Wisconsin Certificate of Repossession of Encumbered Aircraft
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How to fill out Certificate Of Repossession Of Encumbered Aircraft?
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FAQ
Legal provisions. In ance with the Convention on International Civil Aviation (also known as the Chicago Convention), all civil aircraft must be registered with a civil aviation authority (CAA) using procedures set by each country.
The Bill of Sale must be filled out in duplicate (two originals). Both originals of the Bill of Sale go to the buyer - one is paired with the registration to go to the FAA, and the buyer keeps the other. The seller should make a photocopy, if he desires to keep a record.
Every plane that is repossessed is delivered back to the bank for a 6% to 10% commission of the resale price. That could mean anywhere from $10,000 to $900,000 per plane. Consider that an airplane repo man could feasibly grab 30 planes in 2 months?it's easy to see why airplane repossession companies make millions.
This requires an Aircraft Registration Application, AC Form 8050-1, documentary evidence of ownership and the current registration fee. Forms and additional information are available on-line at .
Aircraft Transfer Remove the original aircraft registration certificate with the owner's name on it from the aircraft. ... Remove any FCC radio station license with your name on it (if there is one). Provide all logbooks and records on the aircraft (as agreed upon) to the buyer.
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.
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.
MAILING INSTRUCTIONS: If this form is used, please mail the original or copy which has been signed in ink to FAA Aircraft Registration Branch, P.O. Box 25504, Oklahoma City, OK 73125-0504.