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.
Missouri Aircraft Lease Agreement: A Missouri Aircraft Lease Agreement is a legally binding document that outlines the terms and conditions between the lessor (owner of the aircraft) and the lessee (individual or organization leasing the aircraft). This agreement is specifically designed for situations where the lessee agrees to supply a new engine in exchange for a specific number of flight hours and grants the lessor a security interest in the engine. Keywords: Missouri Aircraft Lease Agreement, lessee, supply new engine, flight hours, security interest. Types of Missouri 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 Agreement: This type of agreement specifies a fixed duration for the lease, typically covering a specific number of months or years. The lessee agrees to supply a new engine during the lease period, while the lessor grants the lessee the right to utilize the aircraft for a specific number of flight hours. The lessor also retains a security interest in the engine until the lease term is complete. 2. Month-to-Month Lease Agreement: Unlike the fixed-term lease, this type of agreement allows for a more flexible arrangement. The lessee supplies a new engine in exchange for flight hours on a monthly basis. The agreement renews automatically each month until either party decides to terminate the lease. The lessor maintains a security interest in the engine as long as the lease is active. 3. Wet Lease Agreement: A wet lease agreement is often used for shorter periods or in situations where the lessee requires a complete package including the aircraft, crew, maintenance, and insurance services. In this case, instead of supplying a new engine, the lessee is responsible for covering the entire cost of leasing the aircraft including the engine. The lessor still takes a security interest in the engine over the duration of the lease. 4. Dry Lease Agreement: A dry lease agreement is suitable when the lessee solely requires the aircraft and does not need additional services, such as crew or maintenance. The lessee agrees to provide a new engine, and in return, the lessor grants the lessee flight hours to utilize the aircraft. The lessor retains a security interest in the engine until the lease term ends. Note: It is essential to consult with legal professionals specializing in aviation law to ensure compliance with state regulations and specific requirements before drafting or signing a Missouri Aircraft Lease Agreement.Missouri Aircraft Lease Agreement: A Missouri Aircraft Lease Agreement is a legally binding document that outlines the terms and conditions between the lessor (owner of the aircraft) and the lessee (individual or organization leasing the aircraft). This agreement is specifically designed for situations where the lessee agrees to supply a new engine in exchange for a specific number of flight hours and grants the lessor a security interest in the engine. Keywords: Missouri Aircraft Lease Agreement, lessee, supply new engine, flight hours, security interest. Types of Missouri 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 Agreement: This type of agreement specifies a fixed duration for the lease, typically covering a specific number of months or years. The lessee agrees to supply a new engine during the lease period, while the lessor grants the lessee the right to utilize the aircraft for a specific number of flight hours. The lessor also retains a security interest in the engine until the lease term is complete. 2. Month-to-Month Lease Agreement: Unlike the fixed-term lease, this type of agreement allows for a more flexible arrangement. The lessee supplies a new engine in exchange for flight hours on a monthly basis. The agreement renews automatically each month until either party decides to terminate the lease. The lessor maintains a security interest in the engine as long as the lease is active. 3. Wet Lease Agreement: A wet lease agreement is often used for shorter periods or in situations where the lessee requires a complete package including the aircraft, crew, maintenance, and insurance services. In this case, instead of supplying a new engine, the lessee is responsible for covering the entire cost of leasing the aircraft including the engine. The lessor still takes a security interest in the engine over the duration of the lease. 4. Dry Lease Agreement: A dry lease agreement is suitable when the lessee solely requires the aircraft and does not need additional services, such as crew or maintenance. The lessee agrees to provide a new engine, and in return, the lessor grants the lessee flight hours to utilize the aircraft. The lessor retains a security interest in the engine until the lease term ends. Note: It is essential to consult with legal professionals specializing in aviation law to ensure compliance with state regulations and specific requirements before drafting or signing a Missouri Aircraft Lease Agreement.
