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.
The Washington 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 document that outlines the terms and conditions of a lease arrangement between an aircraft owner and a lessee. This agreement is specific to Washington state and includes provisions related to the supply of a new engine in exchange for flight hours, as well as the establishment of a security interest in the engine. The agreement begins with a detailed description of the aircraft being leased, including its make, model, and registration number. It also includes a description of the new engine that will be provided by the lessee in exchange for flight hours. The specific terms regarding the supply and maintenance of the engine are clearly outlined in the agreement. One of the key provisions in this lease agreement is the exchange of flight hours for the new engine. The lessee agrees to provide a predetermined number of flight hours to the aircraft owner as compensation for the engine. The agreement specifies the duration of the lease and the minimum number of flight hours required each month. In addition to the flight hour exchange, this lease agreement also establishes a security interest in the engine. This means that the aircraft owner retains a legal right to repossess the engine if the lessee fails to comply with the terms of the agreement, such as non-payment or violation of maintenance obligations. The specifics of the security interest, including any applicable filing requirements or fees, are included in the agreement. Different types of Washington Aircraft Lease Agreements that incorporate similar provisions may include variations such as: 1. Washington Aircraft Lease Agreement with Partial Engine Replacement: This type of agreement may involve the supply of a new engine for a specific portion or component of the aircraft, rather than the entire engine. 2. Washington Aircraft Lease Agreement with Engine Maintenance Obligations: In this variation, the lessee may also be responsible for the ongoing maintenance and upkeep of the engine in addition to providing flight hours. 3. Washington Aircraft Lease Agreement with Option to Purchase Engine: This type of agreement may grant the lessee the option to purchase the engine at the end of the lease period, subject to certain conditions and terms. 4. Washington Aircraft Lease Agreement with Flight Hour Buyout: In this variation, the lessee may have the option to buy out the remaining flight hours instead of providing them as compensation for the engine. These variations are just examples, and the specific terms and conditions of the lease can vary depending on the agreement reached between the aircraft owner and the lessee. It is important to consult with legal professionals and aviation experts to ensure that the agreement adequately protects the interests of both parties involved.The Washington 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 document that outlines the terms and conditions of a lease arrangement between an aircraft owner and a lessee. This agreement is specific to Washington state and includes provisions related to the supply of a new engine in exchange for flight hours, as well as the establishment of a security interest in the engine. The agreement begins with a detailed description of the aircraft being leased, including its make, model, and registration number. It also includes a description of the new engine that will be provided by the lessee in exchange for flight hours. The specific terms regarding the supply and maintenance of the engine are clearly outlined in the agreement. One of the key provisions in this lease agreement is the exchange of flight hours for the new engine. The lessee agrees to provide a predetermined number of flight hours to the aircraft owner as compensation for the engine. The agreement specifies the duration of the lease and the minimum number of flight hours required each month. In addition to the flight hour exchange, this lease agreement also establishes a security interest in the engine. This means that the aircraft owner retains a legal right to repossess the engine if the lessee fails to comply with the terms of the agreement, such as non-payment or violation of maintenance obligations. The specifics of the security interest, including any applicable filing requirements or fees, are included in the agreement. Different types of Washington Aircraft Lease Agreements that incorporate similar provisions may include variations such as: 1. Washington Aircraft Lease Agreement with Partial Engine Replacement: This type of agreement may involve the supply of a new engine for a specific portion or component of the aircraft, rather than the entire engine. 2. Washington Aircraft Lease Agreement with Engine Maintenance Obligations: In this variation, the lessee may also be responsible for the ongoing maintenance and upkeep of the engine in addition to providing flight hours. 3. Washington Aircraft Lease Agreement with Option to Purchase Engine: This type of agreement may grant the lessee the option to purchase the engine at the end of the lease period, subject to certain conditions and terms. 4. Washington Aircraft Lease Agreement with Flight Hour Buyout: In this variation, the lessee may have the option to buy out the remaining flight hours instead of providing them as compensation for the engine. These variations are just examples, and the specific terms and conditions of the lease can vary depending on the agreement reached between the aircraft owner and the lessee. It is important to consult with legal professionals and aviation experts to ensure that the agreement adequately protects the interests of both parties involved.
