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.
Maryland Aircraft Lease Agreement: An Overview A Maryland Aircraft Lease Agreement is a legally binding contract between an aircraft lessor and lessee, outlining the terms and conditions for the lease of an aircraft. In this particular agreement, the lessee agrees to supply a new engine in exchange for flight hours and grants a security interest in the engine. Types of Maryland Aircraft Lease Agreements with Engine Exchange: 1. Fixed Term Lease Agreement: This type of agreement specifies a fixed term during which the lessee will have access to the aircraft and is obligated to provide a new engine. The lessor grants the lessee the right to use the aircraft in exchange for flight hours. 2. Open-Ended Lease Agreement: This type of agreement does not specify a fixed term. Instead, it allows the lessee to use the aircraft for an indefinite period until either party terminates the agreement. The lessee is required to supply a new engine, while the lessor grants access to the aircraft in exchange for flight hours. 3. Wet Lease Agreement: A wet lease agreement involves the lessor providing not only the aircraft but also the crew, maintenance, and insurance. In this case, the lessee would still be responsible for supplying a new engine and granting a security interest in it, in addition to fulfilling flight hour obligations. 4. Dry Lease Agreement: A dry lease agreement refers to a lease of an aircraft where the lessee solely rents the aircraft itself, excluding other accompanying services. The lessee would supply a new engine and grant a security interest in it, while the lessor provides the aircraft for the lessee's use in exchange for flight hours. Key Elements and Clauses in the Maryland Aircraft Lease Agreement: 1. Parties involved: Names and contact details of the lessor (owner of the aircraft) and the lessee (person or entity leasing the aircraft). 2. Description of the aircraft: Detailed information about the aircraft being leased, including make, model, serial number, and registration number. 3. Engine exchange: A clause specifying that the lessee will supply a new engine in good condition in exchange for flight hours and detailing any specifications or requirements for the engine. 4. Flight hour obligations: This clause specifies the minimum number of flight hours the lessee must complete within a certain period and any penalties for failing to meet these requirements. 5. Security interest in the engine: A clause stating that the lessor will have a security interest in the newly supplied engine, detailing the rights and obligations of both parties regarding the engine's ownership, maintenance, and removal. 6. Lease term and termination: A section outlining the lease's duration, any renewal or termination options, and the procedures to be followed when terminating the agreement. 7. Maintenance and insurance responsibilities: Clauses specifying the responsibilities for maintenance, repairs, and insurance coverage during the lease term. 8. Indemnification and liability: Provisions outlining the responsibilities and liabilities of both parties for damages, accidents, or injuries occurring during the lease period. 9. Governing law and jurisdiction: The applicable Maryland law governing the agreement and the jurisdiction where any disputes will be resolved. 10. Confidentiality: A clause addressing the handling of confidential information shared between the lessor and lessee during the lease period. It is essential to consult with legal professionals familiar with Maryland state laws and aviation regulations to draft a comprehensive and enforceable Maryland Aircraft Lease Agreement tailored to specific circumstances.Maryland Aircraft Lease Agreement: An Overview A Maryland Aircraft Lease Agreement is a legally binding contract between an aircraft lessor and lessee, outlining the terms and conditions for the lease of an aircraft. In this particular agreement, the lessee agrees to supply a new engine in exchange for flight hours and grants a security interest in the engine. Types of Maryland Aircraft Lease Agreements with Engine Exchange: 1. Fixed Term Lease Agreement: This type of agreement specifies a fixed term during which the lessee will have access to the aircraft and is obligated to provide a new engine. The lessor grants the lessee the right to use the aircraft in exchange for flight hours. 2. Open-Ended Lease Agreement: This type of agreement does not specify a fixed term. Instead, it allows the lessee to use the aircraft for an indefinite period until either party terminates the agreement. The lessee is required to supply a new engine, while the lessor grants access to the aircraft in exchange for flight hours. 3. Wet Lease Agreement: A wet lease agreement involves the lessor providing not only the aircraft but also the crew, maintenance, and insurance. In this case, the lessee would still be responsible for supplying a new engine and granting a security interest in it, in addition to fulfilling flight hour obligations. 4. Dry Lease Agreement: A dry lease agreement refers to a lease of an aircraft where the lessee solely rents the aircraft itself, excluding other accompanying services. The lessee would supply a new engine and grant a security interest in it, while the lessor provides the aircraft for the lessee's use in exchange for flight hours. Key Elements and Clauses in the Maryland Aircraft Lease Agreement: 1. Parties involved: Names and contact details of the lessor (owner of the aircraft) and the lessee (person or entity leasing the aircraft). 2. Description of the aircraft: Detailed information about the aircraft being leased, including make, model, serial number, and registration number. 3. Engine exchange: A clause specifying that the lessee will supply a new engine in good condition in exchange for flight hours and detailing any specifications or requirements for the engine. 4. Flight hour obligations: This clause specifies the minimum number of flight hours the lessee must complete within a certain period and any penalties for failing to meet these requirements. 5. Security interest in the engine: A clause stating that the lessor will have a security interest in the newly supplied engine, detailing the rights and obligations of both parties regarding the engine's ownership, maintenance, and removal. 6. Lease term and termination: A section outlining the lease's duration, any renewal or termination options, and the procedures to be followed when terminating the agreement. 7. Maintenance and insurance responsibilities: Clauses specifying the responsibilities for maintenance, repairs, and insurance coverage during the lease term. 8. Indemnification and liability: Provisions outlining the responsibilities and liabilities of both parties for damages, accidents, or injuries occurring during the lease period. 9. Governing law and jurisdiction: The applicable Maryland law governing the agreement and the jurisdiction where any disputes will be resolved. 10. Confidentiality: A clause addressing the handling of confidential information shared between the lessor and lessee during the lease period. It is essential to consult with legal professionals familiar with Maryland state laws and aviation regulations to draft a comprehensive and enforceable Maryland Aircraft Lease Agreement tailored to specific circumstances.
