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 Texas Security Agreement Regarding Aircraft and Equipment is a legal document designed to secure the interest of a lender or creditor in an aircraft or related equipment in Texas. It establishes a lien against the aircraft or equipment, providing the lender with a right to seize the property in the event of default or non-payment by the borrower. The agreement serves as a protection mechanism for the lender, granting them the legal right to repossess and sell the aircraft or equipment to recover their outstanding debt and any other associated costs. The terms and conditions of the agreement outline the obligations of both the lender and borrower, including the repayment schedule, interest rates, and any additional fees or charges. There are several types of Texas Security Agreement Regarding Aircraft and Equipment, depending on the specific circumstances or purposes they serve: 1. Aircraft Security Agreement: This agreement is specifically tailored for aircraft and covers all equipment, parts, and accessories attached to or used in connection with the aircraft. 2. Equipment Security Agreement: This type of agreement pertains to securing the lender's interest in specific equipment or machinery, such as avionics, engines, or other components of the aircraft, rather than the entire aircraft itself. 3. Aircraft and Equipment Security Agreement: This comprehensive agreement covers both the aircraft and any associated equipment or machinery, providing broader coverage to the lender. Additionally, it's important to note that the Texas Security Agreement Regarding Aircraft and Equipment should comply with the applicable federal and state laws, including the Federal Aviation Administration (FAA) regulations and the Uniform Commercial Code (UCC), to ensure its validity and enforceability. In conclusion, the Texas Security Agreement Regarding Aircraft and Equipment is a legal document that lenders use to protect their interest in aviation assets. Through this agreement, lenders can secure their rights, recover their investments, and ensure repayment in the event of default or non-payment by the borrower. The different types of agreements cater to specific scenarios involving the aircraft or equipment, providing lenders with tailored security measures.
