Exactly, short line railways. We know that they are owned by groups of business people, often with limited financial resources, who have joined forces to buy a section of railway from the CN, the CP or some other railway company. Those railways are then given the right to mortgage the rolling stock. However, the bill is very evasive about the mode of publication of the mortgage or about its rank when there are several mortgages. If there are two, three or four, which one comes first? Will mortgage rank be determined by precedence of registration or of publication? The bill is totally silent on that.
With regard to the mortgage on movable property, there are provisions about that in Quebec legislation, but the bill is silent on that. So, railway cars could be seen as movable property. In Quebec, immovable property by destination has been eliminated under the new Civil Code. So, one could register in the registry of real or personal property in Montreal a mortgage on railway cars, whereas someone else would register the same property pursuant to clause 104 at the office of the registrar. Which one would take precedence? That is something that was completely overlooked, and I would like the minister to reply on these points.