Re: Trust Plates
There were NO title documents for railroad rolling stock (at least in
STMFC times - not sure about today, now that the ICC is gone). There
was NO recording of title documents of this type at the ICC when it
still was in existence. I did a paper on this subject in law school in
1982 - ICC had no title documents then, and said that they never had
done that, as far as anyone at the agency remembered.
The "trust" was not actually a trust document, but rather a mortgage
between lender and purchaser with the collateral secured by the
equipment, as evidenced by the trust plate. In earlier times, it may
have actually been a trust agreement - they were unable to locate such
an agreement at the ICC in 1982.
--- In STMFC@..., "gary laakso" <vasa0vasa@...> wrote:
Commerce Commission so that any lender will have a title check run to
see if there are any liens on the equipment. This usually arises in
the sale of the cars by the lender or a refinancing to rebuild the cars.