On many MP15 this text is posted:
“Ownership subject to a security agrement filed with the Interstate Commerce Comission”
I understand the words but I do not understand the background and what is really means. Any explanation is welcome.
The presence of that phrase on a locomotive or piece of rolling stock indicates that the equipment is leased by the railroad from some sort of financial institution and that the terms of the lease agreement are on file with the ICC. Here’s an example of such an agreement, apparently involving tri-level auto racks leased to the D&RGW:
Thank you