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Security Agreement Regarding Aircraft and Equipment

Queens New York Security Agreement Regarding Aircraft and Equipment

Name: Queens New York Security Agreement Regarding Aircraft and Equipment
Brand: US Legal Forms
Rating: 4.65 (483 reviews)

Category:

Loans and Lending - Secured Transactions

State:

Multi-State

County:

Queens

Control #:

US-02505BG

Format:

Instant download

Description

The Federal Aviation Regulations governing the registration of aircraft and the recording of conveyances in the United States are found at 14 C.F.R. Parts 45, 47 and 49 (the "Regulations"). The Regulations have been established by the FAA to carry out the provisions and requirements of the Act. The procedure for recording interests in U.S. registered aircraft is set out in ?????? 44107 and 44108 of the Act, and Part 49 of the Regulations. 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.

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FAQ

1 financing statement should always be filed against the lessee as 'debtor' and specify the aircraft as collateral in order to protect a lessor's interest in its aircraft in the event that the lease is construed to be a finance lease.

You must send the original claim of lien with $5 (U.S. funds) to the Aircraft Registration Branch. The lien must comply with the requirements for recording claims of lien in the State having jurisdiction over the claim. Not all States record claims of liens.

A new Conveyance Recordation Notice form may be requested. Contact the Aircraft Registration Branch at 1 (866) 762-9434.

FAA Form 8110-3 is titled "STATEMENT OF COMPLIANCE WITH THE FEDERAL AVIATION REGULATIONS" and is used to approved or recommend for approval the data used in making alterations or repairs to aviation products or articles. Only FAA designees are allowed to issue this form.

To complete the perfection process, the grantee must submit a signed original of the security agreement to the FAA Aircraft Registry, evidence of the authorisation of the signing party, and the US$5 filing fee, and then mail a signed original agreement to the FAA's Aircraft Registration Branch.

Liens against aircraft typically involve the claim of a financial debt on the aircraft by the claimant. And the types vary. A lien is essentially the right of a non-owner to enforce property possession when a debt is owed.

Aircraft Security Agreement means (i) with respect to any aircraft (comprised of an airframe and its related engines) that may be pledged by a Grantor as Additional Collateral or Qualified Replacement Assets after the date hereof, a security agreement substantially in the form of Exhibit F and (ii) with respect to any

Contain words which state that the aircraft owner grants the secured party a security interest in the collateral. identify the collateral by manufacturer name, model designation, serial number, and N-Number. contain the ink signature(s) of the debtor/aircraft owner(s) showing signer's title, as appropriate.

File forms 7460-1 and 7480-1 electronically via this website - New User Registration. Find the FAA Airports Region / District Office having jurisdiction over the airport on which the construction is located, and file to that address.

To register an aircraft send the following to the Aircraft Registration Branch: an Aircraft Registration Application, AC Form 8050-1. evidence of ownership (such as one or more bills of sale) the $5.00 registration fee made payable to the Federal Aviation Administration.

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Queens New York Security Agreement Regarding Aircraft and Equipment

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FAQ

Do you file a UCC on aircraft?

How do you secure a lien on an aircraft?

What is the FAA conveyance number?

What is a FAA Form 8110 3 used for?

How do you perfect a security interest on an aircraft?

What is an aircraft lien?

What is an aircraft security agreement?

How do you secure an airplane for collateral?

How do I submit my FAA Form 7460 1?

How do you transfer ownership of an airplane?

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