Until a conveyance, lease, or instrument executed for security purposes which may be recorded under ??? 44107(a)(1) or (2) has been filed with the FAA, it is valid only against the parties to the instrument and individuals and entities who have actual knowledge of the instrument. Therefore, the interests of the parties to a transaction, including purchasers, lessor, lessees and secured parties, are not perfected until the instruments creating those interests have been filed with the FAA.
South Dakota Security Agreement Regarding Aircraft and Equipment is a legal document that outlines the terms and conditions regarding the security interest granted by the debtor (borrower) to the secured party (lender) concerning aircraft and equipment located within the state of South Dakota. This agreement ensures that the lender has a legal claim and priority interest in the aircraft and equipment specified in the agreement, which can be used as collateral to secure a loan or to guarantee repayment of a debt. Some relevant keywords associated with the South Dakota Security Agreement Regarding Aircraft and Equipment include: 1. Security Agreement: A contract that provides security for a loan or debt by granting the lender an interest in specified assets, such as aircraft and equipment. 2. Aircraft: Any type of powered machine used for aviation, including airplanes, helicopters, and drones. 3. Equipment: Tools, machinery, or other devices used to perform specific tasks or functions. 4. Collateral: Assets or property pledged as security for a loan or debt. 5. Secured Party: The lender or creditor who holds a security interest in the debtor's property or assets. 6. Debtor: The borrower or individual who owes a debt and grants a security interest in their property or assets to the lender. 7. Priority Interest: The right of the secured party to be first in line to claim the specified aircraft and equipment in case of default or bankruptcy. 8. Repayment: The act of repaying or reimbursing a loan or debt according to the agreed terms and conditions. 9. Legal Document: A written agreement that is legally binding and enforceable in a court of law. 10. South Dakota: A state located in the Midwestern region of the United States. Different types of South Dakota Security Agreement Regarding Aircraft and Equipment may include variations based on specific requirements or parties involved, such as: 1. Single Aircraft/Equipment Security Agreement: A security agreement focused on a single aircraft or equipment item. 2. Multiple Aircraft/Equipment Security Agreement: A security agreement that covers multiple aircraft or equipment items specified individually or as a group. 3. Cross-Collateralization Agreement: An agreement that allows aircraft and equipment to be used as collateral for multiple loans or debts simultaneously. 4. Subordination Agreement: An agreement that ensures the priority interest of one lender over another in case of default or bankruptcy. 5. Leasehold Security Agreement: A security agreement involving aircraft or equipment leased by the debtor, granting the lender rights and interests over the leased items. It is crucial to consult legal professionals or experts to understand the specific terms and conditions of a South Dakota Security Agreement Regarding Aircraft and Equipment, as it may vary depending on individual circumstances and legal considerations.
