[44 FR 4681, 23 January 1979. Renamed 61 FR 54707, 21 October 1996, amended to 62 FR 15424, 1 April 1997] §376.22 Exemption for the rental of private carriers and the rental between authorized carriers. Notwithstanding the lease terms set out in this Part, an authorized carrier may lease equipment to or from another authorized carrier, or a private carrier may lease equipment to an authorized carrier under the following conditions: (a) Identification of the equipment requirements of section 376.11(c) must be met; (b) the lessor must own or lease the equipment; (c) A written agreement on the equipment shall be required between the authorized carriers or between the private carrier and the authorized carrier as follows: (c) (1), it shall be signed by the parties or their agents. c) (2) it shall provide that control and responsibility for the operation of the Equipment shall be vested in the Lessee from the time the Lessee takes possession and the receipt required under section 376.11(b) is given to the Landlord until: (i) possession of the Equipment is returned to the Lessor and the receipt required under section 376.11(b) has been received by the Authorized Carrier; or (ii) in the event that the agreement exists between Authorized Carriers, ownership of the Equipment will be returned to the Lessor or transferred to another Authorized Carrier as part of an equipment replacement. (c) (3) A copy of the agreement shall be kept in the attachment for as long as it is in the possession of the tenant. (c) (4) This Division does not prohibit the use of a master lease by authorized carriers, private carriers and any other entity engaged in lease transactions under this Division if a copy of the master lease is carried in the equipment while in the lessee`s possession and the master lease complies with the provisions of this Division and the receipts are exchanged in accordance with section 376.11 ( b). and when records of the equipment are prepared and maintained in accordance with § 376.11 (d). (d) Authorised and private air carriers subject to common ownership and control may lease equipment to each other in accordance with this Section without complying with the requirements of point (a) of this Section with regard to the identification of equipment and the requirements of paragraphs (c)(2) and (c)(4) of this Section with regard to equipment inputs. The leasing of equipment between such carriers is subject to all other requirements of this Section. §376.2 Definitions.
(a) Authorized Carrier — One or more persons authorized under the provisions of 49 U.S.C. 13901 and 13902 to participate in the transportation of goods as a driver. (b) Equipment — A motor vehicle, a straight truck, a tractor, a semi-trailer, a complete trailer, any combination thereof and any other type of equipment used by authorized freight forwarders in the transport of rental property. (c) Exchange — The receipt of equipment by a common road carrier from another such carrier in a place where both carriers are authorized to continue a transit service. (d) Owner — A person (1) to whom ownership of the equipment has been issued, or (2) who has the right to use the equipment exclusively without title, or (3) who is legally in possession of equipment registered and authorized in a state on behalf of that person. (e) Leasing — A contract or arrangement whereby the owner grants an authorized carrier the use of equipment with or without a driver for a specified period of time for use in the regulated transport of goods in exchange for compensation. (f) Landlord — In a lease, the party who grants another person the use of the equipment with or without a driver. (g) Lessee — In the case of a lease, the party who acquires the use of the equipment with or without a driver of another. h) Sublease — A written contract in which the lessee grants another person the use of the equipment rented with or without a driver. (i) Addendum — Supplement to an existing lease that takes effect only after it has been signed by the lessor and the lessee. (j) Private carrier — A person other than a road carrier who transports goods by motor vehicle in the course of international or foreign trade, if (1) that person is the owner, lessee or guarantor of the property being transported; and (2) the property is transported for sale, rental, rental or deposit or promotion of a commercial company. (k) Consignor — A person who sends or receives goods transported in the course of international or foreign trade.
(l) Trust fund — money deposited by the lessor either with a third party or with the licensee to ensure enforcement, reimburse advances, cover repair costs, treatment claims, treatment licenses and government approval fees, and for any other mutually agreed upon purpose between the lessor and the lessee. (m) Immobilization — The possession of a trailer, with or without the engine and the driver, by a consignor or consignee beyond the free time provided for the transfer, in circumstances not due to the carrier`s performance. § 376.31 Replacement of equipment. Authorized joint carriers may exchange equipment under the following conditions: (a) Exchange Agreement – There must be a written contract, lease or other agreement that provides for replacement and specifically describes the equipment to be exchanged […].