Mind The Gap: Navigating Security Registrations For Railway Assets In Canada

This article examines the registration of interests in the rolling stock of federally regulated railway companies under Sections 104 and 105 of the Canada Transportation Act ("CTA")¹ and contrasts it with the mechanisms generally provided for under applicable provincial or territorial legislation (typically titled Personal Property Security Act, or, in Québec, registered in the Register of Personal and Movable Real Rights as governed by the Civil Code of Québec, CQLR c CCQ-1991, referred to here collectively as the "PPSA"). We will also consider several practical issues, including strategies for navigating gaps between federal and provincial regimes, and conclude with an assessment of whether it is appropriate for counsel to provide legal opinions on the content of the CTA registry.