Seven months after the International Registry of Mobile Assets (IRMA) became effective, the controversial Web-based registry–known colloquially as the Cape Town Treaty–still has few fans and continues to create much confusion among business aviation users.
Cape Town Treaty
Beginning March 1, aircraft and engine buyers, sellers and lenders in the U.S. will be required to comply with aircraft registration requirements of the “Cape Town Convention and Aircraft Protocol” treaty. 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 hp or more.
Aircraft buyers and sellers, aviation attorneys, bankers and other lenders, brokers, aircraft and title insurance agents and everyone else involved in aircraft transactions are climbing a steep learning curve in their collective attempt to comply with the requirements of a new international aircraft registry that opened for business on March 1.
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