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.
A Wisconsin Security Agreement Regarding Aircraft and Equipment is a legal document that establishes a security interest in aircraft and related equipment located in the state of Wisconsin. This agreement ensures that the lender has certain rights and priority in the event of default or non-payment by the borrower. Keywords: Wisconsin, security agreement, aircraft, equipment, legal, document, security interest, lender, borrower, default, non-payment. Wisconsin has different types of Security Agreements Regarding Aircraft and Equipment, including: 1. General Security Agreement: This is the most common type of security agreement in Wisconsin. It grants the lender a security interest in all aircraft and equipment owned by the borrower. It covers all present and future personal property, ensuring comprehensive protection for the lender. 2. Specific Aircraft Security Agreement: This agreement is specific to a particular aircraft and its related equipment. It details the make, model, and registration information of the aircraft, along with the descriptions of the related equipment, such as navigation systems, communication devices, and engines. It ensures the lender's security interest in that particular aircraft and equipment only. 3. Cross-Collateralization Agreement: This type of security agreement allows the lender to have security interests in multiple aircraft and associated equipment owned by the borrower. It provides flexibility by allowing the lender to use the collateral from one loan to secure another, ensuring more comprehensive security. 4. Subordination Agreement: This agreement is used when there are multiple lenders involved in the financing of aircraft and equipment. It establishes the priority of security interests, ensuring one lender's claim takes precedence over others in case of default or non-payment. 5. Assignment of Rents and Proceeds Agreement: This agreement allows the lender to receive the rents and proceeds generated from the leasing or operation of the aircraft and equipment. It provides additional collateral for the lender and ensures the borrower's contractual obligations are met. In summary, a Wisconsin Security Agreement Regarding Aircraft and Equipment is a legal document that protects the lender's rights in case of default or non-payment by the borrower. It can take different forms depending on the specific circumstances and collateral involved. These agreements provide security interests to lenders, allowing them to protect their investment and recover their funds if necessary.
