The New Mexico Certificate of Repossession of Encumbered Aircraft is an important document that pertains to the repossession of an aircraft that is encumbered, meaning it has a lien or security interest against it. This certificate is required by the New Mexico Department of Transportation — Aviation Division, and it plays a crucial role in transferring the ownership of the repossessed aircraft. Keywords: New Mexico, Certificate of Repossession of Encumbered Aircraft, aircraft repossession, encumbrance, lien, security interest, New Mexico Department of Transportation — Aviation Division, ownership transfer. There are two main types of New Mexico Certificate of Repossession of Encumbered Aircraft: 1. Conditional Repossession Certificate: This type of certificate is issued when an aircraft owner defaults on a loan or lease agreement and the lender or lessor decides to repossess the aircraft due to non-payment or breach of contract. The conditional repossession certificate allows the lender or lessor to legally take possession of the encumbered aircraft. 2. Voluntary Repossession Certificate: This type of certificate is issued when the aircraft owner voluntarily surrenders the encumbered aircraft to the lender or lessor. This may happen when the owner is unable to continue making loan or lease payments or wishes to terminate the agreement for other reasons. The voluntary repossession certificate facilitates a smooth transfer of ownership to the lender or lessor. To obtain a New Mexico Certificate of Repossession of Encumbered Aircraft, the following steps need to be followed: 1. Notification of Intent: The lender or lessor must first notify the aircraft owner in writing about the intention to repossess the encumbered aircraft due to the default or the voluntary surrender. 2. Submission of Required Documents: The lender or lessor must then submit a completed application for the Certificate of Repossession of Encumbered Aircraft to the New Mexico Department of Transportation — Aviation Division. This application includes details of the aircraft, the reasons for repossession, and any outstanding financial obligations. 3. Verification and Approval: The Aviation Division thoroughly reviews the application, verifies the information provided, and ensures compliance with all relevant regulations. If the application meets the requirements, the certificate will be issued. 4. Transfer of Ownership: Once the certificate is issued, the ownership of the encumbered aircraft is officially transferred to the lender or lessor. This allows them to take possession, sell, or dispose of the aircraft in accordance with applicable laws and agreements. It is important to note that the New Mexico Certificate of Repossession of Encumbered Aircraft must be obtained and properly filed to protect the rights and interests of both the lender or lessor and the aircraft owner. Failure to comply with these requirements could lead to legal complications and disputes regarding ownership. Overall, the New Mexico Certificate of Repossession of Encumbered Aircraft serves as a vital document in the repossession process, ensuring a clear transfer of ownership and protecting the financial interests of all parties involved.
New Mexico Certificate of Repossession of Encumbered Aircraft
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Lender's guide to aircraft repossession Sign a tripartite agreement beforehand. ... Establish a good relationship with the operator. ... Carry out as many inspections as possible. ... Know where the records are. ... Assess whether repossession is really worth the cost. ... Think about the resell. ... Hire a repossession specialist.
He chose to follow only one piece of the advice that his father gave him, and got his pilot certificate at the age of 16 ? being a pilot ?might come in handy,? his father said. For Nick Popovich, it all started when a bank loaned a company enough cash to buy a couple of Boeing 747s.
Registering Your Aircraft To register an aircraft send the following to the Aircraft Registration Branch: an Aircraft Registration Application, AC Form 8050-1. evidence of ownership (such as one or more bills of sale) the $5.00 registration fee made payable to the Federal Aviation Administration.
UAL T38 Phlyer concluded it was ?staged, mindless spectacle for the uninformed? while rightside02 added: Totally staged and a joke, I would guess about 14 percent of what you see is really true. The rest is drama for ratings, which I understand, the public wants drama.
STAGES OF AN AIRCRAFT REPOSSESSION PROCESS Establish Aircraft Location. ... Secure Storage Options. ... CAMO. ... AMROS Team Deployment. ... Management of Airline Support. ... Ensure Parking & Storage/Maintenance Option. ... Ferry Flight to Maintenance Facility (if necessary) ... Digital Technical Records Management.
On the other hand, airplane repo men like Nick and Ken are most likely working for banks that specialize in aircraft loans and they still must sell the aircraft in order to earn a profit. A typical profit margin might be $600,000-$900,000 per job.