The Corporate Jet Investor Town Hall
Regular business aviation chat show featuring industry leaders from around the world. Hosted by Alasdair Whyte and brought to you by the team at Corporate Jet Investor. Winner of best digital offering in the 2020 Aerospace Media Awards. Connect with us at www.corporatejetinvestor.com Producers: Hannah Burton, Oscar Henderson, Louisa Whyte
The Corporate Jet Investor Town Hall
CJI Town Hall - Episode 65 - Why a new FAA rule is threatening US aircraft due diligence
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Corporate Jet Investor
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Season 2
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Episode 5
You may not realise, but the FAA has just changed the rules on accessing certain documents. It says it is doing this to protect personal information, but this had chilling effect on deals. Oklahoma lawyers and title companies now no longer have full access to things like:
- Bills of sale filed for an aircraft but not yet recorded
- Mortgages filed with the FAA and in the process for recording
- Leases filed with the FAA and in the process for recording
- Mechanics and artisan’s liens filed against an aircraft
- Notices of deregistration from foreign civil aircraft registries, a precondition to the FAA processing any Bill of Sale and Aircraft Registration Application to result in U.S. registration of the aircraft
- Letters to change or reserve a specific N number
- Letters from the FAA rejecting the filing of a specific document and requesting additional information before processing the same for recordation.
In this emergency Town Hall we will look at why it has been introduced, ways that the process could be revised and how the industry can help the FAA recognise the issue.
Speakers:
Jack Gilchrist, Gilchrist Aviation Law
Scott McCreary, McAffee & Taft
Bob Kalsu, Crowe & Dunlevy