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.
A West Virginia Security Agreement Regarding Aircraft and Equipment is a legal contract that establishes a security interest in an aircraft or equipment located within the state of West Virginia. This agreement provides protection to lenders and creditors who provide financing or extended credit for the acquisition of aircraft or related machinery. Keywords: West Virginia, security agreement, aircraft, equipment, legal contract, security interest, lenders, creditors, financing, extended credit, acquisition, machinery. Different types of West Virginia Security Agreements Regarding Aircraft and Equipment may include: 1. Purchase Money Security Agreement: This type of agreement secures the lender's interest in the aircraft or equipment that is being financed. It allows the lender to repossess the assets if the borrower defaults on the loan. 2. Conditional Sales Contract: This agreement gives the lender ownership rights to the aircraft or equipment until the borrower satisfies the loan payments. Once the debt is fully repaid, the borrower gains complete ownership. 3. Chattel Mortgage: In this type of agreement, the lender holds a security interest in the aircraft or equipment as collateral until the debt is paid off. If the borrower defaults, the lender has the right to seize and sell the assets to recover the outstanding balance. 4. Equipment Finance Agreement: This agreement specifically pertains to financing equipment such as machinery, tools, or other types of tangible assets. It outlines the terms and conditions of the loan, including repayment schedules. 5. Assignment of Rents and Profits: This agreement enables lenders to receive rental income or profits derived from the use of the aircraft or equipment as additional collateral for the loan. It is typically used when the assets generate income for the borrower. These different types of West Virginia Security Agreements Regarding Aircraft and Equipment provide legal protection and assurance for lenders and creditors, ensuring their rights are safeguarded when providing financing or credit for the acquisition of aircraft or related machinery in the state of West Virginia.
