---
kind: "section"
citation: "45 U.S.C. § 1342"
title: "45"
title_heading: "Railroads"
number: "1342"
heading: "Exemption from liability"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/45/1342"
units:
  - "Chapter 22 — Conrail Privatization"
  - "Subchapter II — Conrail"
  - "Part C — Miscellaneous Provisions"
---

# §1342. Exemption from liability

- (a) **In general—** No [person](/usc/45/1303.md?p=10) referred to in [section 726(f)(8)(C)(i)](/usc/45/726.md?p=f-8-C-i), (ii), or (iii) of this title shall be liable, for money damages or otherwise, to any party if, with respect to the subject matter of the action, suit, or proceeding, such [person](/usc/45/1303.md?p=10) was fulfilling a duty, in connection with any action taken under this subchapter, which such [person](/usc/45/1303.md?p=10) in good faith reasonably believed to be required by law or vested in such [person](/usc/45/1303.md?p=10).
- (b) **Exception—** This section shall not apply to claims arising out of the Securities Act of 1933 [[15 U.S.C. 77a](/usc/15/77a.md) et seq.], the Securities Exchange Act of 1934 [[15 U.S.C. 78a](/usc/15/78a.md) et seq.], or the Constitution or laws of any State, territory, or possession of the United States relating to transactions in securities, which claims are in connection with a [public offering](/usc/45/1303.md?p=12) under [section 1312 of this title](/usc/45/1312.md).

## Source credit

(Pub. L. 99–509, title IV, § 4034, Oct. 21, 1986, 100 Stat. 1909.)

## Notes

### Editorial Notes

### References in Text

The Securities Act of 1933, referred to in subsec. (b), is act May 27, 1933, ch. 38, title I, 48 Stat. 74, which is classified generally to subchapter I (§ 77a et seq.) of chapter 2A of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 77a of Title 15 and Tables.

The Securities Exchange Act of 1934, referred to in subsec. (b), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to chapter 2B (§ 78a et seq.) of Title 15. For complete classification of this Act to the Code, see section 78a of Title 15 and Tables.