49 U.S.C. § 14301 — Security interests in certain motor vehicles

(a) Definitions. Four terms matter here. (1) Motor vehicle means a truck weighing at least 10,000 pounds (gross vehicle weight), a highway^* tractor rated at least 10,000 pounds (gross combination weight), a property trailer or semitrailer with at least one axle rated at 10,000 pounds or more, or a bus that seats at least 10 people. (2) Lien creditor means a creditor holding a lien on a motor vehicle; it also includes an assignee for the benefit of creditors (counted from the date of assignment), a bankruptcy trustee (counted from the date the case was filed), and an equity receiver (counted from the date of appointment). (3) Security interest means an interest in a motor vehicle -- created by a conditional sales contract, mortgage, equipment trust, other lien or title-retention contract, or a lease -- that secures payment or performance of an obligation. (4) Perfection means taking the action, or having the facts exist, that the law requires to make a security interest enforceable against general creditors and later lien creditors of a debtor. This can include public filing, recording, noting it on a title certificate, or the secured party holding the collateral. It does not include just meeting the requirements to make the security interest valid between the debtor and the secured party themselves.

(b) Requirements for Perfection of Security Interest. A security interest in a motor vehicle that a carrier^* registered under section 13902 owns, possesses, or uses -- securing an obligation the carrier owes -- is treated as "perfected" everywhere, against all general and later lien creditors and against anyone who buys the vehicle or takes a security interest in it from that carrier, once one of three things happens: (1) a certificate of title is issued for the vehicle under a state^* law that requires or allows noting a security interest on the certificate, and the interest is actually noted on it; (2) no certificate of title has been issued, and the security interest is publicly filed or recorded as required or allowed by the law of the state where the carrier's main place of business is; or (3) no certificate of title has been issued, the interest can't be perfected under (2), but it has been perfected under the law -- including the conflict-of-laws rules -- of the state where the carrier's main place of business is.