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Current as of October 02, 2022 | Updated by FindLaw Staff
(a) This account shall include the par value of equipment securities and the principal amount of contractual obligations for the purchase of equipment, excluding principal or obligations maturing serially or payable in installments within one year from the close of the accounting period, and including obligations due within one year which are expected to be refinanced on a long-term basis (see account 764, “Equipment obligations and other long-term debt due within one year”); for explanation of long-term refinancing, see note B to account 751, “Loans and notes payable.”
(b) The amounts included herein shall be divided as follows:
(1) Principal amount of equipment securities including those maturing serially, issued or assumed by the accounting company or by receivers and trustees, which have been authorized by the Board under provisions of the Interstate Commerce Act and similar securities issued or assumed prior to the effective date of such provisions of the act.
(2) Principal sums of obligations for equipment purchased under conditional or deferred payment contracts, which may be legally entered into or assumed by the accounting company or by receivers and trustees, without authorization by the Board.
Cite this article: FindLaw.com - Code of Federal Regulations Title 49. Transportation 49 CFR § 1201.766 766 Equipment obligations - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-49-transportation/cfr-sect-49-1201-766/
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