§77rrr — Title 15 Commerce and Trade | U.S. Code

Summary

If any rule in a qualified indenture conflicts with the duties set out under subsection (c), the duties in subsection (c) must be followed. An indenture may also include other provisions that do not break anything in this subchapter. The rules in sections 77jjj through 77qqq apply to every qualified indenture, whether written into it or not. They apply to past and future indentures and replace earlier conflicting terms. They do not force past indentures to include the optional items listed in 77jjj(b)(1), 77kkk(b), 77nnn(d), 77ooo(a), 77ooo(b), 77ooo(d), 77ooo(e), or 77ppp(a)(1).

Title 15, §77rrr

Commerce and Trade — Source: USLM XML via OLRC

(a)If any provision of the indenture to be qualified limits, qualifies, or conflicts with the duties imposed by operation of subsection (c) of this section, the imposed duties shall control.

(b)The indenture to be qualified may contain, in addition to provisions specifically authorized under this subchapter to be included therein, any other provisions the inclusion of which is not in contravention of any provision of this subchapter.

(c)The provisions of section 77jjj to and including 77qqq of this title that impose duties on any person (including provisions automatically deemed included in an indenture unless the indenture provides that such provisions are excluded) are a part of and govern every qualified indenture, whether or not physically contained therein, shall be deemed retroactively to govern each indenture heretofore qualified, and prospectively to govern each indenture hereafter qualified under this subchapter and shall be deemed retroactively to amend and supersede inconsistent provisions in each such indenture heretofore qualified. The foregoing provisions of this subsection shall not be deemed to effect the inclusion (by retroactive amendment or otherwise) in the text of any indenture heretofore qualified of any of the optional provisions contemplated by section 77jjj(b)(1), 77kkk(b), 77nnn(d), 77ooo(a), 77ooo(b), 77ooo(d), 77ooo(e), or 77ppp(a)(1) of this title.

Notes & Related Subsidiaries

Editorial Notes

Amendments

1990—Subsec. (a). Pub. L. 101–550, § 417(1), added subsec. (a) and struck out former subsec. (a) which read as follows: “The indenture to be qualified shall provide that if any provision thereof limits, qualifies, or conflicts with another provision which is required to be included in such indenture by any of sections 77jjj to 77qqq of this title, inclusive, such required provision shall control.” Subsec. (c). Pub. L. 101–550, § 417(2), added subsec. (c).

§77rrr Effect of prescribed indenture provisions

Summary

Title 15, §77rrr

Notes & Related Subsidiaries

Editorial Notes

Amendments

Citations & Metadata