source evidence

    Code amendment note
    Subsec. (a). Pub. L. 101–550, § 411(1), (2), substituted “The indenture trustee shall” for “The indenture to be qualified shall contain provisions requiring the indenture trustee to” and inserted “any of the following events which may have occurred within the previous 12 months (but if no such event has occurred within such period no report need be transmitted):” after “a brief report with respect to”.

    Enacted provision · exact public law section
    (1) by striking “The indenture to be qualified shall contain provisions requiring the indenture trustee to” and inserting “The indenture trustee shall”;

  3. Trust Indenture Reform Act of 1990

    Pub. L. 101–550 § 411(3) · 104 Stat. 2713

    1. Inserted · 15 U.S.C. § 77mmm(a)(1)

      Pub. L. 101–550, § 411(3), (4), inserted “any change to” before “its eligibility”

    2. Struck · 15 U.S.C. § 77mmm(a)(1)

      Pub. L. 101–550, § 411(3), (4), struck out “, or in lieu thereof, if to the best of its knowledge it has continued to be eligible and qualified under such section, a written statement to such effect” after “of this title”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 101–550, § 411(3), (4), inserted “any change to” before “its eligibility” and struck out “, or in lieu thereof, if to the best of its knowledge it has continued to be eligible and qualified under such section, a written statement to such effect” after “of this title”.

    Enacted provision · exact public law section
    (3) by inserting after the paragraph designation at the beginning of paragraphs (1), (4), and (5) the following: “any change to”;

  4. Trust Indenture Reform Act of 1990

    Pub. L. 101–550 § 411(5) · 104 Stat. 2713

    1. Added · 15 U.S.C. § 77mmm(a)(2)

      Pub. L. 101–550, § 411(5), added par. (2)

    2. Redesignated · 15 U.S.C. § 77mmm(a)(2)

      Pub. L. 101–550, § 411(5), redesignated former par. (2) as (3)

    Source evidence

    Code amendment note
    Subsec. (a)(2). Pub. L. 101–550, § 411(5), added par. (2) and redesignated former par. (2) as (3).

    Enacted provision · exact public law section
    (5) (A) by redesignating paragraphs (2) through (7) as paragraphs (3) through (8), respectively; and (B) by inserting after paragraph (1) the following: “(2) the creation of or any material change to a relationship specified in paragraph (1) through (10) of section 310(b);”.

  5. Trust Indenture Reform Act of 1990

    Pub. L. 101–550 § 411(5)(A) · 104 Stat. 2713

    Redesignated · 15 U.S.C. § 77mmm(a)(3); 15 U.S.C. § 77mmm(a)(4)

    Pub. L. 101–550, § 411(5)(A), redesignated pars. (2) and (3) as (3) and (4), respectively. Former par. (4) redesignated (5)

    Source evidence

    Code amendment note
    Subsec. (a)(3), (4). Pub. L. 101–550, § 411(5)(A), redesignated pars. (2) and (3) as (3) and (4), respectively. Former par. (4) redesignated (5).

    Enacted provision · exact public law section
    (A) by redesignating paragraphs (2) through (7) as paragraphs (3) through (8), respectively; and

  6. Trust Indenture Reform Act of 1990

    Pub. L. 101–550 § 411(5)(A) · 104 Stat. 2713

    Redesignated · 15 U.S.C. § 77mmm(a)(5)

    Pub. L. 101–550, § 411(5)(A), redesignated par. (4) as (5). Former par. (5) redesignated (6)

    Source evidence

    Code amendment note
    Subsec. (a)(5). Pub. L. 101–550, § 411(5)(A), redesignated par. (4) as (5). Former par. (5) redesignated (6).

    Enacted provision · exact public law section
    (A) by redesignating paragraphs (2) through (7) as paragraphs (3) through (8), respectively; and

  7. Trust Indenture Reform Act of 1990

    Pub. L. 101–550 § 411(3) · 104 Stat. 2713

    Inserted · 15 U.S.C. § 77mmm(a)(5)

    Pub. L. 101–550, § 411(3), inserted “any change to” after the paragraph designation

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 101–550, § 411(3), inserted “any change to” after the paragraph designation.

