spaschal on DSK3GDR082PROD with CFR

Federal Aviation Administration, DOT

Section 49.21

(b) The kinds of conveyance recordable under this part include those used
as evidence of ownership under Section 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 Section 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 49 U.S.C. 40102(a)(18), 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;
Amdt. 49-10, 70 FR 246, Jan. 3, 2005]

Section 49.19 Effective date of filing for recordation.
A conveyance is filed for recordation
upon the date and at the time it is received by the FAA Aircraft Registry.
Section 49.21 Return of original conveyance.
If a person submitting a conveyance
for recording wants the original returned to him, he must submit a true
copy with the original. After recording,
the copy is kept by the FAA and the
original is returned to the applicant
stamped with the date and time of recording. The copy must be imprinted
on paper permanent in nature, including dates, and signatures, to which is
attached a certificate of the person
submitting the conveyance stating

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