29 U.S.C. § 1368 — Lien for liability

(a) If someone liable under sections 1362, 1363, or 1364 refuses or neglects to pay after demand, including interest, the corporation has a lien for the liability and interest on all that person’s real and personal property and property rights. The lien cannot exceed 30 percent of the combined net worth of all persons described in section 1362(a). (b) The lien arises when the plan terminates and continues until the liability is paid or can no longer be enforced because time expired. (c)(1) Except as this section provides, lien priority is determined like section 6323 of title 26 as it existed April 7, 1986, with the listed substitutions: the Employee Retirement Income Security Act section 4068 lien replaces a section 6321 lien; “the corporation” replaces “the Secretary” in the specified provisions; payment of the section 4068(a) liability replaces tax collection; a person whose property is subject to the lien replaces “the taxpayer” in the specified provisions; “such person” replaces “the taxpayer” in two specified places; payment of the loan value goes to the corporation instead of levy satisfaction; “section 4068(a) lien” replaces “tax lien” in the specified provisions; and the first filing date replaces the tax-assessment date. (2) In bankruptcy or insolvency, the lien is treated like a tax owed to the United States under title 11 or section 3713 of title 31. (3) For priority against a Federal tax lien under section 6323(a), both liens are treated as judgment liens arising when notice is filed. (4) Notice is filed as section 6323(f) and (g) provide.

(d)(1) If the liability is refused or neglected, the corporation may sue in a United States district court to enforce its lien or subject any property or property interest of the liable person to payment. (2) The liability may be collected in court if the case starts within six years after plan termination, or before a written collection period agreed on before those six years expire. The period is paused while the person’s assets are controlled or held by a Federal, State, or District of Columbia court and for six months afterward, and while the person is outside the United States continuously for at least six months. (e) If release or subordination would not harm collection, or would ultimately increase the amount realized and facilitate collection, the corporation may issue a certificate releasing or subordinating the lien for property or part of it. (f)(1) Collective net worth is determined under section 1362(d)(1). (2) “Pre-tax profits” has the meaning in section 1362(d)(2). This section does not otherwise define the quoted term.