### Question
How does the law define marketable obligation?


### Answer
Under *29 U.S.C. § 1107*, **marketable obligation** is defined as:

> a bond, debenture, note, or certificate, or other evidence of indebtedness (hereinafter in this subsection referred to as “obligation”) if—


(1) such obligation is acquired—


(A) on the market, either (i) at the price of the obligation prevailing on a national securities exchange which is registered with the Securities and Exchange Commission, or (ii) if the obligation is not traded on such a national securities exchange, at a price not less favorable to the plan than the offering price for the obligation as established by current bid and asked prices quoted by persons independent of the issuer

#### Citation:
  - *29 U.S.C. § 1107*
  - Heading: **CHAPTER 17-COMPREHENSIVE EMPLOYMENT AND TRAINING PROGRAMS > SUBCHAPTER I-PROTECTION OF EMPLOYEE BENEFIT RIGHTS > Subtitle B-Regulatory Provisions > part 4-fiduciary responsibility**

