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#577252 - 06/29/06 01:54 PM Perfecting on Locomotive Engine
HRH Okie Banker Offline
Power Poster
Joined: Jan 2003
Posts: 3,070
Oklahoma
Can anyone please tell me if the perfection process on a Locomotive Engine is the same as perfecting on equipment? There is something about this that is bothering me, but I don't know what. Are the rules different, like with yachts?
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#577253 - 06/29/06 01:56 PM Re: Perfecting on Locomotive Engine
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,965
TN
I've been in banking for almost 27 years and this is the first time I've heard of this. I even worked in the 'Equine' department at a bank in Louisville, KY. All I can say is - good luck.
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#577254 - 06/29/06 04:18 PM Re: Perfecting on Locomotive Engine
Edr55 Offline
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Edr55
Joined: Jul 2005
Posts: 455
I haven't dealt with this myself either, but would guess there are some 'uses' that might dictate how, where, why, to perfect. That is is it commercial transport, passenger, novelty, display, etc. I would then ask the related regulating authority.
I almost wonder if it is like a plane where you go through the FAA,,,??? only the federal DOT instead or something of that nature. Good luck, and for my own curiosity, please keep us posted.

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#577255 - 06/29/06 08:53 PM Re: Perfecting on Locomotive Engine
Ken H Offline
New Poster
Joined: Feb 2006
Posts: 21
Western Arkansas
I would want to know if the loan is to an individual or to a business for business purposes. If this is to an individual for consumer purposes you might very well have to secure it differently than if it is to a business that will be use it commercially. I am guessing that they do not have a title in most states. I am guessing again that you would treat them like any other large piece of equipment and here in Ark. we would file a UCC with the Sec of State. But then again, I, like the other poster have been in banking since 1982 and never used a train locomotive as collateral, never even been asked.

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#577256 - 06/29/06 09:14 PM Re: Perfecting on Locomotive Engine
Ted Dreyer Offline
Diamond Poster
Ted Dreyer
Joined: Apr 2001
Posts: 2,245
Okie banker: Check here: Railroad mortgages

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#577257 - 06/29/06 09:28 PM Re: Perfecting on Locomotive Engine
Ken H Offline
New Poster
Joined: Feb 2006
Posts: 21
Western Arkansas
Just as I suspected, if the collateral is used quote "in a manor related to interstate commerce the security agreement shall be filed with the Board" I wonder what Board they are talking about though?

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#577258 - 06/30/06 05:47 AM Re: Perfecting on Locomotive Engine
Tom at HOME Offline
Diamond Poster
Joined: Oct 2005
Posts: 1,139
Wow, an Article 9 question.

A railroad is a “transmitting utility” [see 9-102 definition of a transmitting utility] you perfect by filing on the engine which is an accession to the locomotive. The filing last until you terminate it if you check the box on the UCC1 Addendum form.

The jurisdiction in which you would file is governed by 9-307. Are they organized under the laws of a state or the laws of the US? The answer to that question plus reading 9-307 will tell you where to file.

At one time filing was made on a national level like Documented Vessels, Aircraft, patents, etc. No longer.

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#577259 - 06/30/06 01:05 PM Re: Perfecting on Locomotive Engine
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 47,517
Bloomington, IN
Tom....you sound like a kid that just found a free candy store....
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The opinions expressed are mine and they are not to be taken as legal advice.

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#577260 - 06/30/06 01:11 PM Re: Perfecting on Locomotive Engine
Tom at HOME Offline
Diamond Poster
Joined: Oct 2005
Posts: 1,139
So few question and so much time.

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#577261 - 06/30/06 02:47 PM Re: Perfecting on Locomotive Engine
Tom at HOME Offline
Diamond Poster
Joined: Oct 2005
Posts: 1,139
This is for OKIE Banker.

If the jurisdiction turns out to be Oklahoma, you file for transmitting utilities with the office of the Secretary of State and not the Oklahoma County Clerk.

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