A security interest in an aircraft engine can be perfected only in the manner required by federal law. Federal law excludes by preemption the recording of title to or liens against aircraft, so that a transfer that is not recorded under the federal system is not effective. Security Interests in Engines less than 550 horsepower are not eligible for recording. A security interest in an aircraft is perfected by filing with the Aircraft Registration Branch of the Federal Aviation Administration.
A Nassau New York Security Agreement Granting Security Interest in Aircraft Engine is a legally binding agreement that safeguards the interests of lenders, creditors, or lessors by providing them with a security interest in an aircraft engine located in Nassau, New York. The agreement ensures that the lender or creditor has a priority claim over the engine in case of default or non-payment. Key terms and keywords associated with this agreement: 1. Security Agreement: A legal contract that defines the rights and obligations of the parties involved in granting and receiving security interests. 2. Security Interest: A legal claim or lien over an asset or property that provides assurance to the lender in case of default. 3. Aircraft Engine: A complex and costly component of an aircraft responsible for generating propulsion. 4. Nassau, New York: A location reference specifically pertaining to the jurisdiction where the agreement is executed and the aircraft engine is situated. 5. Lender/Creditor: The party providing funds or extending credit, typically a financial institution, to the borrower or debtor. 6. Borrower/Debtor: The party receiving funds or credit from the lender in exchange for providing a security interest in the aircraft engine. 7. Default: Failure to meet or fulfill the terms and conditions of the agreement, such as non-payment or breach of contract. 8. Priority Claim: The right of the lender or creditor to be repaid first from the proceeds of the sale or liquidation of the aircraft engine in the event of default. 9. Lessee: An individual or entity leasing the aircraft engine from the lessor. 10. Lessor: The party owning the aircraft engine and granting the lessee the right to use the engine for a specified period in exchange for lease payments. Types of Nassau New York Security Agreement Granting Security Interest in Aircraft Engine may include: 1. Conditional Sale Agreement: The lender retains the security interest in the aircraft engine until the borrower fulfills all payment obligations, after which the ownership is transferred to the borrower. 2. Chattel Mortgage: The borrower pledges the aircraft engine as collateral to secure a loan, and the lender holds a security interest until the debt is fully repaid. 3. Lease Agreement with Security Interest: The lessor leases the aircraft engine to the lessee, and the lessor retains a security interest in the engine to protect their investment during the lease term. 4. Equipment Financing Agreement: The borrower obtains financing to purchase an aircraft engine, and the lender is granted a security interest in the engine until the loan is paid in full. 5. Sale and Security Agreement: The borrower sells the aircraft engine to the lender with a provision that states that the engine will be repurchased upon repayment of the loan, with the lender maintaining a security interest until then.A Nassau New York Security Agreement Granting Security Interest in Aircraft Engine is a legally binding agreement that safeguards the interests of lenders, creditors, or lessors by providing them with a security interest in an aircraft engine located in Nassau, New York. The agreement ensures that the lender or creditor has a priority claim over the engine in case of default or non-payment. Key terms and keywords associated with this agreement: 1. Security Agreement: A legal contract that defines the rights and obligations of the parties involved in granting and receiving security interests. 2. Security Interest: A legal claim or lien over an asset or property that provides assurance to the lender in case of default. 3. Aircraft Engine: A complex and costly component of an aircraft responsible for generating propulsion. 4. Nassau, New York: A location reference specifically pertaining to the jurisdiction where the agreement is executed and the aircraft engine is situated. 5. Lender/Creditor: The party providing funds or extending credit, typically a financial institution, to the borrower or debtor. 6. Borrower/Debtor: The party receiving funds or credit from the lender in exchange for providing a security interest in the aircraft engine. 7. Default: Failure to meet or fulfill the terms and conditions of the agreement, such as non-payment or breach of contract. 8. Priority Claim: The right of the lender or creditor to be repaid first from the proceeds of the sale or liquidation of the aircraft engine in the event of default. 9. Lessee: An individual or entity leasing the aircraft engine from the lessor. 10. Lessor: The party owning the aircraft engine and granting the lessee the right to use the engine for a specified period in exchange for lease payments. Types of Nassau New York Security Agreement Granting Security Interest in Aircraft Engine may include: 1. Conditional Sale Agreement: The lender retains the security interest in the aircraft engine until the borrower fulfills all payment obligations, after which the ownership is transferred to the borrower. 2. Chattel Mortgage: The borrower pledges the aircraft engine as collateral to secure a loan, and the lender holds a security interest until the debt is fully repaid. 3. Lease Agreement with Security Interest: The lessor leases the aircraft engine to the lessee, and the lessor retains a security interest in the engine to protect their investment during the lease term. 4. Equipment Financing Agreement: The borrower obtains financing to purchase an aircraft engine, and the lender is granted a security interest in the engine until the loan is paid in full. 5. Sale and Security Agreement: The borrower sells the aircraft engine to the lender with a provision that states that the engine will be repurchased upon repayment of the loan, with the lender maintaining a security interest until then.
