Final decisions involving railroads in bankruptcy
section 702 of this titleNotwithstanding any other provision of subtitle IV of title 49, in any proceeding before the Commission under section 11324 or 11325 of title 49 involving a railroad in the Region, as defined in , which was in a bankruptcy proceeding under section 77 of the Bankruptcy Act on , the Commission shall, with or without a hearing, issue a final decision within a period not to exceed 180 days after receipt of an application under either such section.
Final decisions involving profitable railroads
section 702 of this titlesection 721(a) of this titleNotwithstanding any other provision of subtitle IV of title 49, in any proceeding before the Commission under section 11324 or 11325 of title 49 involving a profitable railroad in the Region, as defined in , which received a loan under , the Commission shall, with or without a hearing, issue a final decision within a period not to exceed 180 days after receipt of an application under either such section.
Interest of United States attaching in bankruptcy, liquidation, abandonment, etc.
Pub. L. 97–35, title XI, § 116495 Stat. 685Pub. L. 97–468, title V, § 51096 Stat. 2554Pub. L. 104–88, title III, § 331109 Stat. 953(, , ; , , ; , , .)
Editorial Notes
References in Text
act July 1, 1898, ch. 54130 Stat. 544Pub. L. 95–59892 Stat. 2682Section 77 of the Bankruptcy Act, referred to in subsec. (a), was classified to section 205 of former Title 11, Bankruptcy. The Bankruptcy Act (, ) was repealed effective , by , §§ 401(a), 402(a), , , section 101 of which enacted revised Title 11. For current provisions relating to railroad reorganization, see subchapter IV (§ 1161 et seq.) of chapter 11 of Title 11.
Amendments
Pub. L. 104–881995—Subsecs. (a), (b). substituted “section 11324 or 11325” for “section 11344 or 11345”.
Pub. L. 97–468, § 510(1)1983—Subsec. (c)(1). , substituted “bankruptcy or substantial sale” for “bankruptcy, substantial sale,” after “in the event of”, and in last sentence substituted permission for the Secretary to substitute contingency notes for evidence of the debt for the requirement that the Secretary substitute contingency notes for evidence of the debt and inserted provision that the contingency notes be payable solely from the railroad operating assets then securing such debt, including reinvestments thereof, or be other contingency notes as the Secretary deems appropriate.
Pub. L. 97–468, § 510(2)Subsec. (c)(2). , substituted permission that new debt may have such higher priority in the event of bankruptcy, liquidation, or abandonment of the assets of such a railroad than the debt described in par. (1) as the Secretary and the railroad may agree for the requirement that such debt have higher priority in the event of bankruptcy, liquidation, or abandonment of the assets of Conrail than the debt described in par. (1).
Pub. L. 97–468, § 510(3)Subsec. (c)(3). , added par. (3).
Statutory Notes and Related Subsidiaries
Effective Date of 1995 Amendment
Pub. L. 104–88section 2 of Pub. L. 104–88section 1301 of Title 49Amendment by effective , see , set out as an Effective Date note under , Transportation.
Abolition of Interstate Commerce Commission and Transfer of Functions
Pub. L. 104–88section 1302 of Title 49section 101 of Pub. L. 104–88section 1301 of Title 49section 205 of Pub. L. 104–88section 1301 of Title 49Interstate Commerce Commission abolished and functions of Commission transferred, except as otherwise provided in , to Surface Transportation Board effective , by , Transportation, and , set out as a note under . References to Interstate Commerce Commission deemed to refer to Surface Transportation Board, a member or employee of the Board, or Secretary of Transportation, as appropriate, see , set out as a note under .