    Enacted provision · exact public law section
    (3) by inserting after the paragraph designation at the beginning of paragraphs (1), (4), and (5) the following: “any change to”;

  8. Trust Indenture Reform Act of 1990

    Pub. L. 101–550 § 411(5)(A) · 104 Stat. 2713

    Redesignated · 15 U.S.C. § 77mmm(a)(6)

    Pub. L. 101–550, § 411(5)(A), redesignated par. (5) as (6). Former par. (6) redesignated (7)

    Source evidence

    Code amendment note
    Subsec. (a)(6). Pub. L. 101–550, § 411(5)(A), redesignated par. (5) as (6). Former par. (6) redesignated (7).

    Enacted provision · exact public law section
    (A) by redesignating paragraphs (2) through (7) as paragraphs (3) through (8), respectively; and

  9. Trust Indenture Reform Act of 1990

    Pub. L. 101–550 § 411(3) · 104 Stat. 2713

    Inserted · 15 U.S.C. § 77mmm(a)(6)

    Pub. L. 101–550, § 411(3), inserted “any change to” after the paragraph designation

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 101–550, § 411(3), inserted “any change to” after the paragraph designation.

    Enacted provision · exact public law section
    (3) by inserting after the paragraph designation at the beginning of paragraphs (1), (4), and (5) the following: “any change to”;

  10. Trust Indenture Reform Act of 1990

    Pub. L. 101–550 § 411(5)(A) · 104 Stat. 2713

    Redesignated · 15 U.S.C. § 77mmm(a)(7); 15 U.S.C. § 77mmm(a)(8)

    Pub. L. 101–550, § 411(5)(A), redesignated pars. (6) and (7) as (7) and (8), respectively

    Source evidence

    Code amendment note
    Subsec. (a)(7), (8). Pub. L. 101–550, § 411(5)(A), redesignated pars. (6) and (7) as (7) and (8), respectively.

    Enacted provision · exact public law section
    (A) by redesignating paragraphs (2) through (7) as paragraphs (3) through (8), respectively; and

  11. Trust Indenture Reform Act of 1990

    Pub. L. 101–550 § 412(1) · 104 Stat. 2713

    Substituted · 15 U.S.C. § 77mmm(b)

    Pub. L. 101–550, § 412(1), substituted “The indenture trustee shall” for “The indenture to be qualified shall also contain provisions requiring the indenture trustee to”

    Source evidence

    Code amendment note
    Subsec. (b). Pub. L. 101–550, § 412(1), substituted “The indenture trustee shall” for “The indenture to be qualified shall also contain provisions requiring the indenture trustee to”.

    Enacted provision · exact public law section
    (1) by striking “The indenture to be qualified shall also contain provisions requiring the indenture trustee to” in subsection (b) and inserting “The indenture trustee shall”;

  12. Trust Indenture Reform Act of 1990

    Pub. L. 101–550 § 412(2) · 104 Stat. 2713

    Substituted · 15 U.S.C. § 77mmm(c)

    Pub. L. 101–550, § 412(2), substituted “Reports” for “The indenture to be qualified shall also provide that reports”

    Source evidence

    Code amendment note
    Subsec. (c). Pub. L. 101–550, § 412(2), substituted “Reports” for “The indenture to be qualified shall also provide that reports”.

    Enacted provision · exact public law section
    (2) by striking “The indenture to be qualified shall also provide that reports” in subsection (c) and inserting “Reports”; and

  13. Trust Indenture Reform Act of 1990

    Pub. L. 101–550 § 412(3) · 104 Stat. 2713

    Substituted · 15 U.S.C. § 77mmm(d)

    Pub. L. 101–550, § 412(3), substituted “A copy” for “The indenture to be qualified shall also provide that a copy”

    Source evidence

    Code amendment note
    Subsec. (d). Pub. L. 101–550, § 412(3), substituted “A copy” for “The indenture to be qualified shall also provide that a copy”.

    Enacted provision · exact public law section
    (3) by striking “The indenture to be qualified shall also provide that a copy” in subsection (d) and inserting “A copy”.

  14. Securities Litigation Uniform Standards Act of 1998

    Pub. L. 105–353 § 301(e)(3)(A) · 112 Stat. 3227

    Inserted · 15 U.S.C. § 77mmm(a)(4)

    Pub. L. 105–353, § 301(e)(3)(A), inserted “any change to” before “the amount”

    Source evidence

    Code amendment note
    Subsec. (a)(4). Pub. L. 105–353, § 301(e)(3)(A), inserted “any change to” before “the amount”.

