PREFERENTIAL COLLECTION OF CLAIMS AGAINST OBLIGOR.

SEC. 409. PREFERENTIAL COLLECTION OF CLAIMS AGAINST OBLIGOR. Section 311 of the Trust Indenture Act of 1939 (15 U.S.C. 77kkk) is amended— (1) by striking “the indenture to be qualified shall provide that” in the first paragraph of subsection (a); (2) by striking “The indenture to be qualified shall provide that, if” at the beginning of the third paragraph of subsection (a) and inserting “If”; (3) by striking “four months” and “four months’” each place they appear in subsection (a) and inserting “three months” and “three months’ ”; respectively; (4) by inserting at the end of subsection (a) the following: “In any case commenced under the Bankruptcy Act of July 1, 1898, or any amendment thereto enacted prior to November 6, 1978, all references to periods of three months shall be deemed to be references to periods of four months.”; and (5) by striking “may” in the first line of subsection (b) and inserting “shall automatically be deemed (unless it is expressly provided therein that any such provision is excluded) to”.