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 Nebraska Security Agreement Regarding Aircraft and Equipment is a legal document designed to establish a security interest in aviation-related assets and equipment. By entering into this agreement, a lender or creditor can secure their financial interest in an aircraft or its associated equipment. This agreement is governed by the Uniform Commercial Code (UCC) Article 9, which outlines the rules and regulations for securing debts with personal property in the state of Nebraska. It serves as a protective measure for the lender, ensuring they have a legal claim to the collateral (aircraft or equipment) in case the borrower defaults on their loan or payment obligations. The Nebraska Security Agreement Regarding Aircraft and Equipment contains various vital information, including: 1. Parties involved: It identifies the lender (secured party) and the borrower (debtor) who are bound by the agreement. 2. Description of collateral: This section provides a detailed description of the aircraft and equipment being used as collateral. It includes specifics such as make, model, serial numbers, registrations, and any other identifying information. 3. Obligations and rights: The agreement outlines the borrower's obligations, usually including timely payment of the loan, taxes, insurances, and maintenance of the equipment. It also details the rights of the lender in case of default or breach of terms. 4. Perfection of security interest: This section explains the steps taken to ensure the lender's security interest is perfected. It commonly involves filing appropriate documents with the Federal Aviation Administration (FAA) to establish a lien on the aircraft or equipment. 5. Default and remedies: It specifies the actions that can be taken by the lender in case of default. This may include repossession of the aircraft or equipment, sale of the collateral, and utilizing the proceeds to pay off the debt. In terms of different types of Nebraska Security Agreements Regarding Aircraft and Equipment, there may be variations based on specific circumstances or the nature of the agreement. For example, these agreements can vary depending on whether they involve aircraft owned by individuals, corporations, partnerships, or governmental entities. Additionally, the agreement may also differ based on the equipment being secured. It can include helicopters, airplanes, avionics, engines, spare parts, ground support equipment, and other aviation-related assets. It is essential to consult legal professionals or advisers experienced in aviation law and Nebraska's specific requirements to draft or interpret the Nebraska Security Agreement Regarding Aircraft and Equipment accurately.
