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Understanding the Primary Document [Department of Transportation] in Legal Terms
Definition & Meaning
A primary document, as defined by the Department of Transportation, refers to several types of legal instruments that are essential for recording transactions related to transportation assets. These documents include:
Mortgages (excluding those under the Ship Mortgage Act of 1920)
Leases
Equipment trust agreements
Conditional sales agreements
Assignments of leases that have not been previously filed
Other instruments that show the mortgage, lease, conditional sale, or bailment of vessels, railroad cars, locomotives, or rolling stock used in interstate commerce
Table of content
Legal Use & context
Primary documents are commonly used in the field of transportation law, particularly in transactions involving the financing and leasing of transportation equipment. They play a critical role in ensuring that the rights and interests of parties involved in these transactions are legally protected.
Users can often manage these transactions using legal forms available through services like US Legal Forms, which provide templates drafted by attorneys to facilitate the creation and filing of primary documents.
Key legal elements
Real-world examples
Here are a couple of examples of abatement:
Example 1: A shipping company secures a loan to purchase new freight containers and files a mortgage as a primary document to protect the lender's interest in the containers.
Example 2: A railroad company enters into a lease agreement for new locomotives and files the lease as a primary document to ensure its validity under federal regulations.
Relevant laws & statutes
Major statutes relevant to primary documents include:
49 U.S.C. § 1177 - Recordation of documents related to transportation
Ship Mortgage Act of 1920 (46 U.S.C. et seq.) - Governs mortgages on vessels
Comparison with related terms
Term
Definition
Key Differences
Lease
A contract granting use of an asset for a specified time in exchange for payment.
A lease is a type of primary document but does not include mortgages or trust agreements.
Mortgage
A loan secured by the collateral of specified real estate.
A mortgage specifically refers to real property, while primary documents can include various agreements.
Common misunderstandings
What to do if this term applies to you
If you are involved in a transaction that requires a primary document, follow these steps:
Identify the type of primary document you need (e.g., mortgage, lease).
Gather necessary information and documentation related to the transaction.
Consider using legal templates from US Legal Forms to create your document.
If the situation is complex, consult with a legal professional for guidance.
Find the legal form that fits your case
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