45 U.S.C. § 914 — Obligation guarantees

FEDERAL · 45 U.S.C. · Chapter 18

Obligation guarantees

45 U.S.C. § 914

Chapter18 — MILWAUKEE RAILROAD RESTRUCTURING

This text of 45 U.S.C. § 914 (Obligation guarantees) is published on Counsel Stack Legal Research, covering United States primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

45 U.S.C. § 914.

Text

(a)Authorization The Secretary of Transportation, under the authority of section 831 of this title, shall guarantee obligations of the Milwaukee Railroad for purposes of providing employee protection in accordance with the terms of the employee protection agreement entered into under section 908 of this title. Guarantees under this section shall be entered into without regard to the requirements of subsection (g) of section 831 of this title.

(b)Obligations as administrative expense Any obligation guaranteed pursuant to this section shall be treated as an administrative expense of the estate of the Milwaukee Railroad.

(c)Limit on aggregate unpaid principal amount The aggregate unpaid principal amount of obligations which may be guaranteed by the Secretary pursuant to this section shall

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(a) Authorization
The Secretary of Transportation, under the authority of section 831 of this title, shall guarantee obligations of the Milwaukee Railroad for purposes of providing employee protection in accordance with the terms of the employee protection agreement entered into under section 908 of this title. Guarantees under this section shall be entered into without regard to the requirements of subsection (g) of section 831 of this title.
(b) Obligations as administrative expense
Any obligation guaranteed pursuant to this section shall be treated as an administrative expense of the estate of the Milwaukee Railroad.
(c) Limit on aggregate unpaid principal amount
The aggregate unpaid principal amount of obligations which may be guaranteed by the Secretary pursuant to this section shall not exceed $75,000,000.
(d) Limit on total liability
The total liability of the Milwaukee Railroad in connection with benefits and allowances provided under an employee protection agreement entered into under section 908 of this title shall not exceed $75,000,000.
(e) Liability of United States respecting section 908 agreements
Except in connection with obligations guaranteed under this section, the United States shall incur no liability to employees in connection with any employee protection agreement entered into under section 908 of this title.
(f) Applicability of section 22404 of title 49
Section 22404 of title 49 shall not apply to any obligation guaranteed under this section.

In the Matter of Chicago, Milwaukee, St. Paul & Pacific Railroad Company, Debtor. Consolidated Appeals of Railway Labor Executives' Association, Intervenor. State of Wisconsin Department of Transportation, State of South Dakota, Port of Pend Oreille, Pend Oreille Valley Railroad Company, Inc., and Seattle and North Coast Railroad Company, Intervening

658 F.2d 1149 (Seventh Circuit, 1981)

35 case citations

In re Chicago, Milwaukee, St. Paul & Pacific Railroad

658 F.2d 1149 (Seventh Circuit, 1981)

11 case citations

Source Credit

History

(Pub. L. 96–101, §15, Nov. 4, 1979, 93 Stat. 743; Pub. L. 96–448, title VII, §701(a)(3), Oct. 14, 1980, 94 Stat. 1959; Pub. L. 117–58, div. B, title I, §21301(j)(3)(E), Nov. 15, 2021, 135 Stat. 692.)

Editorial Notes

Editorial Notes

References in Text
Section 831 of this title, referred to in subsec. (a), was repealed by Pub. L. 105–178, title VII, §7203(a)(2), June 9, 1998, 112 Stat. 477, except for subsec. (c) of that section, which was renumbered and transferred to section 823(b) of this title by section 7203(a)(4) of Pub. L. 105–178. Section 823(b) of this title was subsequently repealed by Pub. L. 117–58, div. B, title I, §21301(b)(1)(A), Nov. 15, 2021, 135 Stat. 683.

Amendments
2021—Subsec. (f). Pub. L. 117–58 substituted "Section 22404 of title 49" for "Section 836 of this title".
1980—Subsec. (e). Pub. L. 96–448 inserted "to employees" after "no liability".

Statutory Notes and Related Subsidiaries

Effective Date of 1980 Amendment
Amendment by Pub. L. 96–448 effective Oct. 14, 1980, see section 710(d) of Pub. L. 96–448, set out as a note under section 1170 of Title 11, Bankruptcy.

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45 U.S.C. § 914, Counsel Stack Legal Research, https://law.counselstack.com/usc/45/914.