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Title 45, RailroadsRelease 119-110

§1342 Exemption From Liability

Title 45 › CHAPTER 22 — CONRAIL PRIVATIZATION › SUBCHAPTER II — CONRAIL › Part C — Miscellaneous Provisions › § 1342

Last updated Sep 22, 2026|Official source

Summary

People named in other parts of this law are not personally liable for money damages or other legal penalties when they are doing a duty under this part that they honestly and reasonably believed the law required or gave them authority to do. That protection does not apply to claims under the Securities Act of 1933, the Securities Exchange Act of 1934, or any State, territorial, or possession law or constitution about securities transactions when the claim is connected to a public offering described elsewhere in the law.

Full Legal Text

Title 45, §1342

Railroads, Source: USLM XML via OLRC

(a)In general
No person referred to in section 726(f)(8)(C)(i), (ii), or (iii) of this title shall be liable, for money damages or otherwise, to any party if, with respect to the subject matter of the action, suit, or proceeding, such person was fulfilling a duty, in connection with any action taken under this subchapter, which such person in good faith reasonably believed to be required by law or vested in such person.
(b)Exception
This section shall not apply to claims arising out of the Securities Act of 1933 [15 U.S.C. 77a et seq.], the Securities Exchange Act of 1934 [15 U.S.C. 78a et seq.], or the Constitution or laws of any State, territory, or possession of the United States relating to transactions in securities, which claims are in connection with a public offering under section 1312 of this title.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Securities Act of 1933, referred to in subsec. (b), is act
May 27, 1933, ch. 38, title I, 48 Stat. 74, which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables. The Securities Exchange Act of 1934, referred to in subsec. (b), is act
June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.

Reference

Citations & Metadata

Citation

45 U.S.C. § 1342

Title 45, Railroads

Last Updated

Sep 22, 2026

Release point: 119-110