Know Your Customer (KYC) is the term used by businesses for the process used to verify the identity of prospective customers to determine if the client is someone with whom they should be doing business. KYC laws were introduced as part of the Patriot Act that was passed after 9/11. Title III of the Patriot […]
The Role of an Aircraft Escrow Agent There are many paperwork “gaps” that can get in the way of you and your aircraft. In our previous blog, you learned about the gap that may occur between documentation Filing and Recording at the FAA. In this article, you’ll learn how gaps can occur during an aircraft […]
Legally, yes you can. But it would most likely be disastrous. Buying an aircraft is more complex than many other high-end purchases for which you seek the help of professionals, such as buying a home, a yacht, or perhaps even a business. Here are the three main components that make up an aircraft closing, and […]
Not necessarily. Here’s why. Philko Aviation, Inc. v. Shacket United States Supreme Court 462 U.S. 406 (1983) This is a great example of aircraft ownership and the role of the FAA in sales transactions. In this case, a shady character, Roger Smith, sold an aircraft to the Shackets. Smith provided the aircraft and a photocopy […]
The civil aviation industry relies on the FAA for plenty of things, including information, certification, and training. While the FAA provides a plethora of resources, it’s important to understand how they handle documentation. Specifically, what is their position on aircraft titles? The answer, quite simply, is they don’t have one. Aircraft owners, purchasers, and sellers […]
When the time comes to buy or sell a private aircraft, problems may arise from unsettled mechanic’s liens that have been filed and/or recorded with the FAA. How Mechanic’s Liens are Filed: The FAA and State Law The instructions for filing and recording an aircraft mechanic’s lien has varied by state since 1981. State law […]
Filed vs Recorded FAA Documents There is a difference between filing and recording of documents at the FAA. This article explores the differences between the two and the effects both unrecorded and improperly recorded documents can have on an aircraft’s title. How are documents filed at the FAA? The FAA will accept and review any […]
The South Oklahoma City Chamber of Commerce, along with members of the community, helped celebrate the groundbreaking of Wright Brothers Aircraft Title, Inc., in Oklahoma City. The company will be located at 928 Southwest 107 Street, in Meadowlake Farms. “Companies like Wright Brothers Aircraft Title are showing confidence in the future of South Oklahoma City,” […]
There are quite a few circumstances that cause clouded aircraft titles. Any break in the chain of title can cause difficulties for owners when they try to buy, sell, or register their airplane. If the problems are overlooked, new owners inherit what the previous owner did not handle. Furthermore, lenders are often hesitant to finance […]
Wright Brothers Aircraft Title is excited to announce that on Thursday, July 13, 2017, it closed on a piece of property where it plans to build a new office building. Ground breaking is slated to begin in the next couple of weeks, with a projected completion date of February 2018. “We have been working on […]
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