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ARTICLE · 19 MARCH 2014

Industry Canada Introduces Online Search Tool For Railcar Security

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In 2013, we provided an overview of the process for registering security interests over railcars or rolling stock in Canada.

CanadaFinance and Banking
Jennifer Wasylyk
Jennifer Wasylyk
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In 2013, we provided an overview of the process for registering security interests over railcars or rolling stock in Canada and outlined several considerations to be mindful of when taking railcar security in Canada. Industry Canada has recently launched a new online search tool for railway documents deposited in Canada. This article will outline the relevant updates and discuss additional issues that arise as a result of these changes.

Broadly speaking, the registration of security agreements, leases and other documents relating to railcars is governed in Canada by the Canada Transportation Act1 (the "CTA"). Registration of a document associated with railways or rolling stock under the CTA is intended to provide public notice of the interests contained in the documents deposited. For a fulsome discussion of railcar security interests in Canada, please refer to our previous e-lert here.

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