THE FOLLOWING ARE HELPFUL LINKS
If you happen to have your pilot’s license, the odds are good that you know a fair amount about airplanes. In fact, you have probably been pretty enamored by aircraft since you were a child, getting to know the various different makes and models. Perhaps you can identify a plane and the year it was…
Once the loan for the aircraft is paid off, the borrower expects to own the aircraft free from any lien or other legal claims by the lender. A Release of Mortgage fulfills this expectation. This is a required process, as it discharges the lender’s lien on the aircraft and returns full and unencumbered title to…
Securing financing for an aircraft involves a significant amount of paperwork, and one of the most critical documents in this process is the aircraft security agreement. This legally binding contract is essential for protecting the interests of the lender. It formally grants the lender a security interest in the aircraft, which serves as collateral for…
Any aircraft in the U.S. must be First Registered before it is allowed to legally fly. This move is definitely more than closing the deal—it actually records the owner, confirms the compliance with the rules, and furnishes the Federal Aviation Administration (FAA) with the important facts about the aircraft. In fact, without registration, the aircraft…
Paying off an aircraft loan is a major milestone. However, making that final payment is only the first step. To officially clear your aircraft’s title, you must file an aircraft lien release form with the Federal Aviation Administration (FAA). This crucial document, often called a Satisfaction of Mortgage, formally removes the lender’s security interest from…
When an aircraft is financed or leased, the lessor/financier and the lessee/borrower will document their agreed legal right to enforce the interests they have in the aircraft. This is an Aircraft Security Agreement. An important aspect of a mortgage is that it allows the lender or creditor to retain rights over the aircraft in the…
Airplanes are one of the most recent forms of transportation. By that same token, airplane registration became mandatory more recently than most people might think. For example, according to the FAA, registration of an airplane didn’t become mandatory until the “Civil Aeronautics Act of 1938.” At that time, in their words “provided for recording of…
Financing the purchase of an aircraft is a significant financial undertaking, and it involves specific legal instruments to protect all parties involved. An aircraft mortgage is a key document in this process, serving as a formal agreement that uses the aircraft itself as collateral for a loan. This legal filing with the Federal Aviation Administration…
There are a few documents any aircraft owner needs to be familiar with before being able to take off. One of them is of course the plane registration that will grant you an N-Number, and the other one is the not-that-well-known airworthiness certificate. While the process of obtaining the former is straightforward, the latter does…
For many aircraft owners, there comes a time when an owner needs to remove their plane from the FAA’s active registry. The process of making yours a deregistered aircraft may be necessary for several reasons, including selling the aircraft to a foreign buyer, scrapping it, or in the unfortunate event of its destruction. At the…