To amend the Trust Indenture Act of 1939 to require that indentures prohibit corporate acquisitions or reorganizations unless the successor corporation assumes the responsibility to make payments under the indenture.

Amends the Trust Indenture Act of 1939 to prohibit certain corporate mergers, consolidations, conveyances, or transfer transactions by the issuer of federally registered debt securities in which the assets available to the issuer are reduced, unless the successor entity expressly assumes, by a supplement to the original trust indenture, the payment of interest and principal of all the securities involved and the performance of every covenant of the predecessor's indenture.

Declares that subsequent to such transactions: (1) the successor corporation shall succeed to, and exercise every right and power of, the original issue under the indenture; and (2) neither the predecessor corporation, nor its successor, shall be released from its liabilities as obligor or maker on its respective securities.