Beginning March 1, aircraft purchasers, sellers and lenders in the U.S. will be required to comply with the Cape Town Convention on International Interests in Mobile Equipment and the Aircraft Protocol. Covered under the treaty are airplanes certified with eight or more total seats and helicopters certified with at least five seats and with engines rated at 550 horsepower or more. Effective next month, it will no longer be enough to just conduct searches and file documents at the FAA–title searches and registrations must also be performed through the Cape Town International Registry (CTIR). Failure to follow these procedures could cause operators to lose their aircraft to a subsequent purchaser, while lenders could lose their lien to competing creditors.
International Registry Requirements Coming
- January 9, 2007, 5:01 AM