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Title 15, Commerce and TradeRelease 119-110

§77rrr Effect of Prescribed Indenture Provisions

Title 15 › CHAPTER 2A — SECURITIES AND TRUST INDENTURES › SUBCHAPTER III — TRUST INDENTURES › § 77rrr

Last updated Sep 22, 2026|Official source

Summary

When a qualified indenture has a term that limits or conflicts with the duties created under subsection (c), those duties must control. A qualified indenture may also include any extra terms so long as they do not break this subchapter. The duties found in sections 77jjj through 77qqq are part of every qualified indenture, whether or not written into the document, and they apply to indentures approved in the past and to ones approved in the future; they also replace earlier conflicting terms. That rule does not mean the optional items listed in 77jjj(b)(1), 77kkk(b), 77nnn(d), 77ooo(a), 77ooo(b), 77ooo(d), 77ooo(e), or 77ppp(a)(1) are automatically added into the text of past indentures.

Full Legal Text

Title 15, §77rrr

Commerce and Trade, Source: USLM XML via OLRC

(a)Imposed duties to control
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)Additional provisions
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)Provisions governing qualified indentures
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.

Legislative History

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).

Reference

Citations & Metadata

Citation

15 U.S.C. § 77rrr

Title 15, Commerce and Trade

Last Updated

Sep 22, 2026

Release point: 119-110