§ 1112. Interstate Commerce Commission proceedings

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. 1981

   Northeast Rail Service Act of 1981

   Pub. L. 97–35 title XI § 1164 · 95 Stat. 357

   Enacted · 45 U.S.C. § 1112

   Pub. L. 97–35, title XI, § 1164, Aug. 13, 1981, 95 Stat. 685

   Source evidence

   Code source credit
   Pub. L. 97–35, title XI, § 1164, Aug. 13, 1981, 95 Stat. 685

   Enacted provision · exact public law section
   Sec. 1164. commission proceedings (a) Notwithstanding any other provision of subtitle IV of 45 USC 1112. title 49, United States Code, in any proceeding before the Commission under section 11344 or 11345 of such subtitle involving a railroad in the Region, as defined in section 102 of the Regional Rail Reorganization Act of 1973, which was in a bankruptcy proceeding under section 45 USC 702. 77 of the Bankruptcy Act on November 4, 1979, the Commission shall, with or without a hearing, issue a final decision within a period not to exceed 180 days after receipt of an application under either such section. (b) Notwithstanding any other provision of subtitle IV of title 49, United States Code, in any proceeding before the Commission under 49 USC 10101 et seq. section 11344 or 11345 of such subtitle involving a profitable railroad in the Region, as defined in section 102 of the Regional Rail Reorganization 45 USC 702, 721. Act of 1973, which received a loan under section 211(a) of such Act, the Commission shall, with or without a hearing, issue a final decision within a period not to exceed 180 days after receipt of an application under either such section. (c) (1) If the Secretary determines under subsection (b) that there is an agreement between a profitable railroad in the Region (as defined in section 102 of the Regional Rail Reorganization Act of 1973) which received a loan under section 211(a) of such Act and a prospective purchaser for the sale of such railroad, the Secretary shall limit the interest of the United States in any debt of such a railroad to an interest which attaches to such debt in the event of bankruptcy, substantial sale, or liquidation of the assets of the railroad. The Secretary shall substitute for the evidence of such debt contingency notes conforming to the limited terms set forth in this subsection. (2) If the interest of the United States is limited under paragraph (1), any new debt issued by such a railroad subsequent to the issuance of the debt described in paragraph (1) shall have higher priority in the event of bankruptcy, liquidation, or abandonment of the assets of Conrail than the debt described in such paragraph.

2. 1983

   Rail Safety and Service Improvement Act of 1982

   Pub. L. 97–468 § 510(1) · 96 Stat. 2543

   1. Substituted · 45 U.S.C. § 1112(c)(1)

      Pub. L. 97–468, § 510(1), substituted “bankruptcy or substantial sale” for “bankruptcy, substantial sale,” after “in the event of”, and in last sentence substituted permission for the Secretary to substitute contingency notes for evidence of the debt for the requirement that the Secretary substitute contingency notes for evidence of the debt

   2. Inserted · 45 U.S.C. § 1112(c)(1)

      Pub. L. 97–468, § 510(1), inserted provision that the contingency notes be payable solely from the railroad operating assets then securing such debt, including reinvestments thereof, or be other contingency notes as the Secretary deems appropriate

   Source evidence

   Code amendment note
   Subsec. (c)(1). Pub. L. 97–468, § 510(1), substituted “bankruptcy or substantial sale” for “bankruptcy, substantial sale,” after “in the event of”, and in last sentence substituted permission for the Secretary to substitute contingency notes for evidence of the debt for the requirement that the Secretary substitute contingency notes for evidence of the debt and inserted provision that the contingency notes be payable solely from the railroad operating assets then securing such debt, including reinvestments thereof, or be other contingency notes as the Secretary deems appropriate.

   Enacted provision · exact public law section
   (1) in paragraph (1)— (A) by striking “bankruptcy, substantial sale,” and inserting in lieu thereof “bankruptcy or substantial sale”; and (B) by amending the last sentence to read as follows: “The Secretary may substitute for the evidence of such debt contingency notes payable solely from the railroad operating assets then securing such debt, including reinvestments thereof, or such other contingency notes as the Secretary deems appropriate and which conform to the terms set forth in this subsection.”;

3. 1983

   Rail Safety and Service Improvement Act of 1982

   Pub. L. 97–468 § 510(2) · 96 Stat. 2543

   Substituted · 45 U.S.C. § 1112(c)(2)

   Pub. L. 97–468, § 510(2), substituted permission that new debt may have such higher priority in the event of bankruptcy, liquidation, or abandonment of the assets of such a railroad than the debt described in par. (1) as the Secretary and the railroad may agree for the requirement that such debt have higher priority in the event of bankruptcy, liquidation, or abandonment of the assets of Conrail than the debt described in par. (1)

   Source evidence

   Code amendment note
   Subsec. (c)(2). Pub. L. 97–468, § 510(2), substituted permission that new debt may have such higher priority in the event of bankruptcy, liquidation, or abandonment of the assets of such a railroad than the debt described in par. (1) as the Secretary and the railroad may agree for the requirement that such debt have higher priority in the event of bankruptcy, liquidation, or abandonment of the assets of Conrail than the debt described in par. (1).

   Enacted provision · exact public law section
   (2) by amending paragraph (2) to read as follows: “(2) If the interest of the United States is limited under paragraph (1), any new debt issued by such a railroad subsequent to the issuance of the debt described in paragraph (1) may have such higher priority in the event of bankruptcy, liquidation, or abandonment of the assets of such a railroad than the debt described in such paragraph as the Secretary and the railroad may agree.”; and

4. 1983

   Rail Safety and Service Improvement Act of 1982

   Pub. L. 97–468 § 510(3) · 96 Stat. 2543

   Added · 45 U.S.C. § 1112(c)(3)

   Pub. L. 97–468, § 510(3), added par. (3)

   Source evidence

   Code amendment note
   Subsec. (c)(3). Pub. L. 97–468, § 510(3), added par. (3).

   Enacted provision · exact public law section
   (3) by adding at the end thereof the following new paragraph: “(3) In carrying out the duties under this subsection, the Secretary may (A) enter into such agreements, (B) in accordance with any such agreements, cancel or cause to be cancelled or amend or cause to be amended any notes or securities currently held by agencies or instrumentalities of the United States, and (C) accept in exchange as substitution therefor such instruments evidencing the indebtedness owed to such agencies or instrumentalities as, in the Secretary’s judgment, will effectuate the purposes of this subsection.”.

5. 1995

   ICC Termination Act of 1995

   Pub. L. 104–88 title III § 331 · 109 Stat. 803

   Substituted · 45 U.S.C. § 1112(a); 45 U.S.C. § 1112(b)

   Pub. L. 104–88 substituted “section 11324 or 11325” for “section 11344 or 11345”

   Source evidence

   Code amendment note
   Subsecs. (a), (b). Pub. L. 104–88 substituted “section 11324 or 11325” for “section 11344 or 11345”.

   Enacted provision · exact public law section
   SEC. 331. NORTHEAST RAIL SERVICE ACT OF 1981 AMENDMENTS. The Northeast Rail Service Act of 1981 is amended in section 1164 (45 U.S.C. 1112) by striking “11344 or 11345” each place it appears and inserting in lieu thereof “11324 or 11325”.

   Effective date note
   Amendment by Pub. L. 104–88 effective Jan. 1, 1996, see section 2 of Pub. L. 104–88, set out as an Effective Date note under section 1301 of Title 49, Transportation.

6 of 6 references resolved to an enrolled provision