Until a conveyance, lease, or instrument executed for security purposes which may be recorded under ??? 44107(a)(1) or (2) has been filed with the FAA, it is valid only against the parties to the instrument and individuals and entities who have actual knowledge of the instrument. Therefore, the interests of the parties to a transaction, including purchasers, lessor, lessees and secured parties, are not perfected until the instruments creating those interests have been filed with the FAA.
Connecticut Security Agreement Regarding Aircraft and Equipment is a legal document that establishes a security interest in aircraft and related equipment against a loan or debt. It serves as a guarantee to the lender that if the borrower defaults on their payment obligations, the lender has the right to take possession of the aircraft and equipment and sell them to recover the outstanding debt. The security agreement is governed by the laws of the state of Connecticut and must be registered with the Connecticut Secretary of State's office to be enforceable. It outlines the terms and conditions of the loan, including the rights and responsibilities of both the borrower and the lender. There are different types of Connecticut Security Agreements Regarding Aircraft and Equipment, each tailored to specific circumstances. These include: 1. Fixed Base Operator (FBO) Security Agreement: This type of agreement is entered into between an FBO, which provides aviation services, and a lender. It allows the FBO to use the aircraft and equipment as collateral for a loan to finance its operations or expansion. 2. Aircraft Financing Agreement: This agreement is entered into between an individual or organization seeking to purchase an aircraft and a lender. It outlines the terms of the loan, including repayment schedules, interest rates, and conditions for default. 3. Equipment Lease Agreement: This type of agreement is similar to a traditional lease, where an individual or organization leases aircraft and related equipment from a lender. The lender retains a security interest in the leased assets until the lessee fulfills their payment obligations. 4. Aircraft Maintenance Security Agreement: This agreement is entered into between a maintenance provider and a lender. It ensures that the provider can use the aircraft and equipment as collateral to secure a loan for necessary repairs, maintenance, or upgrades. It is important to consult with legal professionals who specialize in aviation law to ensure the proper drafting and execution of a Connecticut Security Agreement Regarding Aircraft and Equipment. Failure to comply with legal requirements can lead to unenforceability or potential liabilities.
