CITE

    15 USC Sec. 77qqq                                           01/08/2008

EXPCITE

    TITLE 15 - COMMERCE AND TRADE
    CHAPTER 2A - SECURITIES AND TRUST INDENTURES
    SUBCHAPTER III - TRUST INDENTURES

HEAD

    Sec. 77qqq. Special powers of trustee; duties of paying agents

STATUTE

      (a) The indenture trustee shall be authorized -
        (1) ,(!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.

SOURCE

    (May 27, 1933, ch. 38, title III, Sec. 317, as added Aug. 3, 1939,
    ch. 411, 53 Stat. 1173; amended Pub. L. 101-550, title IV, Sec.
    416, Nov. 15, 1990, 104 Stat. 2731.)

AMENDMENTS

      1990 - Subsec. (a). Pub. L. 101-550, Sec. 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, Sec. 416(4), substituted "Each" for
    "The indenture to be qualified shall provide that each".

FOOTNOTE

    (!1) So in original. The comma probably should not appear.