§11303. Equipment trusts: recordation; evidence of indebtedness

(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 railroad cars, locomotives, or other rolling stock or vessels, intended for a use related to interstate commerce may be filed with the Interstate Commerce Commission. 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 may also be filed with the Commission. The instrument, assignment, or amendment must be in writing, executed by the parties to it, and acknowledged or verified under Commission 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 Commission 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 Commission 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.

( Pub. L. 95–473, Oct. 17, 1978, 92 Stat. 1430 ; Pub. L. 103–272, §5(m)(30), July 5, 1994, 108 Stat. 1378 .)

In subsection (a), the words "intended for a use related to" are substituted for "used or intended for use in connection with" for clarity and as being more inclusive. The word "amendment" is substituted for "supplement or amendment" as being more inclusive. The words "any part of" are substituted for "in whole or in part" as being more precise. The words "The instrument . . . must be" are substituted for "provided such instrument . . . is" for clarity. The words "under Commission regulations" are substituted for "in accordance with such requirements as the Commission shall prescribe" in view of the general power to prescribe regulations under section 10321 of the revised title. The words "that document" are substituted for "any such instrument or other document" as being more inclusive. The word "valid" is omitted as surplus. The words "all persons" are substituted for "all persons including, without limitation, any purchaser from, or mortgagee, creditor, receiver, or trustee in bankruptcy of, the mortgagor, buyer, lessee, or bailee of the equipment covered thereby" as being more inclusive. The words "When filed" are substituted for "from and after the time . . . is so filed" to eliminate redundancy. The words "does not have to be filed" are substituted for "need not be otherwise filed" for clarity. The words "of America" are omitted as surplus. The word "district" is omitted as unnecessary in view of the definition of "State" in section 10102 of the revised title. The words "related to" are substituted for "respecting the" for clarity. The words "Provided, however, That" are omitted as surplus. The words "does not change" are substituted for "nothing contained in . . . shall, in any way, be construed to alter or amend" for clarity.

In subsection (b), the word "establish" is omitted as executed. The words "and mark each of them" are substituted for "and shall cause to be" for clarity. The word "mark" is substituted for "marked or stamped" as being more inclusive. The word "thereon" is omitted as surplus. The words "and may include other facts that will assist in determining" are substituted for "as well as such other facts as may be necessary to facilitate" for clarity.

Amendments

1994-Subsec. (a). Pub. L. 103–272 substituted "chapter 313 of title 46" for "the Ship Mortgage Act, 1920" in two places.