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.
Illinois Security Agreement Regarding Aircraft and Equipment is a legal document designed to establish a security interest in an aircraft or equipment in favor of a creditor. This agreement ensures that the creditor has a right to reclaim the aircraft or equipment in case the debtor defaults on their loan obligations. The Illinois Security Agreement Regarding Aircraft and Equipment encompasses various key components, including: 1. Parties Involved: The agreement identifies the parties involved, such as the debtor (borrower) and the creditor (lender). It outlines their contact information, legal names, and addresses. 2. Description of Aircraft/Equipment: The agreement includes a detailed description of the aircraft or equipment that will serve as collateral, including its make, model, serial number, and any distinguishing characteristics. 3. Security Interest: This agreement confirms that the debtor grants a security interest to the creditor. It means that the creditor holds a legal claim or lien on the aircraft or equipment provided by the debtor as collateral. 4. Ownership and Title: The agreement emphasizes that the debtor represents being the lawful owner of the aircraft or equipment without any outstanding liens or encumbrances, except those being created by this security agreement. 5. Loan Terms: The document outlines the loan terms, including the principal amount borrowed, interest rate, repayment schedule, and any additional fees or charges. It also includes provisions related to default, acceleration, and the creditor's right to take possession of the collateral. 6. Insurance: This section specifies that the debtor is required to keep the aircraft or equipment adequately insured against damage, loss, or liability. The insurance policy often requires the creditor to be listed as the loss payee or loss payee and additional insured. 7. Default and Remedies: The agreement outlines the events that constitute default, such as failure to make payments or maintain insurance. It also defines the creditor's rights and remedies, including the right to take possession, sell, or dispose of the collateral to satisfy the outstanding debt. There are no specific types or variations of the Illinois Security Agreement Regarding Aircraft and Equipment. However, it's important to note that this agreement can be customized to suit the unique requirements of the parties involved and may vary based on individual circumstances. Keywords: Illinois, security agreement, aircraft, equipment, creditor, debtor, collateral, loan, interest, default, remedies, insurance, ownership, title, lien, encumbrances, serial number.
Illinois Security Agreement Regarding Aircraft and Equipment is a legal document designed to establish a security interest in an aircraft or equipment in favor of a creditor. This agreement ensures that the creditor has a right to reclaim the aircraft or equipment in case the debtor defaults on their loan obligations. The Illinois Security Agreement Regarding Aircraft and Equipment encompasses various key components, including: 1. Parties Involved: The agreement identifies the parties involved, such as the debtor (borrower) and the creditor (lender). It outlines their contact information, legal names, and addresses. 2. Description of Aircraft/Equipment: The agreement includes a detailed description of the aircraft or equipment that will serve as collateral, including its make, model, serial number, and any distinguishing characteristics. 3. Security Interest: This agreement confirms that the debtor grants a security interest to the creditor. It means that the creditor holds a legal claim or lien on the aircraft or equipment provided by the debtor as collateral. 4. Ownership and Title: The agreement emphasizes that the debtor represents being the lawful owner of the aircraft or equipment without any outstanding liens or encumbrances, except those being created by this security agreement. 5. Loan Terms: The document outlines the loan terms, including the principal amount borrowed, interest rate, repayment schedule, and any additional fees or charges. It also includes provisions related to default, acceleration, and the creditor's right to take possession of the collateral. 6. Insurance: This section specifies that the debtor is required to keep the aircraft or equipment adequately insured against damage, loss, or liability. The insurance policy often requires the creditor to be listed as the loss payee or loss payee and additional insured. 7. Default and Remedies: The agreement outlines the events that constitute default, such as failure to make payments or maintain insurance. It also defines the creditor's rights and remedies, including the right to take possession, sell, or dispose of the collateral to satisfy the outstanding debt. There are no specific types or variations of the Illinois Security Agreement Regarding Aircraft and Equipment. However, it's important to note that this agreement can be customized to suit the unique requirements of the parties involved and may vary based on individual circumstances. Keywords: Illinois, security agreement, aircraft, equipment, creditor, debtor, collateral, loan, interest, default, remedies, insurance, ownership, title, lien, encumbrances, serial number.
