[Code of Federal Regulations]

[Title 14, Volume 1]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 14CFR49.17]



[Page 924-925]

 

                     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 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)),



[[Page 925]]



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]



    Effective Date Note: At 70 FR 246, Jan. 3, 2005, Sec. 49.17 was 

amended by revising paragraphs (a) and (d)(6), effective concurrent with 

the date the Cape Town Treaty enters into force with respect to the 

United States. For the convenience of the user, the revised text is set 

forth as follows:



Sec. 49.17  Conveyances recorded.



    (a)(1) Each instrument recorded under this part is a ``conveyance'' 

within the following definition in 49 U.S.C. 40102(a)(19):



    ``Conveyance'' means an instrument, including a conditional sales 

contract, affecting title to, or an interest in, property.



    (2) 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).



                                * * * * *



    (d) * * *

    (6) A contract of conditional sale, as defined in 49 U.S.C. 

40102(a)(18), must be signed by all parties to the contract.