
From the U.S. Code Online via GPO Access
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[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 49USC14301]

 
                        TITLE 49--TRANSPORTATION
 
                 SUBTITLE IV--INTERSTATE TRANSPORTATION
 
 PART B--MOTOR CARRIERS, WATER CARRIERS, BROKERS, AND FREIGHT FORWARDERS
 
                          CHAPTER 143--FINANCE
 
Sec. 14301. Security interests in certain motor vehicles

    (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, Sec. 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, Sec. 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.
