A bill to amend the Bankruptcy Act to provide emergency relief under certain circumstances to political subdivisions who are creditors of railroads.

Provides, under the Bankruptcy Act, that political subdivisions which are creditors of railroads with respect to overdue taxes on which a lien has attached may seize property owned by the railroad and within the taxing jurisdiction of the subdivision if such property is not in current use or has not been conveyed to the Consolidated Rail Corporation.