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.
Travis Texas Security Agreement Granting Security Interest in Aircraft Engine is a legal document that establishes a lien or security interest in an aircraft engine located in Travis County, Texas. This agreement serves as a protection mechanism for the lender, allowing them to repossess or sell the engine in case the borrower defaults on their loan or fails to fulfill their obligations. Keywords: Travis Texas, security agreement, granting security interest, aircraft engine, lien, lender, borrower, repossession, loan, obligations. Types of Travis Texas Security Agreement Granting Security Interest in Aircraft Engine: 1. General Security Agreement: This is the most common type of security agreement where the lender obtains a security interest in the aircraft engine to secure the loan provided. It gives the lender the right to take possession of, sell, or use the aircraft engine as collateral to recover the outstanding debt if the borrower defaults. 2. Specific Security Agreement: This type of security agreement is used when the lender is providing a loan specifically for the acquisition or maintenance of an aircraft engine. The lender is granted a security interest solely in the mentioned engine, and the borrower guarantees its ownership and freedom from any encumbrances. 3. Floating Security Agreement: A floating security agreement is established when the lender grants a security interest in a pool or group of aircraft engines. This type of agreement is commonly used by leasing companies or entities engaged in aircraft engine financing, as it allows lenders to have a security interest in multiple engines rather than individual ones. 4. Aircraft Mortgage Agreement: Although not strictly a security agreement, an aircraft mortgage agreement can also grant security interest in an aircraft engine. It is a document that creates a lien on the engine, similar to a mortgage on real estate, and enables the lender to take possession or sell the aircraft engine if the borrower defaults on their loan. It is essential to consult with legal professionals experienced in aviation and finance to draft and finalize the Travis Texas Security Agreement Granting Security Interest in Aircraft Engine, ensuring compliance with local regulations and the borrower's and lender's specific requirements.
