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

Page 231 TITLE 45—RAILROADS § 915 1 See References in Text note below. § 914. Obligation guarantees (a) Authorization The Secretary of Transportation, under the authority of section 831 of this title, shall guar- antee obligations of the Milwaukee Railroad for purposes of providing employee protection in ac- cordance with the terms of the employee protec- tion 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 ex- pense of the estate of the Milwaukee Railroad. (c) Limit on aggregate unpaid principal amount The aggregate unpaid principal amount of ob- ligations which may be guaranteed by the Sec- retary 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 pro- vided 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 guaran- teed under this section, the United States shall incur no liability to employees in connection with any employee protection agreement en- tered 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. (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 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 (a), was repealed by Pub.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 sec- tion, 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 re- pealed 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 employ- ees’’ 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. § 915. Court approved abandonment and sales in pending cases (a) Abandonment of lines of railroad under Bankruptcy Act Notwithstanding any other provision of law, in any case pending under section 77 of the Bank- ruptcy Act on November 4, 1979, the court may authorize the abandonment of lines of railroad pursuant to section 1170 of title 11. Pending the expiration of the time for appeal of an abandon- ment order or the determination of any such ap- peal, the court may authorize the termination of service on a line to be abandoned, and the order authorizing such termination may not be stayed. In authorizing any abandonment pursu- ant to this section, the court shall require the carrier to provide a fair arrangement at least as protective of the interests of employees as that required under section 11347 1 of title 49. (b) Sale or transfer of lines of railroad under Bankruptcy Act (1) Notwithstanding any other provision of law, in any case pending under section 77 of the Bankruptcy Act on November 4, 1979, the court may authorize the sale or transfer of a line of railroad to be used in continued rail operations, subject to the approval of the Commission under paragraph (2) of this subsection, if the applica- tion with respect to such sale or transfer is filed with the Commission on or after November 1, 1979. In authorizing any such sale or transfer, the court shall provide a fair arrangement at least as protective of the interests of employees as that required under section 11347 1 of title 49. (2) The court described in paragraph (1) may not authorize a sale or transfer pursuant to such paragraph unless an appropriate application with respect to such sale or transfer is initiated with the Commission and, within such time as the court may fix, not exceeding 180 days, the Commission, with or without a hearing, as the Commission may determine, and with or with- out modification or condition, approves such ap- plication, or does not act on such application. Any action or order of the Commission approv- ing, modifying, conditioning, or disapproving such application is subject to review by the court only under sections 706(2)(A), 706(2)(B), 706(2)(C), and 706(2)(D) of title 5. (3)(A) If a person has made or makes an offer to acquire from a carrier subject to liquidation a rail line or lines over which no service is pro- vided by that carrier, and that offer has been or is rejected by the trustee in bankruptcy of such carrier, such person may submit an application to the Commission seeking approval of such per- son’s acquisition of such line or lines. A copy of any such application shall be filed simulta- neously with the court. (B) The Commission shall, within 15 days after the filing of an application under subparagraph (A) of this paragraph, determine whether the ap- plicant— (i) is a financially responsible person; and (ii) has made a bona fide offer to acquire the line or lines under reasonable terms. (C)(i) If the Commission’s determination under subparagraph (B) of this paragraph is affirma-