Title 15 — Commerce and Trade
Chapter 2A — Securities and Trust Indentures
§ 77qqq. Special powers of trustee; duties of paying agents
Statutory text
The indenture trustee shall be authorized—
in the case of a default in payment of the principal of any indenture security, when and as the same shall become due and payable, or in the case of a default in payment of the interest on any such security, when and as the same shall become due and payable and the continuance of such default for such period as may be prescribed in such indenture, to recover judgment, in its own name and as trustee of an express trust, against the obligor upon the indenture securities for the whole amount of such principal and interest remaining unpaid; and
to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of such trustee and of the indenture security holders allowed in any judicial proceedings relative to the obligor upon the indenture securities, its creditors, or its property.
Each paying agent shall hold in trust for the benefit of the indenture security holders or the indenture trustee all sums held by such paying agent for the payment of the principal of or interest on the indenture securities, and shall give to such trustee notice of any default by any obligor upon the indenture securities in the making of any such payment.
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.
Pub. L. 76–38 · 53 Stat. 568
Enacted · 15 U.S.C. § 77qqq
May 27, 1933, ch. 38, title III, § 317, as added Aug. 3, 1939, ch. 411, 53 Stat. 1173
Source evidence
Code source credit
May 27, 1933, ch. 38, title III, § 317, as added Aug. 3, 1939, ch. 411, 53 Stat. 1173Trust Indenture Reform Act of 1990
Pub. L. 101–550 § 416(1) · 104 Stat. 2713
Substituted · 15 U.S.C. § 77qqq(a)
Pub. L. 101–550, § 416(1)–(3), in introductory provisions, substituted “trustee shall be authorized” for “to be qualified shall contain provisions”, in par. (1) struck out “authorizing the indenture trustee” after the paragraph designation, and in par. (2) struck out “authorizing such trustee” after the paragraph designation
Source evidence
Code amendment note
Subsec. (a). Pub. L. 101–550, § 416(1)–(3), in introductory provisions, substituted “trustee shall be authorized” for “to be qualified shall contain provisions”, in par. (1) struck out “authorizing the indenture trustee” after the paragraph designation, and in par. (2) struck out “authorizing such trustee” after the paragraph designation.Enacted provision · exact public law section
(1) by striking “to be qualified shall contain provisions” in subsection (a) and inserting “trustee shall be authorized”;Trust Indenture Reform Act of 1990
Pub. L. 101–550 § 416(4) · 104 Stat. 2713
Substituted · 15 U.S.C. § 77qqq(b)
Pub. L. 101–550, § 416(4), substituted “Each” for “The indenture to be qualified shall provide that each”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 101–550, § 416(4), substituted “Each” for “The indenture to be qualified shall provide that each”.Enacted provision · exact public law section
(4) by striking “The indenture to be qualified shall provide that each” in subsection (b) and inserting “Each”.Investor Protection and Securities Reform Act of 2010
Pub. L. 111–203 title IX § 985(c)(2) · 124 Stat. 1376
Substituted · 15 U.S.C. § 77qqq(a)(1)
Pub. L. 111–203 substituted “(1) in the” for “(1) , in the”
Source evidence
Code amendment note
Subsec. (a)(1). Pub. L. 111–203 substituted “(1) in the” for “(1) , in the”.Enacted provision · exact public law section
(2) in section 317(a)(1) (15 U.S.C. 77qqq(a)(1)), by striking “, in the” and inserting “in the”.Effective date note
Amendment by Pub. L. 111–203 effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking.
3 of 4 references resolved to an enrolled provision · 1 partial
Editorial Notes
Amendments1990–2010 · 2 rounds
2010
Subsec. (a)(1). Pub. L. 111–203 substituted “(1) in the” for “(1) , in the”.
1990
Subsec. (a). Pub. L. 101–550, § 416(1)–(3), in introductory provisions, substituted “trustee shall be authorized” for “to be qualified shall contain provisions”, in par. (1) struck out “authorizing the indenture trustee” after the paragraph designation, and in par. (2) struck out “authorizing such trustee” after the paragraph designation.
Subsec. (b). Pub. L. 101–550, § 416(4), substituted “Each” for “The indenture to be qualified shall provide that each”.
Statutory Notes and Related Subsidiaries
Effective Date of 2010 Amendment
Amendment by Pub. L. 111–203 effective 1 day after , except as otherwise provided, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of Title 12, Banks and Banking.
Credits
1933–2010 · 3 acts
- 1933May 27, 1933, ch. 38, title III, § 317, as added Aug. 3, 1939, ch. 411, 53 Stat. 1173
- 1990amended Pub. L. 101–550, title IV, § 416, , 104 Stat. 2731
- 2010Pub. L. 111–203, title IX, § 985(c)(2), , 124 Stat. 1934.
Show as published
(May 27, 1933, ch. 38, title III, § 317, as added Aug. 3, 1939, ch. 411, 53 Stat. 1173; amended Pub. L. 101–550, title IV, § 416, , 104 Stat. 2731; Pub. L. 111–203, title IX, § 985(c)(2), , 124 Stat. 1934.)