[Code of Federal Regulations]
[Title 14, Volume 1]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 14CFR49.17]

[Page 909-910]
 
                     TITLE 14--AERONAUTICS AND SPACE
 
CHAPTER I--FEDERAL AVIATION ADMINISTRATION, DEPARTMENT OF TRANSPORTATION
 
PART 49--RECORDING OF AIRCRAFT TITLES AND SECURITY DOCUMENTS--Table of Contents
 
                           Subpart B--General
 
Sec. 49.17  Conveyances recorded.

    (a) Each instrument recorded under this part is a ``conveyance'' 
within the following definition in section 101(17) of the Federal 
Aviation Act of 1958 (49 U.S.C. 1301):

    (17) ``Conveyance'' means a bill of sale, contract of conditional 
sale, mortgage, assignment of mortgage, or other instrument affecting 
title to, or interest in, property.


A notice of Federal tax lien is not recordable under this part, since it 
is required to be filed elsewhere by the Internal Revenue Code (26 
U.S.C. 6321, 6323; 26 CFR 301.6321-1, 301.6323-1).
    (b) The kinds of conveyance recordable under this part include those 
used as evidence of ownership under Sec. 47.11 of this chapter.
    (c) The validity of any instrument, eligible for recording under 
this part, is governed by the laws of the State, possession, Puerto 
Rico, or District of Columbia, as the case may be, in which the 
instrument was delivered, regardless of the location or place of 
delivery of the property affected by the instrument. If the place where 
an instrument is intended to be delivered is stated in the instrument, 
it is presumed that the instrument was delivered at that place. The 
recording of a conveyance is not a decision of the FAA that the 
instrument does, in fact, affect title to, or an interest in, the 
aircraft or other property it covers.
    (d) The following rules apply to conveyances executed for security 
purposes and assignments thereof:
    (1) A security agreement must be signed by the debtor. If the debtor 
is not the registered owner of the aircraft, the security agreement must 
be accompanied by the debtor's Application for Aircraft Registration and 
evidence of ownership, as prescribed in Part 47 of this chapter, unless 
the debtor--
    (i) Holds a Dealer's Aircraft Registration Certificate and submits 
evidence of ownership as provided in Sec. 47.67 of this chapter (if 
applicable);
    (ii) Was the owner of the aircraft on the date the security 
agreement was signed, as shown by documents recorded at the FAA Aircraft 
Registry; or
    (iii) Is the vendor, bailor, or lessor under a contract of 
conditional sale.
    (2) The name of a cosigner may not appear in the security agreement 
as a debtor or owner. If a person other than the registered owner signs 
the security agreement, that person must show the capacity in which that 
person signs, such as ``cosigner'' or ``guarantor''.
    (3) An assignment of an interest in a security agreement must be 
signed by the assignor and, unless it is attached to and is a part of 
the original agreement, must describe the agreement in sufficient detail 
to identify it, including its date, the names of the parties, the date 
of FAA recording, and the recorded conveyance number.
    (4) An amendment of, or a supplement to, a conveyance executed for 
security purposes that has been recorded by the FAA must meet the 
requirements for recording the original conveyance and must describe the 
original conveyance in sufficient detail to identify it, including its 
date, the names of the parties, the date of FAA recording, and the 
recorded conveyance number.
    (5) Immediately after a debt secured by a conveyance given for 
security purposes has been satisfied, or any of the encumbered aircraft 
have been released from the conveyance, the holder shall execute a 
release on AC Form 8050-41, Part II--Release, provided to him by the FAA 
when the conveyance was recorded by the FAA, or its equivalent, and 
shall send it to the FAA Aircraft Registry for recording. If the debt is 
secured by more than one aircraft and all

[[Page 910]]

of the collateral is released, the collateral need not be described in 
detail in the release. However, the original conveyance must be clearly 
described in enough detail to identify it, including its date, the names 
of the parties, the date of FAA recording, and the recorded conveyance 
number.
    (6) A contract of conditional sale, as defined in section 101(19) of 
the Federal Aviation Act of 1958 (49 U.S.C. 1301(19)), must be signed by 
all parties to the contract.

[Doc. No. 1996, 29 FR 6486, May 19, 1964, as amended by Amdt. 49-1, 31 
FR 4499, Mar. 17, 1966; Amdt. 49-9, 53 FR 1915, Jan. 25, 1988]