49-U.S.C.-14301
§14301 – Security Interests In Certain Motor Vehicles
Pathway
Title 49 > Subtitle IV > Part B > Chapter 143 > Section 14301
Details
- Reference: Section 14301
- Legend: §14301 – Security Interests In Certain Motor Vehicles
- USCode Year: 2013
Provision Content
(a) Definitions.—In this section, the following definitions apply:
(1) Motor vehicle.—The term motor vehicle means a truck of rated capacity (gross vehicle weight) of at least 10,000 pounds, a highway tractor of rated capacity (gross combination weight) of at least 10,000 pounds, a property-carrying trailer or semitrailer with at least one load-carrying axle of at least 10,000 pounds, or a motor bus with a seating capacity of at least 10 individuals.
(2) Lien creditor.—The term lien creditor means a creditor having a lien on a motor vehicle and includes an assignee for benefit of creditors from the date of assignment, a trustee in a case under title 11 from the date of filing of the petition in that case, and a receiver in equity from the date of appointment of the receiver.
(3) Security interest.—The term security interest means an interest (including an interest established by a conditional sales contract, mortgage, equipment trust, or other lien or title retention contract, or lease) in a motor vehicle when the interest secures payment or performance of an obligation.
(4) Perfection.—The term perfection, as related to a security interest, means taking action (including public filing, recording, notation on a certificate of title, and possession of collateral by the secured party), or the existence of facts, required under law to make a security interest enforceable against general creditors and subsequent lien creditors of a debtor, but does not include compliance with requirements related only to the establishment of a valid security interest between the debtor and the secured party.
(b) Requirements for Perfection of Security Interest.—A security interest in a motor vehicle owned by, or in the possession and use of, a carrier registered under section 13902 of this title and owing payment or performance of an obligation secured by that security interest is perfected in all jurisdictions against all general, and subsequent lien, creditors of, and all persons taking a motor vehicle by sale (or taking or retaining a security interest in a motor vehicle) from, that carrier when—
(1) a certificate of title is issued for a motor vehicle under a law of a jurisdiction that requires or permits indication, on a certificate or title, of a security interest in the motor vehicle if the security interest is indicated on the certificate;
(2) a certificate of title has not been issued and the law of the State where the principal place of business of that carrier is located requires or permits public filing or recording of, or in relation to, that security interest if there has been such a public filing or recording; and
(3) a certificate of title has not been issued and the security interest cannot be perfected under paragraph (2) of this subsection, if the security interest has been perfected under the law (including the conflict of laws rules) of the State where the principal place of business of that carrier is located.
(Added Pub. L. 104–88, title I, §103, Dec. 29, 1995, 109 Stat. 894.)
Prior Provisions
Provisions similar to those in this section were contained in section 11304 of this title prior to the general amendment of this subtitle by Pub. L. 104–88, §102(a).
Effective Date
Chapter 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 701 of this title.
U.S. Encyclopedia of Law Coverage
Subchapter II – Reports and Records in the Legal Encyclopedia: Transportation
In this entry about Subchapter II – Reports and Records, find legal reference material, bibliographies and premiere content related to transportation in the American Encyclopedia of Law, presenting a comprehensive view of the United States transportation-specific issues, written by authorities in the field.
49-U.S.C.-13904 in the Legal Encyclopedia: Interstate Transportation
In this entry about 49-U.S.C.-13904, find legal reference material, bibliographies and premiere content related to interstate transportation in the American Encyclopedia of Law, presenting a comprehensive view of the United States interstate transportation-specific issues, written by authorities in the field.
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