U.S. Code » Title 49 » Subtitle SUBTITLE IV— INTERSTATE TRANSPORTATION › Part PART A— RAIL › Chapter CHAPTER 113— FINANCE › Subchapter SUBCHAPTER I— EQUIPMENT TRUSTS AND SECURITY INTERESTS

49 U.S.C. § 11301

Equipment trusts: recordation; evidence of indebtedness

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(a) A mortgage (other than a mortgage under chapter 313 of title 46), lease, equipment trust agreement, conditional sales agreement, or other instrument evidencing the mortgage, lease, conditional sale, or bailment of or security interest in vessels, railroad cars, locomotives, or other rolling stock, or accessories used on such railroad cars, locomotives, or other rolling stock (including superstructures and racks), intended for a use related to interstate commerce shall be filed with the Board in order to perfect the security interest that is the subject of such instrument. An assignment of a right or interest under one of those instruments and an amendment to that instrument or assignment including a release, discharge, or satisfaction of any part of it shall also be filed with the Board. The instrument, assignment, or amendment must be in writing, executed by the parties to it, and acknowledged or verified under Board regulations. When filed under this section, that document is notice to, and enforceable against, all persons. A document filed under this section does not have to be filed, deposited, registered, or recorded under another law of the United States, a State (or its political subdivisions), or territory or possession of the United States, related to filing, deposit, registration, or recordation of those documents. This section does not change chapter 313 of title 46.(b) The Board shall maintain a system for recording each document filed under subsection (a) of this section and mark each of them with a consecutive number and the date and hour of their recordation. The Board shall maintain and keep open for public inspection an index of documents filed under that subsection. That index shall include the name and address of the principal debtors, trustees, guarantors, and other parties to those documents and may include other facts that will assist in determining the rights of the parties to those transactions.(c) The Board may to the greatest extent practicable perform its functions under this section through contracts with private sector entities.(d) A mortgage, lease, equipment trust agreement, conditional sales agreement, or other instrument evidencing the mortgage, lease, conditional sale, or bailment of or security interest in vessels, railroad cars, locomotives, or other rolling stock, or accessories used on such railroad cars, locomotives, or other rolling stock (including superstructures and racks), or any assignment thereof, which—(1) is duly constituted under the laws of a country other than the United States; and(2) relates to property that bears the reporting marks and identification numbers of any person domiciled in or corporation organized under the laws of such country,shall be recognized with the same effect as having been filed under this section.(e) Interests with respect to which documents are filed or recognized under this section are deemed perfected in all jurisdictions, and shall be governed by applicable State or foreign law in all matters not specifically governed by this section.(f) The Board shall collect, maintain, and keep open for public inspection a railway equipment register consistent with the manner and format maintained by the Interstate Commerce Commission as of January 1, 1996.(Added Pub. L. 104–88, title I, § 102(a), Dec. 29, 1995, 109 Stat. 837; amended Pub. L. 104–287, § 5(25), Oct. 11, 1996, 110 Stat. 3390.)Editorial NotesPrior Provisions

Provisions similar to those in this section were contained in section 11303 of this title prior to the general amendment of this subtitle by Pub. L. 104–88, § 102(a).

A prior section 11301, Pub. L. 95–473, Oct. 17, 1978, 92 Stat. 1428; Pub. L. 103–429, § 6(16), Oct. 31, 1994, 108 Stat. 4379, related to authority of certain carriers to issue securities and assume obligations and liabilities, prior to the general amendment of this subtitle by Pub. L. 104–88, § 102(a).

A prior section 11302, Pub. L. 95–473, Oct. 17, 1978, 92 Stat. 1430; Pub. L. 96–296, § 18(a), July 1, 1980, 96 Stat. 811, provided that section 11301 of this title applied to motor carriers and corporations subject to jurisdiction of Interstate Commerce Commission under former subchapter II of chapter 105 of this title, but did not apply to corporations under a certain capitalization, and that this section did not apply to Federal, State, or local governments, prior to repeal by Pub. L. 97–261, §§ 19(a), 31(a), Sept. 20, 1982, 96 Stat. 1121, 1129, effective on the 60th day after Sept. 20, 1982.

Prior sections 11303 and 11304 were omitted in the general amendment of this subtitle by Pub. L. 104–88, § 102(a).

Section 11303, Pub. L. 95–473, Oct. 17, 1978, 92 Stat. 1430; Pub. L. 103–272, § 5(m)(30), July 5, 1994, 108 Stat. 1378, related to filing and recording of mortgages, leases, equipment trusts, and other agreements with Interstate Commerce Commission. See section 11301 of this title.

