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.
The Michigan Security Agreement Regarding Aircraft and Equipment is a legal document that establishes the security interest held by a creditor over specific aircraft and equipment owned by a debtor. This agreement is designed to protect the creditor's rights and ensure repayment of any debts owed. Keywords: Michigan Security Agreement, aircraft, equipment, creditor, debtor, legal document, security interest, protection, repayment. There are two primary types of Michigan Security Agreements Regarding Aircraft and Equipment: 1. General Security Agreement: This type of agreement encompasses a wide range of collateral, including aircraft and related equipment. It provides the creditor with a security interest that extends to all present and future assets owned by the debtor. In case of default or non-payment, the creditor can exercise their rights to seize and sell the aircraft and equipment to recover the outstanding debt. 2. Specific Security Agreement: In contrast to a general agreement, a specific security agreement focuses on a particular aircraft or equipment. This agreement provides details about the specific asset, including its make, model, serial number, and any other relevant identification information. By securing the interest specifically on the identified asset, creditors can safeguard their rights and ensure efficient recovery if the debtor defaults. A Michigan Security Agreement Regarding Aircraft and Equipment typically includes the following key elements: 1. Identification of the parties: The agreement identifies the creditor and debtor involved, including their legal names, addresses, and contact details. 2. Description of the collateral: It specifies the aircraft and equipment that are covered by the security interest, including their make, model, year, serial numbers, and any additional identifying details. 3. Grant of security interest: The agreement states that the debtor grants the creditor a security interest in the identified collateral. This section establishes the creditor's right to possess, sell, or dispose of the assets if the debtor fails to meet their obligations. 4. Representations and warranties: Both parties make statements regarding their legal ownership and authority to enter into the agreement. This helps ensure that the creditor's security interest is valid and legally enforceable. 5. Default provisions: The agreement outlines the conditions under which a default occurs, such as non-payment or violation of the agreed-upon terms. It also specifies the rights and remedies available to the creditor in case of default. 6. Governing law and jurisdiction: This section specifies that the agreement is governed by and interpreted under Michigan law. It also determines the appropriate jurisdiction for any legal disputes that may arise between the parties. 7. Miscellaneous provisions: The agreement may include miscellaneous provisions such as notice requirements, amendments, waivers, and severability clauses to ensure the clarity and enforceability of the terms. Remember, it is always advisable to consult legal professionals to understand the specific requirements and nuances of a Michigan Security Agreement Regarding Aircraft and Equipment, as laws may vary and can change over time.
