15 U.S.C. § 77rrr — Effect of prescribed indenture provisions

submitted 93 years ago by ch. 38 to r/title-15-COMMERCE-AND-TRADE · 224 words · no verdicts yet

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If an indenture's own wording conflicts with duties set by sections 77jjj through 77qqq, those imposed duties control. An indenture may add any other provision that doesn't violate this subchapter. Those imposed duties automatically become part of every qualified indenture, past and future.

(a) Imposed duties control. If any part of the trust indenture conflicts with, limits, or qualifies the duties imposed under subsection (c), the imposed duties win — not the indenture's own wording. (b) Additional provisions allowed. Beyond the provisions this subchapter specifically authorizes, the indenture may include any other terms, as long as they don't contradict this subchapter. (c) Provisions governing qualified indentures. The duty-imposing provisions found in sections 77jjj through 77qqq automatically become part of every "qualified" indenture (one approved under this law) — whether or not the indenture's text actually includes them, unless the indenture specifically excludes them. This is true for indentures already qualified before this rule and for indentures qualified afterward. It applies retroactively, meaning it overrides and replaces any conflicting language already sitting in an older, already-qualified indenture. However, this retroactive effect does not force certain optional provisions (listed by section number: 77jjj(b)(1), 77kkk(b), 77nnn(d), 77ooo(a), 77ooo(b), 77ooo(d), 77ooo(e), and 77ppp(a)(1)) into the text of an indenture that was already qualified before this rule — those optional provisions apply only if the indenture chose to include them.

the actual law source: uscode.house.gov ↗public domain

(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.

The provisions of sections 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.

Source credit: (May 27, 1933, ch. 38, title III, § 318, as added Aug. 3, 1939, ch. 411, 53 Stat. 1173; amended Pub. L. 101–550, title IV, § 417, Nov. 15, 1990, 104 Stat. 2731.)

history & why it existsrecord from the source credit

1933Enacted · Act of May 27, 1933, ch. 38 · 53 Stat. 1173
1990Amended · Pub. L. 101-550 · 104 Stat. 2731

A history note hasn’t been published yet. The record shows enactment by ch. 38 on 1933-05-27.

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