Aircraft Transactions Discussion

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Post your thorough and complete answers to either Scenario 1 or 2 and to either Scenario 3 or 4. Provide the scenario numbers in your answer.

Set 1

You are in the market to buy an aircraft and have identified one that appears that it would meet your needs and is in your price range.

How will you:

  • determine who owns the aircraft,
  • identify all outstanding security interests in the aircraft,
  • obtain the release of all such security interests, and
  • determine the condition of the aircraft?

Set 2

You are the manager of an aircraft dealership.

A customer approaches one of your salespeople. The customer is the owner of a successful photography business, but not a pilot. The customer states that the business needs to buy an airplane for high-altitude digital photo mapping, and she needs the salesman’s advice to select: a suitable aircraft for the mission, which requires:

  • capability to climb to 24,000 feet,
  • then maintain that altitude plus or minus 100 feet and
  • follow a pre-programmed ground track within 50 feet of the centerline for at least 4 hours
  • at a groundspeed of no less than 250 knots,
  • then have at least 1 hour’s fuel remaining for descent and return to base.

If the salesperson sells the customer an airplane for that mission, what warranties would be implied? Explain.

Could the dealership successfully disclaim those warranties in the contract of sale? Explain.

Set 3

For a nation or union of nations other than the U.S.:

  • Identify the government authority that is the counterpart of the FAA Aircraft Registry.
  • Civil aircraft registered in the U.S. are identified by the letter N, followed by numbers or a combination of numbers and letters. What markings identify civil aircraft registered in the nation you chose?
  • Has that nation imposed a legal requirement to register any class of civil unmanned aircraft with that government authority?
  • Provide hyperlinks to references relied on.

Set 4

For a nation or union of nations other than the U.S.:

  • Identify any counterpart to the Uniform Commercial Code.
  • Compare and contrast the provisions of that law to those of the UCC relating to
    • Warranties
    • Security interests
  • Provide hyperlinks to references relied on.

Attachment preview






Student’s Name:

Institutional Affiliation:







Aircraft Transactions

Set 1

Ownership

Considering the highlighted situation, I can easily determine the owner of the aircraft by performing a title search. The FAA provides a database from which such information can be derived. Individuals can perform searches based on serial numbers, registration numbers, and other parameters. The database returns name, status, model and make among other pieces of information.

The process will include carrying out both the FAA aircraft registry and the international registry and through these channels, I can be able to determine the outstanding security interests of the aircraft (Mooney, 2017). Through this avenue, I can be able to find out the owner of the aircraft as well as all the security information harbored by the aircraft. Such interest can be in the form of liens, and creditor claims.

Release of all Security Interests

To obtain the release of the given security interests then consulting the FAA will be the most appropriate step that I will undertake. Confirming the security interests is a fundamental step that ensures that as a buyer I am in a position to secure safe leasing options for the aircraft. To obtain release form such encumbrances, the owner of the aircraft has to explicitly sign a contract that obliges him to be responsible for his encumbrances so that the product passes on to me without them. This has to be in conjunction with the creditors and other parties involved in the original purchase of the plane.

Determining the condition of the aircraft is significant because it helps in determining the value of money I will gain from the transaction. At this point, I will make use of data from the Fixed Base Operator (FBO) or make use of data of the aircraft from the area where it is located. Through this I will be able to confirm whether there are possessory liens against the aircraft. In addition, the condition can be determined by checking the flight hours and any repair records for the plane.

Set 3

Counterpart of The FAA Aircraft Registry

The nation of Canada has civil aircraft which is identified as a registration mark or a nationality mark. Primarily, the nationality mark of the civil aircraft is denoted by letter “C” whereas the four letters which happen to follow the nationality mark are branded as the registration mark. Just like the United States (Aircraft N-Number History, 2017), Canada is a nation that has its unique aircraft registry.

Markings

In the nation, the first four letters in the registration mark can either be a “G” or an “F” depending on the specific element which it aims to denote. The indications are essential because they help in differentiating the aircraft operations of a given nation from another country. Primarily, different nations have varying registrations and national marks which enhance uniqueness.

Just like other nations, the country has imposed legal requirements which can be used in the registration of unmanned aircraft with the authority of the government (Hodgkinson & Johnston, 2018). The statement implies that the Canadian airline authority has ensured that all the FAA guidelines are achieved before the unmanned airplane can be provided the right to operate.










References

Aircraft N-Number History. (2017, March 02). Retrieved from https://www.faa.gov/licenses_certificates/aircraft_certification/aircraft_registry/aircraft_nnumber_history/

Hodgkinson, D., & Johnston, R. (2018). Aviation Law and Drones: Unmanned Aircraft and the Future of Aviation. Routledge. Retrived from https://www.taylorfrancis.com/books/9780203702055

y, C. W. (2017). United States of America: Reconsidering the Transaction Document Filing Requirement for National Registry. In Implementing the Cape Town Convention and the Domestic Laws on Secured Transactions (pp. 197-206). Springer, Cham.

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Explanation & Answer

Attached.

Running head: AIRCRAFT TRANSACTIONS

Aircraft Transactions
Student’s Name:
Institutional Affiliation:

1

AIRCRAFT TRANSACTIONS

2
Aircraft Transactions
Set 1
Ownership

Considering the highlighted situation, I can easily determine the owner of the aircraft by
performing a title search. The FAA provides a database from which such information can be
derived. Individuals can perform searches based on serial numbers, registration numbers, and
other parameters. The database returns name, status, model and make among other pieces of
information.
Outstanding Security Interests
The process will include carrying out both the FAA aircraft registry and the international
registry and through these channels, I can be able to determine the outstanding security interests
of the aircraft (Mooney, 2017). Through this a...


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