§ 77qqq. Special powers of trustee; duties of paying agents
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/usc/title-15/section-77qqqA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)The indenture trustee shall be authorized—
(1)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
(2)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.
(b)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.
(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, Nov. 15, 1990, 104 Stat. 2731; Pub. L. 111–203, title IX, § 985(c)(2), July 21, 2010, 124 Stat. 1934.)
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Cited by 2 sections
statutes-at-large
- Public Law 101–550To amend the Federal securities laws in order to facilitate cooperation between the United States and foreign countries in securities law enforcement
- Public Law 111–203To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes
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U.S. Code
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- May 27, 1933, ch. 38
- Aug. 3, 1939, ch. 411
- 53 Stat. 1173
- Pub. L. 101–550, title IV, § 416
- 104 Stat. 2731
- Pub. L. 111–203, title IX, § 985(c)(2)
- 124 Stat. 1934
- Pub. L. 111–203
- Pub. L. 101–550, § 416(1)
- Pub. L. 101–550, § 416(4)
- section 4 of Pub. L. 111–203
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§ 77qqq
Special powers of trustee; duties of paying agents
Stat.×2
ActMay 27, 1933, ch. 38
ActAug. 3, 1939, ch. 411
Stat.53 Stat. 1173
Pub. L.Pub. L. 101–550, title IV, § 416
Stat.104 Stat. 2731
Cites 12 · showing 6Cited by 2 across 1 source