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Security Agreement Regarding Aircraft and Equipment

Sacramento California Security Agreement Regarding Aircraft and Equipment

Name: Sacramento California 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:

Sacramento

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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How to fill out Sacramento California Security Agreement Regarding Aircraft And Equipment?

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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.

THE UNIFORM COMMERCIAL CODE The primary state laws applicable to aircraft finance transactions are Articles 2, 2A, and 9 of the UCC. Articles 2 and 2A govern sales and leases, respectively, and Article 9 governs security interests in personal property.

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.

The Federal Aviation Administration (FAA) is the largest transportation agency of the U.S. government and regulates all aspects of civil aviation in the country as well as over surrounding international waters.

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

The following state laws apply to aviation finance and leasing: article 9 of the Uniform Commercial Code (UCC), which governs the rights and remedies of parties to secured and unsecured commercial transactions, including transactions involving aircraft, helicopters and engines.

In summary, the government is involved in every aspect of transportation public and private. The greater the size of an aviation operation, the greater is the FAA government involvement in the form of surveillance and regulations.

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.

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.

The FAA issues and enforces regulations covering manufacturing, operating, and maintaining aircraft. The FAA also certifies airmen and airports that serve air carriers. The FAA conducts research on and develops systems and procedures needed for a safe and efficient system of air navigation and air traffic control.

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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Sacramento California Security Agreement Regarding Aircraft and Equipment

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How to fill out Sacramento California Security Agreement Regarding Aircraft And Equipment?

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FAQ

Do you file a UCC on aircraft?

Does UCC cover aircraft?

How do you perfect a security interest on an aircraft?

How do you do a perfect lien on an aircraft?

What government agency is responsible for airlines?

What is an aircraft security agreement?

Does UCC apply to aircraft?

Does the government control airplanes?

How do you secure a lien on an aircraft?

How do you secure an airplane for collateral?

What agency is responsible for airplanes?

How do you transfer ownership of an airplane?

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What is the Sacramento Security Agreement Regarding Aircraft and Equipment791563?

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How does the agreement secure the interests of the party providing financing?

Are there any requirements for the maintenance of the aircraft and equipment?

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