29 U.S.C. § 1368
If any person liable to the corporation under section 1362, 1363, or 1364 of this title neglects or refuses to pay, after demand, the amount of such liability (including interest), there shall be a lien in favor of the corporation in the amount of such liability (including interest) upon all property and rights to property, whether real or personal, belonging to such person, except that such lien may not be in an amount in excess of 30 percent of the collective net worth of all persons described in section 1362(a) of this title 1
The lien imposed by subsection (a) arises on the date of termination of a plan, and continues until the liability imposed under section 1362, 1363, or 1364 of this title is satisfied or becomes unenforceable by reason of lapse of time.
If the corporation determines that release of the lien or subordination of the lien to any other creditor of the liable person would not adversely affect the collection of the liability imposed under section 1362, 1363, or 1364 of this title, or that the amount realizable by the corporation from the property to which the lien attaches will ultimately be increased by such release or subordination, and that the ultimate collection of the liability will be facilitated by such release or subordination, the corporation may issue a certificate of release or subordination of the lien with respect to such property, or any part thereof.
For purposes of this section-
1 So in original. Probably should be followed by a period.
29 U.S.C. § 1368
EDITORIAL NOTES
CODIFICATIONA former subsec. (f) of this section was originally subsec. (e) of section 1362 of this title and was redesignated as subsec. (f) of this section by Pub. L. 100-203, §9312(b)(2)(B)(ii). Subsequently, Pub. L. 100-203, §9312(b)(2)(B)(ii), was amended generally by Pub. L. 101-239, §7881(f)(10)(B), and, as so amended, no longer contains language redesignating subsec. (e) of section 1362 as subsec. (f) of this section. As a result of that amendment, the transfer of subsec. (e) of section 1362 to subsec. (f) of this section was rescinded.
AMENDMENTS1989-Subsec. (a). Pub. L. 101-239, §7881(f)(12), struck out "to the extent such amount does not exceed 30 percent of the collective net worth of all persons described in section 1362(a) of this title" after "the amount of such liability" and substituted "in the amount of such liability (including interest) upon all property and rights to property, whether real or personal, belonging to such person, except that such lien may not be in an amount in excess of 30 percent of the collective net worth of all persons described in section 1362(a) of this title" for "to the extent such amount does not exceed 30 percent of the collective net worth of all persons described in section 1362(a) of this title upon all property and rights to property, whether real or personal, belonging to such person." Pub. L. 101-239, §7881(f)(3)(B), struck out at end "The preceding provisions of this subsection shall be applied in a manner consistent with the provisions of section 1364(d) of this title relating to treatment of multiple controlled groups."Subsec. (c). Pub. L. 101-239, §7891(a)(1), in pars. (1), (3), and (4), substituted "Internal Revenue Code of 1986" for "Internal Revenue Code of 1954", which for purposes of codification was translated as "title 26" thus requiring no change in text.Subsec. (c)(2). Pub. L. 101-239, §7894(g)(4)(A), substituted "section 3713 of title 31" for "section 3466 of the Revised Statutes (31 U.S.C. 191) ".Subsec. (f). Pub. L. 101-239, §7881(f)(10)(C), added subsec. (f). 1987-Subsec. (a). Pub. L. 100-203, §9312(b)(2)(B)(i), substituted "to the extent such amount does not exceed 30 percent of the collective net worth of all persons described in section 1362(a) of this title" for "to the extent of an amount equal to the unpaid amount described in section 1362(b)(1)(A)(i) of this title" in two places. Pub. L. 100-203, §9312(b)(2)(C)(ii), inserted at end "The preceding provisions of this subsection shall be applied in a manner consistent with the provisions of section 1364(d) of this title relating to treatment of multiple controlled groups." 1986- Pub. L. 99-272, §11016(a)(6)(B)(i), struck out "of employer" after "liability" in section catchline.Subsec. (a). Pub. L. 99-272, §11016(a)(6)(B)(ii), substituted "person liable" for "employer or employers liable", "neglects or refuses" for "neglect or refuse", and "such person" for "such employer or employers" and inserted "to the extent of an amount equal to the unpaid amount described in section 1362(b)(1)(A)(i) of this title" in two places.Subsec. (c)(1). Pub. L. 99-272, §11016(a)(6)(B)(vi), substituted par. (1) for former par. (1) which read as follows: "Except as otherwise provided under this section, the priority of the lien imposed under subsection (a) shall be determined in the same manner as under section 6323 of title 26. Such section 6323 shall be applied by substituting 'lien imposed by section 4068 of the Employee Retirement Income Security Act of 1974' for 'lien imposed by section 6321'; 'corporation' for 'Secretary or his delegate'; 'employer liability lien' for 'tax lien'; 'employer' for 'taxpayer'; 'lien arising under section 4068(a) of the Employee Retirement Income Security Act of 1974' for 'assessment of the tax'; and 'payment of the loan value is made to the corporation' for 'satisfaction of a levy pursuant to section 6332(b)'; each place such terms appear." Subsec. (d)(1), (2). Pub. L. 99-272, §11016(a)(6)(B)(iii), (iv), substituted "liable person" for "employer" wherever appearing. Subsec. (e). Pub. L. 99-272, §11016(a)(6)(B)(v), (c) (14), struck out ", with the consent of the board of directors," after "corporation determines" and substituted "liable person" for "employer or employers".1978-Subsec. (c)(2). Pub. L. 95-598substituted "a case under title 11 or in" and "title 11" for "the case of bankruptcy or" and "the Bankruptcy Act".
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 1989 AMENDMENT Amendment by section 7881(f)(3)(B), (10)(C), (12) of Pub. L. 101-239effective, except as otherwise provided, as if included in the provision of the Pension Protection Act, Pub. L. 100-203, §§9302 - 9346, to which such amendment relates, see section 7882 of Pub. L. 101-239 set out as a note under section 401 of Title 26, Internal Revenue Code.Amendment by section 7891(a)(1) of Pub. L. 101-239 effective, except as otherwise provided, as if included in the provision of the Tax Reform Act of 1986, Pub. L. 99-514, to which such amendment relates, see section 7891(f) of Pub. L. 101-239 set out as a note under section 1002 of this title. Pub. L. 101-239, title VII, §7894(g)(4)(B), Dec. 19, 1989, 103 Stat. 2451, provided that: "The amendment made by subparagraph (A) [amending this section] shall take effect as if originally included in section 3 of Public Law 97-258."
EFFECTIVE DATE OF 1987 AMENDMENT Amendment by Pub. L. 100-203 applicable with respect to plan terminations under section 1341 of this title with respect to which notices of intent to terminate are provided under section 1341(a)(2) of this title after Dec. 17, 1987, and plan terminations with respect to which proceedings are instituted by the Pension Benefit Guaranty Corporation under section 1342 of this title after that date, see section 9312(d)(1) of Pub. L. 100-203 as amended, set out as a note under section 1301 of this title.
EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99-272 effective Jan. 1, 1986, with certain exceptions, see section 11019 of Pub. L. 99-272 set out as a note under section 1341 of this title.
EFFECTIVE DATE OF 1978 AMENDMENT Amendment by Pub. L. 95-598 effective Oct. 1, 1979, see section 402(a) of Pub. L. 95-598 set out as an Effective Date note preceding section 101 of Title 11, Bankruptcy.