Section 11304, Pub. L. 95–473, Oct. 17, 1978, 92 Stat. 1431; Pub. L. 96–258, § 1(12), June 3, 1980, 94 Stat. 426, related to security interests in certain motor vehicles. See section 14301 of this title.

Amendments

1996—Subsec. (f). Pub. L. 104–287 substituted “January 1, 1996” for “the effective date of the ICC Termination Act of 1995”.

Statutory Notes and Related SubsidiariesEffective Date

Section effective Jan. 1, 1996, except as otherwise provided in Pub. L. 104–88, see section 2 of Pub. L. 104–88, set out as a note under section 1301 of this title.

Abolition of Interstate Commerce Commission

Interstate Commerce Commission abolished by section 101 of Pub. L. 104–88, set out as a note under section 1301 of this title.

Notes of Decisions
Cited in 28 cases, 1979–2016 · leading case: Norfolk & W. Ry. Co. v. Am. Train Dispatchers' Ass'n, 499 U.S. 117 (1991).
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Norfolk & W. Ry. Co. v. Am. Train Dispatchers' Ass'n, 499 U.S. 117 (1991). · cites it 2× “49 U. S. C. § 11301 et seq. A carrier in an approved consolidation “is exempt from the antitrust laws and from all other law, including State and municipal law, as necessary to let [it] carry out the transaction .”
In Re S. Illinois Railcar Co., 301 B.R. 305 (Bankr. S.D. Ill. 2002). · cites it 3× “A federal statute, 49 U.S.C. § 11301 , governs the perfection of security interests in railroad cars and leases thereof.”
Frank J. Laird v. Interstate Com. Comm'n & United States of Am., the Kansas City S. Ry. Co., Intervenor, 691 F.2d 147 (3rd Cir. 1982). · cites it 3× “On February 26, 1981, the railway company filed an application with the ICC, pursuant to 49 U.S.C. § 11301 , for authority to reissue its securities to effect a reverse stock split.”
Ass'n of Am. Railroads v. United States, 603 F.2d 953 (D.C. Cir. 1979). · cites it 17× “Together, these orders decreed broadened definitions of the statutory terms found in section 20a of the Interstate Commerce Act, 49 U.S.C. § 11301 (formerly 49 U.S.C. § 20a); these new definitions greatly increase the number and variety of financial transactions requiring ICC…”
Ry. Labor Executives' Ass'n v. Interstate Com. Comm'n, Nw. Pac. R.R. Co., Intervenor-Respondent, 784 F.2d 959 (9th Cir. 1986). “Indeed, there is no general objection here to the propriety of the exemption procedure followed by the ICC. 5 . The Railway Labor Executives' Association, petitioners here, was one of a number of organizations which sought to reopen the exemption proceeding.”
Am. Train Dispatchers Ass'n v. Interstate Com. Comm'n & United States of Am., Csx Transp., Inc., Intervenor, 26 F.3d 1157 (D.C. Cir. 1994). “49 U.S.C. § 11301 et seq. ICC approval of a consolidation frees railroad companies from various legal constraints.”
United Transp. Union v. Burlington N. Santa Fe R.R., 528 F.3d 674 (9th Cir. 2008). “Statutory Framework The jurisdictional question in this case hinges on the relationship between the Interstate Commerce Act (“ICA”), 49 U.S.C. § 11301 et seq., 2 and the Railway Labor Act (“RLA”), 45 U.”
Ry. Labor Executives' Ass'n v. Wheeling Acquisition Corp., 736 F. Supp. 1397 (E.D. Va. 1990). · cites it 2× “” 49 U.S.C. § 11301 (a)(1) (emphasis added).”
Pasteurized Eggs Corp. v. Bon Dente Jt. Venture (In Re Pasteurized Eggs Corp.), 296 B.R. 283 (Bankr. D.N.H. 2003). · cites it 2× “Regarding liens on railroad-related property, *292 49 U.S.C. § 11301 provides that a “mortgage .”
Bhd. of Ry. & Airline Clerks v. Burlington N. Inc., 513 F. Supp. 1023 (D. Minnesota 1981). · cites it 2× “The first words of Subchapter III, within which are found §§ 11343,11344, and 11348, are “[t]he authority of the Interstate Commerce Commission under this subchapter is exclusive.”
Cahill v. Fruehauf Corp. (In Re Associated Transp., Inc.), 3 B.R. 124 (Bankr. S.D.N.Y. 1980). “§ 11302 ), makes the provisions of Sections 20a(2)-(11), (now 49 U.S.C. §§ 11301 (a)(2)-(11)), applicable to motor common carriers.”
Moldo v. Matsco, Inc. (In Re Cybernetic Servs., Inc.), 239 B.R. 917 (9th Cir. BAP 1999). “Similarly, 49 U.S.C. § 11301 (a) provides that a "mortgage .”
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