---
kind: "section"
citation: "45 U.S.C. § 1341"
title: "45"
title_heading: "Railroads"
number: "1341"
heading: "Abolition of United States Railway Association"
release: "119-102"
url: "https://uscodex.org/usc/45/1341"
units:
  - "Chapter 22 — Conrail Privatization"
  - "Subchapter II — Conrail"
  - "Part C — Miscellaneous Provisions"
---

# §1341. Abolition of United States Railway Association

- (a) **Abolition and termination—**
  - (1) Effective April 1, 1987, the United States Railway [Association](/usc/45/702.md?p=1) is abolished.
  - (2) On January 1, 1987, all powers, duties, rights, and obligations of such [association](/usc/45/702.md?p=1) relating to the [Corporation](/usc/45/1303.md?p=5) under the Regional Rail Reorganization Act of 1973 ([45 U.S.C. 701](/usc/45/701.md) et seq.) shall be transferred to the Secretary of Transportation.
  - (3) The sole function of the United States Railway [Association](/usc/45/702.md?p=1) after January 1, 1987, shall be the termination of its affairs and the liquidation of its assets.
- (b) **Transfer of securities and responsibilities—**
  - (1) Any securities of the [Corporation](/usc/45/1303.md?p=5) held by the United States Railway [Association](/usc/45/702.md?p=1) shall, upon[^1] October 21, 1986, be transferred to the Secretary of Transportation.
  - (2) If, on the date the United States Railway [Association](/usc/45/702.md?p=1) is abolished under [subsection (a)](#a), such [association](/usc/45/702.md?p=1) shall not have completed the termination of its affairs and the liquidation of its assets, the duty of completing such winding up of its affairs and liquidation shall be transferred to the Secretary of Transportation, who for such purposes shall succeed to all remaining powers, duties, rights, and obligations of such [association](/usc/45/702.md?p=1).
- (c) **Financing agreement—**
  - (1) On January 1, 1987, the Amended and Restated Financing Agreement, dated May 10, 1979, between the United States Railway [Association](/usc/45/702.md?p=1) and the [Corporation](/usc/45/1303.md?p=5), together with any and all rights and obligations of or on behalf of any [person](/usc/45/1303.md?p=10) with respect to such agreement, shall terminate and be of no further force or effect, except for those provisions specifying terms and conditions for payments made to the United States with respect to debentures, [preferred stock](/usc/45/1303.md?p=11), and contingent interest notes.
  - (2) Effective as of the [sale date](/usc/45/1303.md?p=13), those provisions of the Financing Agreement referred to in [paragraph (1)](#c-1) shall terminate.

## Footnotes

[^1]: So in original. Probably should be “on”.

## Source credit

(Pub. L. 99–509, title IV, § 4031, Oct. 21, 1986, 100 Stat. 1906.)

## Notes

### Editorial Notes

### References in Text

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