    Enacted provision · exact public law section
    (A) by inserting “any change to” after the paragraph designation at the beginning of paragraph (4); and

  15. Securities Litigation Uniform Standards Act of 1998

    Pub. L. 105–353 § 301(e)(3)(B) · 112 Stat. 3227

    Struck · 15 U.S.C. § 77mmm(a)(6)

    Pub. L. 105–353, § 301(e)(3)(B), struck out “any change to” before “any release”

    Source evidence

    Code amendment note
    Subsec. (a)(6). Pub. L. 105–353, § 301(e)(3)(B), struck out “any change to” before “any release”.

    Enacted provision · exact public law section
    (B) by striking “any change to” in paragraph (6).

17 of 18 references resolved to an enrolled provision · 1 partial

Editorial Notes

Amendments1990–1998 · 2 rounds

1998

Subsec. (a)(4). Pub. L. 105–353, § 301(e)(3)(A), inserted “any change to” before “the amount”.

Subsec. (a)(6). Pub. L. 105–353, § 301(e)(3)(B), struck out “any change to” before “any release”.

1990

Subsec. (a). Pub. L. 101–550, § 411(1), (2), substituted “The indenture trustee shall” for “The indenture to be qualified shall contain provisions requiring the indenture trustee to” and inserted “any of the following events which may have occurred within the previous 12 months (but if no such event has occurred within such period no report need be transmitted):” after “a brief report with respect to”.

Subsec. (a)(1). Pub. L. 101–550, § 411(3), (4), inserted “any change to” before “its eligibility” and struck out “, or in lieu thereof, if to the best of its knowledge it has continued to be eligible and qualified under such section, a written statement to such effect” after “of this title”.

Subsec. (a)(2). Pub. L. 101–550, § 411(5), added par. (2) and redesignated former par. (2) as (3).

Subsec. (a)(3), (4). Pub. L. 101–550, § 411(5)(A), redesignated pars. (2) and (3) as (3) and (4), respectively. Former par. (4) redesignated (5).

Subsec. (a)(5). Pub. L. 101–550, § 411(5)(A), redesignated par. (4) as (5). Former par. (5) redesignated (6).

Pub. L. 101–550, § 411(3), inserted “any change to” after the paragraph designation.

Subsec. (a)(6). Pub. L. 101–550, § 411(5)(A), redesignated par. (5) as (6). Former par. (6) redesignated (7).

Pub. L. 101–550, § 411(3), inserted “any change to” after the paragraph designation.

Subsec. (a)(7), (8). Pub. L. 101–550, § 411(5)(A), redesignated pars. (6) and (7) as (7) and (8), respectively.

Subsec. (b). Pub. L. 101–550, § 412(1), substituted “The indenture trustee shall” for “The indenture to be qualified shall also contain provisions requiring the indenture trustee to”.

Subsec. (c). Pub. L. 101–550, § 412(2), substituted “Reports” for “The indenture to be qualified shall also provide that reports”.

Subsec. (d). Pub. L. 101–550, § 412(3), substituted “A copy” for “The indenture to be qualified shall also provide that a copy”.

Executive Documents

Transfer of Functions

For transfer of functions of Securities and Exchange Commission, with certain exceptions, to Chairman of such Commission, see Reorg. Plan No. 10 of 1950, §§ 1, 2, eff. , 15 F.R. 3175, 64 Stat. 1265, set out under section 78d of this title.

Credits

1933–1998 · 3 acts
  1. 1933May 27, 1933, ch. 38, title III, § 313, as added Aug. 3, 1939, ch. 411, 53 Stat. 1165
  2. 1990amended Pub. L. 101–550, title IV, §§ 411, 412, , 104 Stat. 2729
  3. 1998Pub. L. 105–353, title III, § 301(e)(3), , 112 Stat. 3237.
Show as published

(May 27, 1933, ch. 38, title III, § 313, as added Aug. 3, 1939, ch. 411, 53 Stat. 1165; amended Pub. L. 101–550, title IV, §§ 411, 412, , 104 Stat. 2729; Pub. L. 105–353, title III, § 301(e)(3), , 112 Stat. 3237.)

Parsed from the official OLRC USLM XML in data/usc_all/usc15.xml · release point 119-108 · OLRC build 2026-09-09

USLM identifier /us/usc/t15/s77mmm