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.
Iowa Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine is a legal document that outlines the terms and conditions of a lease agreement between the lessor (owner of the aircraft) and the lessee (the individual or organization that will be leasing the aircraft) in the state of Iowa. The agreement involves the lessee supplying a new engine for the aircraft in exchange for a specified number of flight hours. Additionally, the lessor is granted a security interest in the engine. This type of aircraft lease agreement is often used for individuals or organizations who do not have an engine for their leased aircraft and are willing to provide a new engine as part of the lease agreement. By supplying the engine, the lessee ensures that the aircraft is equipped with a functioning engine before commencing the lease period. The agreement typically includes the following key provisions: 1. Parties Involved: The agreement identifies the lessor and lessee, providing their legal names, addresses, and contact information. 2. Aircraft Description: The aircraft's make, model, registration number, and any specific identifying features are clearly stated in the agreement. 3. New Engine Specification: The desired specifications of the engine to be supplied by the lessee are outlined, including make, model, power output, and any additional considerations. 4. Lease Term: The duration of the lease agreement is stated, including the specific start and end dates. 5. Flight Hour Requirements: The number of flight hours that the lessee must complete during the lease term is specified. This could be in the form of a minimum flight hour requirement or an agreed-upon flight hour limit. 6. Engine Warranty: Details regarding any warranties or guarantees provided with the new engine are mentioned, including the duration and coverage of the warranty. 7. Security Interest: The lessor is granted a security interest in the engine, which signifies that the engine is considered collateral for the lease agreement. This allows the lessor to have rights in the engine in case of lessee default or breach of the agreement. 8. Maintenance and Repairs: Responsibilities for maintaining and repairing the engine during the lease term are detailed, including whether the lessor or lessee is responsible for covering costs. 9. Insurance: Insurance requirements for the aircraft and the engine are specified, indicating the coverage limits and whether the lessor or lessee must provide the insurance. 10. Default and Termination: Conditions under which the agreement can be terminated, such as non-payment, violation of the terms, or damage to the aircraft, are described. Some possible variations of this type of lease agreement could include agreements with different terms, such as a shorter lease term, a higher flight hour requirement, or provisions for early termination. The specific terms can differ based on the negotiation between the lessor and lessee or any applicable legal requirements in the state of Iowa.Iowa Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine is a legal document that outlines the terms and conditions of a lease agreement between the lessor (owner of the aircraft) and the lessee (the individual or organization that will be leasing the aircraft) in the state of Iowa. The agreement involves the lessee supplying a new engine for the aircraft in exchange for a specified number of flight hours. Additionally, the lessor is granted a security interest in the engine. This type of aircraft lease agreement is often used for individuals or organizations who do not have an engine for their leased aircraft and are willing to provide a new engine as part of the lease agreement. By supplying the engine, the lessee ensures that the aircraft is equipped with a functioning engine before commencing the lease period. The agreement typically includes the following key provisions: 1. Parties Involved: The agreement identifies the lessor and lessee, providing their legal names, addresses, and contact information. 2. Aircraft Description: The aircraft's make, model, registration number, and any specific identifying features are clearly stated in the agreement. 3. New Engine Specification: The desired specifications of the engine to be supplied by the lessee are outlined, including make, model, power output, and any additional considerations. 4. Lease Term: The duration of the lease agreement is stated, including the specific start and end dates. 5. Flight Hour Requirements: The number of flight hours that the lessee must complete during the lease term is specified. This could be in the form of a minimum flight hour requirement or an agreed-upon flight hour limit. 6. Engine Warranty: Details regarding any warranties or guarantees provided with the new engine are mentioned, including the duration and coverage of the warranty. 7. Security Interest: The lessor is granted a security interest in the engine, which signifies that the engine is considered collateral for the lease agreement. This allows the lessor to have rights in the engine in case of lessee default or breach of the agreement. 8. Maintenance and Repairs: Responsibilities for maintaining and repairing the engine during the lease term are detailed, including whether the lessor or lessee is responsible for covering costs. 9. Insurance: Insurance requirements for the aircraft and the engine are specified, indicating the coverage limits and whether the lessor or lessee must provide the insurance. 10. Default and Termination: Conditions under which the agreement can be terminated, such as non-payment, violation of the terms, or damage to the aircraft, are described. Some possible variations of this type of lease agreement could include agreements with different terms, such as a shorter lease term, a higher flight hour requirement, or provisions for early termination. The specific terms can differ based on the negotiation between the lessor and lessee or any applicable legal requirements in the state of Iowa.
