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.
A Louisiana Security Agreement Granting Security Interest in Aircraft Engine is a legal document that establishes a lien or security interest on an aircraft engine to secure a loan or debt. This agreement is designed to protect the rights of the creditor in case of default by the debtor. The Louisiana Security Agreement is governed by the Uniform Commercial Code (UCC) Article 9, which outlines the rules and regulations for secured transactions. It allows a creditor to claim a security interest in the aircraft engine, giving them certain rights over the engine until the debt is fully repaid. There are different types of Louisiana Security Agreements that can be used to grant security interests in aircraft engines. These may include: 1. General Security Agreement: This type of agreement grants a security interest in the aircraft engine along with other assets or collateral of the debtor. It provides a comprehensive and flexible approach to securing a loan. 2. Specific Security Agreement: This agreement focuses specifically on the aircraft engine as collateral. It is often used when the creditor wants to secure the loan solely with the engine and not other assets of the debtor. 3. Purchase Money Security Agreement: This agreement is used when the creditor provides financing for the purchase of a new or used aircraft engine. It secures the creditor's interest in the engine until the loan is fully paid off. Keywords: Louisiana Security Agreement, Granting Security Interest, Aircraft Engine, Lien, Uniform Commercial Code, UCC, Secured Transactions, Creditor, Debtor, Collateral, General Security Agreement, Specific Security Agreement, Purchase Money Security Agreement.
