§ 77qqq. — Special powers of trustee; duties of paying agents.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC77qqq]
TITLE 15--COMMERCE AND TRADE
CHAPTER 2A--SECURITIES AND TRUST INDENTURES
SUBCHAPTER III--TRUST INDENTURES
Sec. 77qqq. Special powers of trustee; duties of paying agents
(a) The indenture trustee shall be authorized--
(1) ,\1\ in the case of a default in payment of the principal of
any indenture security, when and as the same shall become due and
payable, or in the case of a default in payment of the interest on
any such security, when and as the same shall become due and payable
and the continuance of such default for such period as may be
prescribed in such indenture, to recover judgment, in its own name
and as trustee of an express trust, against the obligor upon the
indenture securities for the whole amount of such principal and
interest remaining unpaid; and
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\1\ So in original. The comma probably should not appear.
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(2) to file such proofs of claim and other papers or documents
as may be necessary or advisable in order to have the claims of such
trustee and of the indenture security holders allowed in any
judicial proceedings relative to the obligor upon the indenture
securities, its creditors, or its property.
(b) Each paying agent shall hold in trust for the benefit of the
indenture security holders or the indenture trustee all sums held by
such paying agent for the payment of the principal of or interest on the
indenture securities, and shall give to such trustee notice of any
default by any obligor upon the indenture securities in the making of
any such payment.
(May 27, 1933, ch. 38, title III, Sec. 317, as added Aug. 3, 1939, ch.
411, 53 Stat. 1173; amended Pub. L. 101-550, title IV, Sec. 416, Nov.
15, 1990, 104 Stat. 2731.)
Amendments
1990--Subsec. (a). Pub. L. 101-550, Sec. 416(1)-(3), in introductory
provisions, substituted ``trustee shall be authorized'' for ``to be
qualified shall contain provisions'', in par. (1) struck out
``authorizing the indenture trustee'' after the paragraph designation,
and in par. (2) struck out ``authorizing such trustee'' after the
paragraph designation.
Subsec. (b). Pub. L. 101-550, Sec. 416(4), substituted ``Each'' for
``The indenture to be qualified shall provide that each''.
Section Referred to in Other Sections
This section is referred to in section 77rrr of this title.
