Aircraft Ownership : A Legal and Tax Guide by Raymond Speciale
By Raymond Speciale
* bargains ''how to'' info and strategies to the commonest criminal and tax concerns dealing with basic aviation plane owners--in layman's phrases
* circulation charts, diagrams, and felony case briefs offer genuine international eventualities of every dialogue
* CD-ROM includes downloadable types, agreements, and checklists
Read or Download Aircraft Ownership : A Legal and Tax Guide PDF
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Extra info for Aircraft Ownership : A Legal and Tax Guide
However, the UCC has provisions addressing this issue that are relevant to aircraft sales transactions. For the seller the rules are pretty simple. As long as a seller has title to an aircraft, he or she has an insurable interest. However, not so obviously, the seller of an aircraft may retain an insurable interest in the aircraft even after title passes to the buyer. This is the case if the seller retains a lien or mortgage to secure payment on the airplane. On the other hand, the aircraft buyer has an insurable interest once the aircraft has been specifically identified as the subject of a sales contract.
Some of the suggestions may be appropriate for your Buying and Selling an Aircraft 21 deal, and some may not. In the end, the effort you expend on drafting the agreement may also help you clarify your expectations from the transaction— whether you are the aircraft buyer or seller. Identification of the parties This may seem a bit obvious, but you should be certain that the written agreement properly identifies each of the parties. You will want to ensure that the agreement includes the correct name and address of the seller.
However, it is important to note that an insurance policy is only valid if the party seeking protection has an insurable interest in the airplane. The answer to this question may require some additional study. However, the UCC has provisions addressing this issue that are relevant to aircraft sales transactions. For the seller the rules are pretty simple. As long as a seller has title to an aircraft, he or she has an insurable interest. However, not so obviously, the seller of an aircraft may retain an insurable interest in the aircraft even after title passes to the buyer.