U.S. Code » Title 15 » Chapter CHAPTER 2A— SECURITIES AND TRUST INDENTURES › Subchapter SUBCHAPTER III— TRUST INDENTURES

15 U.S.C. § 77rrr

Effect of prescribed indenture provisions

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(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 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.

(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.)Editorial NotesAmendments

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).

Notes of Decisions
Cited in 5 cases, 1946–2016 · leading case: Brady v. UBS Fin. Servs., Inc., 538 F.3d 1319 (10th Cir. 2008).
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Brady v. UBS Fin. Servs., Inc., 538 F.3d 1319 (10th Cir. 2008). “15 U.S.C. § 77rrr(b) ("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.”
Barnette v. Brook Road, Inc., 429 F. Supp. 2d 741 (E.D. Va. 2006). “, 15 U.S.C. § 77rrr(c) (retroactivity provision using the term "retroactive”); 15 U.”
Waxman v. Cliffs Nat. Resources Inc., 222 F. Supp. 3d 281 (S.D.N.Y. 2016). “15 U.S.C. § 77rrr(c). This mimics Section 316(b) of the TIA, and Section 318(c) of the TIA mandates that a Section 316(b) provision be included in all qualified indentures.”
UnitedHealth Grp. Inc. v. Wilmington Trust Co., 538 F. Supp. 2d 1108 (D. Minnesota 2008). “15 U.S.C. § 77rrr(a) (if indenture “limits, qualifies, or conflicts with” TIA section 314(a), the statute controls).”
Cont'l Bank & Trust Co. v. First Nat. Petroleum Trust, 67 F. Supp. 859 (D.R.I. 1946). “318, 15 U.S.C.A. § 77rrr. “(a) 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 [310 to 317,] inclusive, such *871 required…”
— 15 U.S.C. § 77rrr(a) — 1 case
UnitedHealth Grp. Inc. v. Wilmington Trust Co., 538 F. Supp. 2d 1108 (D. Minnesota 2008). “15 U.S.C. § 77rrr(a) (if indenture “limits, qualifies, or conflicts with” TIA section 314(a), the statute controls).”
— 15 U.S.C. § 77rrr(b) — 1 case
Brady v. UBS Fin. Servs., Inc., 538 F.3d 1319 (10th Cir. 2008). “15 U.S.C. § 77rrr(b) ("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.”
— 15 U.S.C. § 77rrr(c) — 2 cases
Barnette v. Brook Road, Inc., 429 F. Supp. 2d 741 (E.D. Va. 2006). “, 15 U.S.C. § 77rrr(c) (retroactivity provision using the term "retroactive”); 15 U.”
Waxman v. Cliffs Nat. Resources Inc., 222 F. Supp. 3d 281 (S.D.N.Y. 2016). “15 U.S.C. § 77rrr(c). This mimics Section 316(b) of the TIA, and Section 318(c) of the TIA mandates that a Section 316(b) provision be included in all qualified indentures.”
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