Under the Federal Aviation Act of 1958, any conveyance that affects the title to, or any interest in, any civil aircraft of the United States must be acknowledged and recorded with the Administrator of the Federal Aviation Administration in the manner prescribed by statute. After such an instrument is recorded, it is valid as to all persons without recording and regardless of notice.
Documents relating to interests in aircraft are filed with the FAA Registry in Oklahoma City, Oklahoma. Documents must be signed in ink by the appropriate party (e.g. seller, grantor, lien claimant, etc.) or by someone on behalf of the appropriate party with a title acceptable to the FAA (President, Chief Manager etc.). The FAA Registry Examination Guidelines contain a list of titles that are acceptable to the FAA.
To be eligible for recording, an instrument granting a security interest in an aircraft must be signed in ink and describe the aircraft by manufacturer, model, serial number, and registration number. The debtor must be the registered owner of the aircraft; be the owner of record on the date the instrument is executed, as evidenced by documents on file with the FAA Aircraft Registry; or the lien document be accompanied by the debtors evidence of ownership/, application.
California Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine In the state of California, an Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine is a legally binding contract between a lessor (owner or operator of an aircraft) and a lessee (person or entity who is leasing the aircraft). This agreement allows the lessee to acquire a new engine for the aircraft in exchange for a predetermined number of flight hours. Additionally, the lessor holds a security interest in the engine to protect their investment. There are different types of California Aircraft Lease Agreements that incorporate the provision to supply a new engine in exchange for flight hours and involve taking a security interest in the engine. Some of these agreements include: 1. Basic Aircraft Lease Agreement: This agreement outlines the terms and conditions governing the lease of an aircraft, including the lessee's obligation to provide flight hours in exchange for a new engine. It establishes the lessee's responsibility for maintenance, insurance, and compliance with aviation regulations. 2. Engine Lease Agreement Addendum: This addendum is typically incorporated into an existing aircraft lease agreement and specifically addresses the lessee's obligation to supply flight hours in exchange for a new engine. It outlines the terms of the engine lease, such as duration, maintenance responsibilities, and conditions for early termination. 3. Customized Lease Agreement: This type of agreement is tailored to the specific needs and requirements of the lessor and lessee. It allows for flexibility in determining the number of flight hours required to acquire the new engine, as well as other provisions related to maintenance, repairs, and engine ownership transfer. Keywords: California, Aircraft Lease Agreement, Lessee, Supply New Engine, Exchange, Flight Hours, Security Interest, Types.
