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.
Massachusetts Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine: The Massachusetts Aircraft Lease Agreement is a legally binding contract that outlines the terms and conditions of leasing an aircraft in the state of Massachusetts. This specific agreement involves the lessee agreeing to supply a new engine in exchange for a specified number of flight hours. Furthermore, as a security measure, the lessor will take a security interest in the engine during the term of the lease. Keywords: Massachusetts, aircraft lease agreement, lessee, supply new engine, flight hours, security interest. Types of Massachusetts Aircraft Lease Agreements with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine: 1. Fixed-term Lease with New Engine Supply: This type of lease agreement has a predetermined fixed term during which the lessee is obliged to provide a new engine for the aircraft in exchange for a specific number of flight hours. The lessor retains a security interest in the engine throughout the lease term. 2. Open-ended Lease with New Engine Supply: In this type of agreement, the lease term is not fixed but continues until either party decides to terminate it. The lessee is responsible for supplying a new engine, and the lessor maintains a security interest in the engine throughout the lease period. 3. Short-term Lease with New Engine Supply: This lease agreement is suitable for lessees who require an aircraft for a limited period. They agree to provide a new engine for a specified duration in exchange for flight hours. The lessor secures their interest in the engine throughout the short-term lease. 4. Multi-engine Lease Agreement: This type of Massachusetts aircraft lease allows the lessee to supply multiple engines for the leased aircraft in exchange for flight hours. The lessor takes a security interest in each engine provided, ensuring protection throughout the lease term. 5. Engine Swap Lease Agreement: In this variation of the Massachusetts aircraft lease agreement, the lessee agrees to supply a new engine while also swapping out the old engine during the lease term. The lessor maintains a security interest in both the old and new engines to secure their investment. 6. Flight Time Equivalent Lease Agreement: Instead of establishing a fixed number of flight hours, this type of lease agreement calculates the flight time equivalent (FTE) of the new engine supplied by the lessee. The lessor takes a security interest in the engine based on its FTE value. These various types of Massachusetts Aircraft Lease Agreements with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine cater to different leasing scenarios, providing flexibility to both lessors and lessees based on their specific needs and duration of engagement.
