49-U.S.C.-24907

§24907 – Note and Mortgage

Pathway

Title 49 > Subtitle V > Part C > Chapter 249 > Section 24907

Details

• Reference: Section 24907
• Legend: §24907 – Note and Mortgage
• USCode Year: 2013

Provision Content

(a) General Authority.—To secure amounts expended by the United States Government to acquire and improve rail property designated under section 206(c)(1)(C) and (D) of the Regional Rail Reorganization Act of 1973 (45 U.S.C. 716(c)(1)(C) and (D)), the Secretary of Transportation may obtain a note of indebtedness from, and make a mortgage agreement with, Amtrak to establish a mortgage lien on the property for the Government. The note and mortgage may not supersede section 24904 of this title.

(b) Exemptions From Laws and Regulations.—The note and agreement under subsection (a) of this section, and a transaction related to the note or agreement, are exempt from any United States, State, or local law or regulation that regulates securities or the issuance of securities. The note, agreement, or transaction under this section has the same immunities from other laws that section 601 of the Act (45 U.S.C. 791) gives to transactions that comply with or carry out the final system plan. The transfer of rail property because of the note, agreement, or transaction has the same exemptions, privileges, and immunities that the Act (45 U.S.C. 701 et seq.) gives to a transfer ordered or approved by the special court under section 303(b) of the Act (45 U.S.C. 743(b)).

(c) Immunity From Liability and Indemnification.—Amtrak, its board of directors, and its individual directors are not liable because Amtrak has given or issued the note or agreement to the Government under subsection (a) of this section. Immunity granted under this subsection also applies to a transaction related to the note or agreement. The Government shall indemnify Amtrak, its board, and individual directors against costs and expenses actually and reasonably incurred in defending a civil action testing the validity of the note, agreement, or transaction.

(Pub. L. 103–272, §1(e), July 5, 1994, 108 Stat. 936.)

In subsection (a), the words In order . . . protect and, securing such expenditure, infringe upon or, and the authority conferred upon the National Railroad Passenger Corporation by are omitted as surplus.

In subsections (b) and (c), the words note and agreement are substituted for agreement, security, or obligation for consistency because the Secretary of Transportation gets only notes and mortgage agreements under the source provisions restated in subsection (a) of this section.

In subsection (b), the words obtained by the Secretary and the provisions of subtitle IV of title 49, the Securities Act of 1933 (15 U.S.C. 77a et seq.), and . . . other are omitted as surplus. The words has the same are substituted for shall enjoy all of the for clarity. The words conveyance or are omitted, and the word transfer is substituted for conveyances, for consistency in this subtitle. The words (including section 303(e) thereof [45 U.S.C. 743(e)]) are omitted as surplus. The words section 303(b) are substituted for section 306(b) to correct a mistake in section 217(c) of the Rail Transportation Improvement Act (Public Law 94–555, 90 Stat. 2628).

In subsection (c), the words to any party for any damages, or in any other matter are omitted as surplus. The word because is substituted for ‘by reason of the fact that to eliminate unnecessary words. The words related to the note or agreement are substituted for in connection with for clarity. The words all and (including fees of accountants, experts, and attorneys) are omitted as surplus. The words a civil action are substituted for any litigation for consistency with rule 2 of the Federal Rules of Civil Procedure (28 App. U.S.C.). The words legal and given, issued, or entered into are omitted as surplus.

References in Text

The Regional Rail Reorganization Act of 1973, referred to in subsecs. (a) and (b), is Pub. L. 93–236, Jan. 2, 1974, 87 Stat. 985, as amended, which is classified principally to chapter 16 (§701 et seq.) of Title 45, Railroads. For complete classification of this Act to the Code, see Short Title note set out under section 701 of Title 45 and Tables.

Abolition of Special Court, Regional Rail Reorganization Act of 1973, and Transfer of Functions

Special court abolished and all jurisdiction and functions transferred to United States District Court for District of Columbia, see section 719(b)(2) of Title 45, Railroads.

U.S. Encyclopedia of Law Coverage

49-U.S.C.-24710 in the Legal Encyclopedia: Transportation

In this entry about 49-U.S.C.-24710, find legal reference material, bibliographies and premiere content related to transportation in the American Encyclopedia of Law, presenting a comprehensive view of the United States transportation-specific issues, written by authorities in the field.

49-U.S.C.-24709 in the Legal Encyclopedia: Transport Programs

In this entry about 49-U.S.C.-24709, find legal reference material, bibliographies and premiere content related to transport programs in the American Encyclopedia of Law, presenting a comprehensive view of the United States transport programs-specific issues, written by authorities in the field.

49-U.S.C.-24903 in the Legal Encyclopedia: Rail Programs

In this entry about 49-U.S.C.-24903, find legal reference material, bibliographies and premiere content related to rail programs in the American Encyclopedia of Law, presenting a comprehensive view of the United States rail programs-specific issues, written by authorities in the field.

Topic Map

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