California Public Utilities Code 816.5 – Nothing in this article or in Article 6 (commencing with Section 851) …
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Nothing in this article or in Article 6 (commencing with Section 851) requires a common carrier by railroad subject to the Interstate Commerce Act (49 U.S.C. § 10101 et seq.) or passenger stage corporation to secure from the commission authority to execute any conditional sales contract for the purchase of motor vehicle or railroad equipment or any note or chattel mortgage on that equipment securing the payment of all, or any part, of the purchase price.
(Amended by Stats. 1996, Ch. 1042, Sec. 22. Effective September 29, 1996.)
Terms Used In California Public Utilities Code 816.5
- Commission: means the Public Utilities Commission created by §. See California Public Utilities Code 20
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.