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ARTICLE · 05 OCTOBER 2016

Security Interests Over Rail Cars In Canada: Tips For Perfecting A Security Interest Under The Canada Transportation Act

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To perfect a security interest in rail cars in Canada, the underlying document which creates the security interest must be deposited with the Registrar General of Canada...

CanadaFinance and Banking
Jennifer Wasylyk
Jennifer Wasylyk
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To perfect a security interest in rail cars in Canada, the underlying document which creates the security interest must be deposited with the Registrar General of Canada pursuant to either section 104 or 105 of the Canada Transportation Act1 (the CTA). Please see our previous e-LERT for an overview of the process for registering security interests over rail cars in Canada. As with most registration systems, the CTA deposit system is not perfect. This article provides tips for conducting a comprehensive search of the CTA deposit system and depositing a document with the Registrar General of Canada.

Before Depositing Your Document

Before a document is deposited under the CTA, a search of the deposit system should be conducted to determine if there are any prior security interests against the debtor or collateral in question. Under most Canadian registration systems, a search against the relevant debtor's name would be sufficient to determine if there are any prior

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