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.
Michigan Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine is a legally binding contract between an aircraft lessor and lessee, specifically for the purpose of allowing the lessee to lease an aircraft and receive a new engine in exchange for a certain number of flight hours. This type of agreement typically includes specific provisions addressing the terms and conditions for the lease, the details of the new engine supply, and the security interest taken by the lessor in the engine. The key elements that should be included in this agreement are as follows: 1. Parties: The agreement must clearly identify the lessor (the owner of the aircraft and the new engine) and the lessee (the party leasing the aircraft). 2. Description of the Aircraft: The agreement should provide a detailed description of the aircraft, including its make, model, registration number, and any additional equipment or modifications. 3. Duration of Lease: The agreement should specify the length of the lease, including the start and end dates. It may also include provisions for renewal or termination. 4. Flight Hour Requirements: The lessee's obligation to supply flight hours must be clearly stated, including the minimum number of flight hours per month or year, and any penalties for failure to meet these requirements. 5. New Engine Supply: The agreement should outline the lessor's obligation to supply a new engine for the aircraft and the specific terms and conditions associated with the engine's installation and maintenance. 6. Security Interest: The lessor may take a security interest in the engine to secure the lessee's performance under the agreement. This means that the lessor has the right to repossess the engine in the event of default by the lessee. 7. Maintenance and Repairs: The agreement should specify the responsibilities of both parties regarding the maintenance and repairs of the aircraft and the engine. It may also include provisions for regular inspections and compliance with manufacturer's guidelines. 8. Insurance: The lessee may be required to provide proof of insurance coverage for the aircraft and the engine, including liability and hull insurance. 9. Indemnification: The agreement should include provisions for indemnification, stating that the lessee is responsible for any damages or losses caused by their use or operation of the aircraft. 10. Governing Law and Jurisdiction: The agreement should specify the governing law and the jurisdiction where any legal disputes arising from the agreement will be resolved. Different types of Michigan Aircraft Lease Agreements with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine may vary depending on factors such as the type of aircraft, the duration of the lease, and the specific terms negotiated between the lessor and the lessee. Examples of different types of agreements could include short-term leases, long-term leases, dry leases (without fuel or crew), or wet leases (including fuel and crew services). Each type may have its own distinct provisions and considerations.Michigan Aircraft Lease Agreement with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine is a legally binding contract between an aircraft lessor and lessee, specifically for the purpose of allowing the lessee to lease an aircraft and receive a new engine in exchange for a certain number of flight hours. This type of agreement typically includes specific provisions addressing the terms and conditions for the lease, the details of the new engine supply, and the security interest taken by the lessor in the engine. The key elements that should be included in this agreement are as follows: 1. Parties: The agreement must clearly identify the lessor (the owner of the aircraft and the new engine) and the lessee (the party leasing the aircraft). 2. Description of the Aircraft: The agreement should provide a detailed description of the aircraft, including its make, model, registration number, and any additional equipment or modifications. 3. Duration of Lease: The agreement should specify the length of the lease, including the start and end dates. It may also include provisions for renewal or termination. 4. Flight Hour Requirements: The lessee's obligation to supply flight hours must be clearly stated, including the minimum number of flight hours per month or year, and any penalties for failure to meet these requirements. 5. New Engine Supply: The agreement should outline the lessor's obligation to supply a new engine for the aircraft and the specific terms and conditions associated with the engine's installation and maintenance. 6. Security Interest: The lessor may take a security interest in the engine to secure the lessee's performance under the agreement. This means that the lessor has the right to repossess the engine in the event of default by the lessee. 7. Maintenance and Repairs: The agreement should specify the responsibilities of both parties regarding the maintenance and repairs of the aircraft and the engine. It may also include provisions for regular inspections and compliance with manufacturer's guidelines. 8. Insurance: The lessee may be required to provide proof of insurance coverage for the aircraft and the engine, including liability and hull insurance. 9. Indemnification: The agreement should include provisions for indemnification, stating that the lessee is responsible for any damages or losses caused by their use or operation of the aircraft. 10. Governing Law and Jurisdiction: The agreement should specify the governing law and the jurisdiction where any legal disputes arising from the agreement will be resolved. Different types of Michigan Aircraft Lease Agreements with Lessee to Supply New Engine in Exchange for Flight Hours and take a Security Interest in Engine may vary depending on factors such as the type of aircraft, the duration of the lease, and the specific terms negotiated between the lessor and the lessee. Examples of different types of agreements could include short-term leases, long-term leases, dry leases (without fuel or crew), or wet leases (including fuel and crew services). Each type may have its own distinct provisions and considerations.
