Page:United States Statutes at Large Volume 72 Part 1.djvu/854

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PUBLIC LAW 85-728-AUG. 23, 1968

[72 S T A T.

Public Law 85-728 August 23, 1958 ^^' ^"^^^

AN ACT To amend the I n t e r s t a t e Commerce Act to provide for the validity and perfection of certain security interests in motor vehicles.

Be it enacted by the Senate and House of Representatives of the Interstate Com- United States of America in Congress assembled, That part II of the ^^^^ merce Act, amendmwat." "^'' """'""• Interstate Commerce Act is amended by inserting after section 212 49 USC M^i and ^he following new section: note. " V A L I D I T Y AND PERFECTION OF CERTAIN SECURITY INTERESTS IN MOTOR VEHICLES

"SEC. 213. (a) As used in this section the term— "(1) 'debtor carrier' means every common or contract carrier having a certificate of public convenience and necessity or permit issued under this Act who owes payment or performance of an obligation secured by a security interest. "(2) 'home State' means the State of the United States, or the District of Columbia, where the principal place of business of the debtor carrier is located. "(3) 'lien creditor' means a creditor who has acquired a lien on the motor vehicle involved by attachment, levy, or the like, and includes an assignee for benefit of creditors from the time of assignment, a trustee in bankruptcy from the date of the filing of the petition in bankruptcy, and a receiver in equity from the time of his appointment. "(4) 'perfection' in connection with a security interest means the taking of the steps (including but not limited to public filing, recording, notation on a certificate of title, or possession of collateral by the secured party), or the existence of the facts, required by applicable law to make a security interest enforceable against general creditors and subsequent lien creditors of a debtor carrier, but does not include any reference to compliance with requirements, if any, as to capacity, authority, form of instruments, value, consideration, good faith, and other matters which go only to the creation of a valid security interest as between the debtor carrier and the secured party. "(5) 'security interest' means an interest (including but not limited to an interest created by a conditional sale contract, mortgage, equipment trust, or other lien or title retention contract, or lease) in a motor vehicle owned by, or the possession and use of which vehicle has been transferred to, a debtor carrier, which interest secures payment or performance of an obligation of the debtor carrier. "(6) 'motor vehicle' means any truck having a rated capacity (gross vehicle weight) of ten thousand pounds or more; any highw^ay tractor having a rated capacity (gross combination weight) of ten thousand pounds or more; or any propertycarrying trailer or semitrailer having one or more load-carrying axles of ten thousand pounds or more; or any motor bus having a seating capacity of ten persons or more. "(7) 'purchaser' means a person who takes by sale, or who takes or retains a security interest in, a motor vehicle. "(b) If a certificate of title is issued for a motor vehicle under a statute of a jurisdiction which requires or permits indication on a certificate of title of a security interest in a motor vehicle, and if a security interest is so indicated on the certificate, then the security

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